Bill Scher: Digging The Economic Hole Deeper

[marmar]

from OurFuture.org:



Digging The Economic Hole Deeper
Submitted by Bill Scher on January 8, 2008 - 4:29pm.


Last month, President tried to give a "don't worry, be happy" pep talk on the economy, only to be confronted with an actual voter, and being forced to acknowledge the economic "storm clouds."

Yesterday, in another economic speech, Bush was compelled to scale back the happy talk -- admitting, "We confront economic challenges," while begrudgingly conceding, "recent economic indicators have become increasingly mixed."

Ya think?

Unsurprisingly, Bush offered the same conservative elixir that already has failed to improve the economy for middle-class and impoverished families: reckless tax cuts.

That's because the conservative movement is not interested in having our government play a role in strengthening our economy. They're interested in coming up with excuses for more tax cuts so they can hamstring our government from working for us.

Tax cuts can certainly have a role to play to cushion the blow of an oncoming recession -- if they are temporary and geared towards the people being pinched, or crushed, by the faltering economy. ........(more)

The complete piece is at: http://commonsense.ourfuture.org/digging_economic_hole_deeper?tx=3

[Hydra]

1. It's Bush's job to continue the downward spiral

economic mobility is about nil these days- all you can go is down. This recession/depression won't be over until the 1% have 100% of everything.

[SammyWinstonJack]

2. He's stubborn and mean-spirited and doesn't give a crap about any other than the

1% and his corrupt corporate cronies.

[Hydra]

4. He's not stubborn

He just does what he's ordered to do, because he enjoys being the figurehead and spending bedtime with Jeff Gannon every night.

Never doubt that he's amused by our suffering, though, even if it is someone else's plan, and someone else's hand at work.

[SoCalDem]

3. Know what would help more?

Bank & credit regulation being tightened and RULES put into place that restrict credit..(like it used to be before people were CONSUMERS. There was a time when we were citizens & savers.

We contemplate and GIVE debt forgiveness to countries...why not people too..?

Why not have a ONE TIME debt forgiveness program for the middle & lower income people?..coupled with the credit restrictions (based on REAL income).

When people are out of debt, they can then actually BUY things..with real money..

We have to wean ourselves off of PLASTIC..

The only revolving debt that people "should" have is the debt on their home and car.

People who make enough to pay off their credit every month are not the issue. The problem is the people who do not make enough to pay off the credit cards and end up still paying for the Mother's Day dinner....in November.

The economic stimulus provided by a populace spending real money..not Visa or MasterCard money is what we need.

I saw an ad in the paper before Christmas that suggested their THREE YEAR finance plan of a La-Z-Boy chair for Dad.. How pathetic are we, that some people need 3 year financing to buy a damned chair :grr:

[Hydra]

5. Watch "Money As Debt" if you haven't

it answers all of your questions. Won't make you happier, though :evilgrin:

[SoCalDem]

8. Pretty sure I did see that one..

There are millions of people who are working as hard as they are....for..

"stuff"..

stuff they don't really need, but advertising works :(

I know people who work extra jobs so they can have the "big house" the "nice cars" and y'know what? They have no free time to enjoy ANY of it.. They cannot afford to DO anything. My freind obsessed over "which checks to order". I reminded her that all she did with those checks, was to give away her hard earned money.. (she took the free ones from the bank)..

[Hydra]

9. Here's the thing

our economy CAN'T work without everyone CONSUMING. That's why everything is screwed up- we have to buy things to make our economic model work, but no one has any money to buy things.

[SoCalDem]

10. That's why we just have to scale back.. ALL of us.

Companies used to do just fine..hiring people to make stuff that we all needed..the "extra" was exported, but our money pretty much circulated.. The Dow Jones was not used as a slot machine/crystal ball back then though.. Companies managed to pay pensions, give raises, and stay in business..all while turning out a good product that most of the rest of the world wanted too..

We took a dangerous turn in the late 70's and early 80's and it may have ruined us in the end..

[Hydra]

11. Given how bad our system works now

With stockholders wanting 20% returns every year, I'm not sad to see it go. Sooner the better, IMO.

[SoCalDem]

12. The DJI

http://en.wikipedia.org/wiki/Dow_Jones_Industrial_Average



*On November 14, 1972 the average closed above 1,000 (1,003.16) for the first time, during a relatively brief rally in the midst of a lengthy bear market.

[SoCalDem]

13. and as it relates to household income & gdp

http://www.scaruffi.com/politics/dow.html

[dysfunctional press]

7. it AMAZES me that nobody is even talking about re-regulation...

when it's so obviously NEEDED.

one or two bad apples can spoil the whole bunch.

[Johonny]

6. Bush is the CEO president

His job is to increase the top 1 %ers wealth not to make American society better for everyone he represents. Just like an American CEO cares about the shareholders and not the actual people that work in the company.