the blog
Debt and the economy
- Entry
- http://www.huffingtonpost.com/hale-stewart/the-us-is-choking-on-de_b_91088.html
Recession. If it's anyone's fault, it's ours, the consumers, for spending beyond our means, just because some force gives us a huge line of credit.
And I don't see how continued spending will save the country from economic decline (see the upcoming stimulus package). Sure, it'll stop the bleeding, but it's definitely not a long-term solution. With a dwindling middle-class, whose cost-of-living has adjusted for the worse—while the wealthy become uber-wealthy and a million dollars really ain't shit—one would imagine that saving every little penny is crucial. Shouldn't we be saving instead of spend, spend, spend? More debt to the individual to save the economy? Hmm.There is a marked difference between economic growth and debt-induced demand. Instead of letting the market take its medicine and enter recession in 2001, the powers that be injected fiscal and monetary drugs to dull the pain and induce stock gains.
It just seems that the power-that-be are continually running the course on this consumerist capitalist economy as it is churning out many more millionaires and making the rich a little bit more. It's bad for the nation as a whole, but it's tolerated cause it benefits the folks at the top and no one is complaining. Eventually, it will, it must topple, shouldn't it? I mean, we're indebted to China for billions, stuck in the Middle East quagmire and we can't fix any of our major domestic social programs—healthcare, education, Social Security, etc.
I love m' American dream of fuck all. -
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+add yours
Mookie: i couldn't agree more.
Monday, March 24, 2008 10:52:00 PM
wtf is $600 per person going to do? not much. some will blow it on a ps3, yay. some will sock it in their savings, yay.
unchecked spending by stupid people. that's what's gotten us into this quagmire and $600/person is not going to change anything.