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8/21/05 The Credit Card President
8/21/05 The Credit Card President
I have a friend who is married and has two kids. His wife was out of work and they were struggling to make ends meet. I heard that the factory he worked for closed up shop and moved to China leaving him without a job.
Concerned about his situation I called to see if there was anything I could do to help. To my surprise he said they were doing fine, in fact, they had just bought a brand new big screen TV.
It turned out they had just gotten a couple new credit cards and were living in the delusion that everything was alright as long as they could run up debt on the credit cards. They seemed to have no thought for what would happen when the credit cards came due and they were drowning in interest payments.
This friend reminds me of what our current president is doing. He has run up the national debt to horrible new heights and then pretends the economy is booming. His short-term thinking ignores the future costs of running the country on credit. By then he will be out of office.
During the Clinton years we learned that paying down the debt is good for the economy. Simple logic tells us the same. Yet as soon as Republicans get into office they run up the debt. Why are they so addicted to living on credit?
Democrats have become the party of fiscal responsibility. Reagan ran up the debt to new heights, Clinton came in and not only paid down the debt, but created huge surpluses. Bush immediately squandered those surplus and created ever-higher debts.
Bush can rightly be called the credit card president. Like my friend, living in the delusion of economic prosperity while running up credit card debt. The question I have is: is Bush that stupid or is he pulling a con-game on the American public?
8/21/2005 9:56 am
.....What concerns me is just who holds that debt, the U.S. economy of the future. Right now it is China, holding some 30 percent. In ten years, China's need for energy is going to double, making them the largest consumer of energy. If we have diplomatic relations with them at that time, we still will be behind, competitively, and for what?|
The jobs we are cheap sourcing now, are fueling a conflict just up ahead, and we still refuse to change course. This roads ends in the seeable future...your Republicans, will have become the Republicans of China, which was the original "red state".
.....less job security
.....much cheaper crap.
.....It used to be that if you spent a dollar in town, it would change hands in town many times over. Now, with the big box mentality, it goes to Delaware, as part of a franchise/incorporation structure, that leaves as little as possible vulnerable to state tax. Some officials along the way, no doubt got their pay-off, whether directly, or in campaign largess, but the community got shafted. This is called the Geoffry loophole, after Toys R Us.
.....an old adage stated that you had three potentials...
.....you could have it fast
.....you could have it good
.....you could have it cheap
.....you can have any two of the three, but never have all three....you like the pea under the walnut shell, which do you give up?
8/21/2005 10:04 am
CeasarPink, it is totally f'ed up how the bush admin. is charging up the national debt. I remember in 2000 election one of the big issues was the SURPLUS in Social Security funds. The whole LOCK BOX or spend issue. How the pension was over funded. |
Well Damn, look at it now!!! It only took 5 years of expertise by these financial wizards to have them prognosticate that it will be bankrupt in our lifetime!!
CeasarPink you have an earlier posting on the oil/energy issue. Yes, it is imperative that we have a stranglehold on any new energy source for the future. When I see the debt spiraling ever higher and higher and the economy fumblin' and stumblin' along it is hard to believe there is no plan to somehow end the occupation in Iraq, remember the war was won amd is over, or so they told us.
While gas prices have doubled, almost tripled, in the past 2 years, our government needs to spend money to alter our gasoline consumption.
Like the opec oil group that controls the oil spicket, how about forming an alliance with the other great auto/engine development countries and lets spend like we have for the spread of independence to free ourselves from the oil Barons of this era.
It will only hurt the oil companies! But if we forced a move to the electric fuel or another source, hydrogen, or what ever is developed, it would free us and the world from the certain spiraling cost of oil.
I don't want the Government to do anything but fund,(they cluster F* everything). A couple of Billion should do it, which is just another "chit" in their debt book. Between, the U.S., Japan, and European auto makers the development and refinement of the fuel/power source change would be swift. All of our economies are being held hostage by the oil/ gas fuel suppliers.
Unfortunately We are not outraged and have done nothing to shake the foundation of government to force their hand/pocket book into action.
So the debt will continue to spiral out of control and Bush and his admin. will leave us in horrific financial condition, and the Republicans will get another crony into the white house using the Christian moral issues to thwart a change in the Presidency.
No doubt the occupation will be an issue they will tell us, only they can finish "Their" plan properly. And the "SHEEP-LE", will give them control of the checkbook for 4 more years of exponential debt "PLANNING".
We spend on the wrong things,our love of SUVs and faster/ more horsepower for daily drivers has further addicted us to the PUMP, All the while we are seen by the OIL Power Brokers, getting out of our cars, Bending over and getting PUMPED LONG and HARD. They Laugh at us, and we stand theire, our head between our legs, ewing and aweing in admiration at our wonderful cars/trucks and SUVs.
There should be condoms(latex is an oil based product) and KY Jelly at every pump. for that matter they should also be supplied with the ballots at the voting booth!!
8/25/2005 8:11 am
Add to that the fact that Bush and his cronies allowed the bill to go through that changed bankruptcy law so that you can't do a Chapter 7 (discharge debts) if you make over "medium income." Not sure about NY, but in Colorado that's 42K. So if your buddy who's running up his credit cards doesn't file bankruptcy by October 17 this year, he'll have to do a Chapter 13 WHEN he can't pay them back, and he'll be fucked for years..|
And don't even get me started on Iraq! Sigh.. I think I'll move to Canada... Can anyone take me, aye?
8/26/2005 1:58 pm
In the future, one wonders if the great debacle associated with the Bush II presidency will be how he let the debt spiral out of control thus giving China financial leverage... or the ill-conceived war in Iraq. Not to mention all the rest....|