4 May 2008

The debtor nation

The Uncapitalist Journal has a good post on America's recent growth -- in debt:

[Excerpt] It only took 25 years for America to move from a society based on production to a nation driven by consumption. It is unsustainable and when it falls like the proverbial house of cards, it will hurt every last American below the top one percent of the population. The Stock Market Crash of 1929 will look like child's play.

I might not have a clue about the world of high finance or the GDP, but I know that the price of everything we need to live in this world is rising while the income of American's has stagnated for years, if not a decade. It's not rocket science to be able to see that we pay more but are making less. The jobs leaving our nation are being replaced with jobs not even remotely comparable in earnings potential. If interest rates continue to fall, Senior Citizens will not be able to survive on the interest from their savings and investments as they have for the last seventy or so years. Our federal government continues to prop up banks and investment companies that played fast and loose, yet refuse to extend unemployment insurance for those hardest hit.

In the end, it's the average American's own fault. We continue to believe the empty promises of any Bush or McCain who comes around, trying to convince us that tax-cuts for the wealthy and trillions spent dropping bomb and importing gas to Iraq is going to somehow make the U.S. prosperous. We've made 1% of the population very prosperous while selling off the country's promise.

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