Monday, November 10, 2008

On The Economy George Bush Built

This is just a small slice of some interesting reading regarding the critical situation the W, Rove and Co. has placed Obama in. Of course, their hope is that Obama has to tighten the belts so much that they find it easy to win the Whitehouse back. Trouble is, it's worse than one can imaging, and putting our children into hock for our transgressions is wholly irresponsible
Borrowing money has a flip side, however. When you can't make your car payments, you learn that the bank really does own your car and will come take it away. When you borrow money from Guido for a "sure fire" business idea, you learn that Guido isn't such a nice guy if it doesn't work out. While equity investors can lose their investments, borrowers can potentially lose everything. When President Bush borrows $5 trillion dollars from other countries to run the government, he's really borrowing from future tax payers - making it seem like we aren't paying taxes, when we are really paying more taxes than we should, because he is borrowing irresponsibly. This is how Republicans make it look like everything is rosy on their watch, so they can hand enormous amounts of debt to the next administration, whose job it is to tighten belts and reduce spending until the borrowing is back under control.

Republicans do this because voters can see stock market indices much more clearly than they can see national debt figures. This is called paying your Visa bill with your MasterCharge, also known as Reaganomics. As Tom Friedman writes in the New York Times:

Never has one generation spent so much of its children’s wealth in such a short period of time with so little to show for it as in the Bush years.
If you click on over, be sure to read "Godzilla's Tail."

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1 comment:

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