Quote:
Originally Posted by randolph
Tracy,
Is it all really debt? It seems a lot of it is investment in company stock and the TARP money apparently is temporary loans to banks. If the economy recovers, I would like to think that this massive "debt" will diminish before we are eaten up by inflation. 
Lots of ifs ands, buts, maybes and hopefuls  |
It's like if you graduated high school. You don't have many prospects for work so you get a college loan and go to college. Yes, it's debt. You hope that once you finish college you can get a job and pay back your college loan. It will be difficult and take many years, but many people do it successfully.
Only the US is not like a newbie right out of highschool. We have an advanced industrial base and an ok educational system, but because of some bad decisions that let companies go abroad and other bad policies that allowed our lending infrastructure to fail we are in a precarious position. Obama's US is more like a 30-something yuppie who is already in debt that got laid off and wants to put himself further into debt for an education loan to go get a graduate degree. Yes, it's also debt in this case too. Whatever job he gets as a result of the graduate degree will probably be too little, too late.
Where has he invested this money he printed or borrowed from the Chinese? In short term jobs (when their job is done they will be right back out on the street), in government jobs (which only adds to the size of the government as well as the budget which is already too high), and in more very expensive entitlements like nationalized health care (which will either provide everyone with substandard health care or will be spending more money we don't have forever). And also on a buttload of pork.
What else does BO do while we are financially strapped? Implement environmental policies that will further stress everyone.
BO: "So if somebody wants to build a coal-powered plant, they can. It's just that it will bankrupt them."
These costs don't stop at producers of energy. They will be passed on down to everyone who uses energy. Do you know of anyone who doesn't? Do you know of anyone who doesn't buy products that take energy to produce? So forget the financial mess he's already put us in by creating all this debt. The environmental and healthcare policies alone will be enough to put us into bigtime inflation.
I'm not for raising taxes on the rich, or lowering taxes on the rich. It's fine the way it is. What needs to be done is to slash government down so it stops devouring our tax dollars.