Need a book? Engineering books recommendations...
Re: Off Topic: Economic Recovery[Subject Prev][Subject Next][Thread Prev][Thread Next]
- To: seaint(--nospam--at)seaint.org
- Subject: Re: Off Topic: Economic Recovery
- From: Bill Polhemus <bill(--nospam--at)polhemus.cc>
- Date: Thu, 06 Aug 2009 18:57:06 -0500
Sir or madam, this isn't about Mr. Obama (just as he himself has indicated).
It wouldn't matter who was doing the things his administration, and Congress, are doing, the results would be the same.
You see, this is about natural law, not about political theories. In the past governments have enjoyed passing 'stimulus' bills. One was passed by congress when the previous President was in office, and it was just as cynical a ploy then as it is now, or ever. The difference is that in the past, these bills were relatively tiny, meant more as window-dressing, so that when the economy began to pick up, as it always has done without government interference, the politicos could take credit for it.
Disingenuous, of course, but harmless good fun in the scheme of things.
But the sheer size and - dare I say it - audacity of this go-round of government spending, combined with the nearly-complete takeover of the U.S. auto industry, and an attempted takeover of one-seventh of the U.S. economy under the guise of "healthcare reform," is another couple of orders of magnitude beyond anything ever attempted before.
It's like trying to blow out a raging oilwell fire with a controlled explosion, but using a nuclear detonation instead. The fire may go out, but the damage will be so extensive it will change the landscape - permanently.
We've literally never been in this territory before. The last budget under the Republican Congress (FY2006 which ended October 31, 2006) showed an outstanding public debt of $8.6 TRILLION. That was simply obscene, and one of the primary reasons the Republicans lost control of Congress was the runaway spending. They lost the confidence of the conservative base that had put them there in the first place. To put things in perspective, the first budget that was presided over by the GOP majority (FY1996) left the national debt at a shade under $5 TRILLION. So the national debt grew, under the Republican Congress, at an average annual rate of 5.1% (FY1996 through FY 2006).
Now, since that time, the national debt - the compendium of all the deficits that the nation has accrued, the numeric definition of "generational theft" that we hear tell of since Federal spending went from "out of control" to "absolutely stark-staring, long-prison-term-earning, criminally-negligent" - has risen from $8.6 TRILLION at the end of FY2006, as previously indicated, to $11.7 TRILLION at the end of July 2009. Note that this is LESS THAN THREE YEARS from the end of FY2006 to present.
That means that the national debt has risen a stunning 11.7% per annum since the Democrats took over!!!!
Now I ask you, regardless of what political party is running things currently, how can we sustain this?
One of the primary reasons that the Democrats stated THEY should be in charge back in the 2006 elections, was because of the reckless spending of the Republicans. You see, they were absolutely right about the reckless spending. They had the Republicans dead-to-rights on that issue, and no one could dispute it.
But you know and I know they had no intention of "balancing the budget" or "reeling in the outrageous spending" or anything of the kind. This was just campaign rhetoric. The FACT is that the Democrats have broken all records as regards runaway spending and fiscal irresponsibility since they took control, and never more outrageously than in the last six months, from the time Mr. Obama won election.
THIS is why the U.S. markets, and the U.S. economy, does not believe it when they are told they are "in recovery." The economy has been dealt a blow that it will take some very, very tough sledding to recover from. It wouldn't matter who is in office, what color he was, how he spoke, or how much "hope" and "change" he promised. This nation is burdened with a load of long-term debt that overshadows everything.
If just a few years ago such brilliant minds as Nancy Pelosi and Harry Reid were telling us that we as a nation could not long sustain our rising national debt - and under those worthies, the national debt has proceeded to increase at TWICE the rate it was rising then - how much worse shape are we in?
An old boss of mine used to ask, rhetorically: "If you had ALL the feathers you could possibly hold wrapped in your arms, couldn't you hold just one more?"
How many more feathers?
******* ****** ******* ******** ******* ******* ******* *** * Read list FAQ at: http://www.seaint.org/list_FAQ.asp * * This email was sent to you via Structural Engineers * Association of Southern California (SEAOSC) server. To * subscribe (no fee) or UnSubscribe, please go to: * * http://www.seaint.org/sealist1.asp * * Questions to seaint-ad(--nospam--at)seaint.org. Remember, any email you * send to the list is public domain and may be re-posted * without your permission. Make sure you visit our web * site at: http://www.seaint.org ******* ****** ****** ****** ******* ****** ****** ********
- Re: Off Topic: Economic Recovery
- From: ECVAl3
- Re: Off Topic: Economic Recovery
- Prev by Subject: RE: Off Topic: Economic Recovery
- Next by Subject: Re: Off Topic: Economic Recovery
- Previous by thread: Re: Off Topic: Economic Recovery
- Next by thread: Re: Off Topic: Economic Recovery