REMINISCING

03/04/2009

REMINISCING



voodoo economics

AS PRINTED IN THE DOTHAN EAGLE

Sunday, August 29, 2004 10:57 PM
From:
"@yahoo.com>
To:
"letters dothaneagle" letters@dothaneagle.com



VOODOO ECONOMICS


Some fifteen years ago, just before Christmas, a co -worker of mine received a credit card in the mail. We worked at a gas station, so the credit card only had a some five hundered dollar credit limit. Needless to say that weekend she not only went shopping for Christmas, she and her family also stayed at to motel in Dothan and called out for pizza. Before the night was out they had spent the credit limit and gone over some too. Let me ask you now would you elect that lady to run our country?

The problem is that our country IS being run today by some people with the same kind of fiscal responsibility. About two years ago, i wrote a series in this space, (letters to the Dothan Eagle), where i had not only discussed the need for raising taxes to solve our budget problems and also to improve the condition of our social -security mess.

Let me back up here and discuss some about the current economy, before the elections we were told that Mr Bush had stopped drinking and other stuff. Then what is he doing? If there are new factories going up around the country I want us to be told. Sure there is an economic boom, houses and condos are going up everywhere and new eating places and malls also, but we are still buying more from other countries than we can really afford. We are borrowing stuff (trade deficit, 480 billion per year) and selling it, on credit, to the people who have no money to buy. Is that an economic boom. Most of the new jobs being created are in the homeland security arena, how is that helping the American consumer, it is actually an added overhead in the long run. Most other jobs are in defense related industries or areas being helped by the war on Iraq and the war on terrorism. Not real jobs , not great jobs that add value to anything or produce a thing.
All this at the cost of a two trillion dollar deficit racked up by Mr Bush through an ill advised, and countinuingly expensive "war". And let me put this in perspective, Mr Bush has doubled the Reagan deficit of a trillion dollars in half as much time. No wonder he is claiming that the economy is booming,( mostly for him and his buddies). In the long run , however, the working classes always have to suffer from such a mess. If there were to be a depression, the rich will still have their money, and if the deficits are paid for through inflation, the rich always make more money through higher interest rates , while the working people lose the buying power of their incomes.

Do you want to give Mr Bush another four years?
1. Mr Bush gave the rich their tax cuts to make up the income they will lose due to current interest rates staying low .

2. They say there is three trillion dollars in cash on the side lines whine the stock market has been treading water for three years, why the people with this money won't invest in the USA.

3. If compared with the price of gold or foreign currencies the stock market today is at six thousand actually, not the ten thousand as it says for the DOW .

(M.N.R.)


also read


http://tombstone001.blogspot.com/2007/01/death-of-america-economy.html