Sunday, October 29, 2006
THE NEXT GREAT DEPRESSION IS COMING, AND IT'S OUR FAULT
The United States--This is an unbelievable story. The GAO's Comptroller General--David M. Walker-- is saying we are facing an inevitable economic disaster based on Washington's borrow-and-spend policies under the Bush administration and the GOP controlled Congress.
Who's he? Nobody important, just the nation's accountant.
One of the BIG problems is that our currency bonds are being bought-up by the People's Republic of China and other "economic allies" like Japan to pay for the war in Iraq and Afghanistan. What? You didn't know this? Yes, because Americans are stupid enough to want it both ways: out-of-control defense spending, but with lower-taxes with social services only for themselves. Wouldn't you?
Americans are almost singularly insane on this point: they won't elect anyone who will tell them the truth. The truth? If you want government services of any kind you have to raise taxes. Of course, this unprecedented borrowing is fallout from Bush's ending of progressive taxation. Progressive taxation? What's that? Nothing much, it just made the American middle class possible at all. But their wacky economics have been common currency since before the 2000 elections, and Americans have demanded this of them. It took a lot of dumbing-down to achieve this mentality.
The one who dies with the most toys is uh...is dead.
The baby boomers are retiring in the face of all this debt, which will likely lead to a demographic-disaster that we've never seen. Well, yes, if we keep borrowing like this for another 30 years, which is unthinkable anyway. The political costs are already too high to maintain this reckless fiscal policy, so it's unlikely to continue for even ten more years. But we would deserve it by the end 30 years, but who wouldn't?
Walker is practically advocating a social revolution to avoid this mess, calling for a groundswell, but I think maybe it's too late. Our deficit is $8.5 trillion, which would make any REAL conservative nervous (and angry) as hell.
When the bulk of the Boomers start using their Medicade, Medicare and Social Security entitlements, without adequate progressive taxation there to fund it as it did for decades...wow, watch-out! The public won't have it, we don't want to pay higher taxes, especially the richer we get. Walker isn't very optimistic, and neither am I, Americans are pretty stupid. Just look at Iraq and the dozen permanent military bases we have there. How much did they cost? How many social programs did it take to do it?
Where are the billions of our tax-dollars that have gone-missing in Iraq? Prove me wrong America. You won't, you're too stupid and greedy. We're going to get what we deserve, so maybe there is justice on this rock called Earth. It's going to be entertaining watching people dressed down in this country, seeing the cocksure idiots blame themselves (an accurate assessment) because their hollow ideologies have failed them. I'll be laughing all the way to Canada or Sweden, but somewhere that's civilized.