I came across a wonderful article today on “Inspire Political Discourse.” It summarizes the fiscal activities of presidents beginning with Roosevelt/Truman and concludes with Obama.
“It’s well worth noting that President Reagan (the President whom the GOP worships for his economic prowess) took this nation from being the largest creditor nation in the world … to being the largest debtor nation in the world.” Giving money away to the rich and hoping for something to trickle down to the ordinary masses flat out doesn’t work.
Here’s another way at looking at the debt:
Warren Buffet Declares, “U.S. Safe from Recession”
“I am a huge bull on this country,” exclaimed Mr. Buffet, Chairman of Omaha, Berkshire Hathaway. “We are not going to have a double-dip recession at all…” (ROFL!)
What planet is he living on? (Certainly not ours.) Doesn’t he see what’s going on in America? With a staggering unemployment rate continually on the rise due to the relocation of American jobs overseas by corporations – determined to squeeze every last drop of profit out of the almighty dollar – there can be little doubt about the financial condition of our country. Yet, Mr. Buffet has decided, by way of his self-appointed importance, along with his umpteenth years of financial experience in cajoling investors to participate in the most insidious shell game of all – Wall Street – that he somehow has the authority to declare an end to America’s financial woes with a simple proclamation.
(What a joke.)
Mr. Buffet is under the delusion that since he’s been successful at making billions of dollars in the past that he somehow has the “inside-track” on the economy based on historical economic data.
(He is so wrong.)
After the Great Depression, one could rely on businesses, like the small Mom & Pop’s, to pick us up out of the gutter, dust us all off, and return us back to the economic state from whence we came. Unfortunately, the old ways of doing things are long gone. Today, when one of our jobs has been shipped to another country, it’s gone…and for good. Therefore, it’s no longer possible to “restart” America like they did back in the good old days. Today, with regards to our financial crisis, we’re pretty much on our own.
In short, people, like Warren Buffet, will say anything in an attempt to instill confidence in the markets and to get people to invest. But if there aren’t enough jobs in America to create a solid economic foundation, the structure upon which our country rests will remain in jeopardy.