The past recession that could have been a depression is but the start of things. A friend of mine asked how I seen the last one coming so much so that I told him long before the DOW hit rock bottom how low it would go, he didn’t believe me but changed his mind once it hit where I said it would hit. That isn’t a brag, that is simply a fact.
But why should we then allow the GOP, when they retake power, to keep cutting taxes? It is rather simple and self-pleasing. It will still be a matter that the GOP believes in supply-side economics, one where cutting taxes will support itself by an uptake in revenues because people will buy what is on offer. Make it cheap enough then people will buy. Yet, there is the problem of where is the money going to come from to buy all these wonderfully cheap goods?
Housing is not getting cheaper – some indications are that house prices have fallen to 2008 levels (blah!), neither are cars – banks are figuring out new ways to rip people off – so, where is the money going to come from? Jobs? Where are the new ones? Are the rich who are supposed to be the wealth creators using their tax breaks to create new jobs? If so, where are they? Of course the GOP want to put more money in the pockets of those rich people – those who were rich under much, supposedly, harsher tax rates. You have the right-wing hankering for the days when America was great and kids went to school where books were available – back to the days of their youth. Yet again, we have to ask them how were those halcyon days paid for? Tax cuts?
They were, obviously, paid for because tax rates were higher than they are today – a lot higher. We see the rallying call from politicians all over the place “We Will Cut Your Tax!”
OK, keep on cutting taxes. What then will happen is quite, quite simple. The money will run out. How do any American think that their astronomical military will be paid for then? Who will fund schools? Who will fund infrastructure? But that is a debate that has been used and the right/GOP will not engage in it. So, what we have to wait for is the day the money stops going into government, which is what the GOP/right-wing want – they call this small government – though it is as idiotic as the Tea-Party cry to ‘take their country back’ (back to the days when things were much better because people were paying taxes).
When there is a catastrophic failure and the US, of all countries, defaults – what the hell do the GOP/right-wing think will happen?
The Great Depression will feel like the proverbial tea-party with lemon biscuits! The worst part of it is that it will happen sooner rather than later.
Take a read:
That is where I get my information – not tabloid morons who only have copy to make, readers to get and advertising to sell.
If there was a time to wake up it is now. But, as always we will see the public walking into a disaster with a smile on their face. A below 3000 point DOW is on the cards – all at the hands of fiscal conservatives. Is that what we call irony?
What I will wait for is the realisation and backlash – but that will come more from those who were duped rather than us on the left.