(ThyBlackMan.com) We simply cannot keep on borrowing and spending at the rate we are going. We must cutback. We are told that if the debt ceiling is not lifted. the US bond ratings will drop. They need to drop. That is only thing that will help to bring our spending under control. We need a wake up call.
The Republicans have a point. We cannot keep spending at this rate. And the Democrats have a point. The well-to-do must pay more into the treasury. But they will not because they are exercising their right to use the money that they have to make more money by lobby for ever more bailouts, and tax breaks, credits and write-offs. They are using money to make money. It’s called capitalism.
Yes, it is unfair. But the members of the House of Representatives, where all spending bills by law must originate, were voted into office by the American people.
Here is the likely scenario. The debt talks will collapse. The economy will be harmed in the short term as interest rates for US bonds go up. However, one thing is sure, US borrowing will begin to slow its rapid rise. And that will be a good thing because we cannot keep on like this.
The rich always get richer until the pool of poor becomes so great that the rich have no choice but to ameliorate conditions. This is what happened once the Wall Street excesses of the twenties led to the Depression of the thirties. All of a sudden the tax burden was more equitably shared. Things continued thusly for decades as the nation was put on a war footing with WW II coming on the heels of the Depression, followed by the Cold War followed by the First Gulf War.
Afterwards, in the ’90s, as the economy boomed, the rich went bacl to their normal modus operandi, demanding an ever increasing piece of the economic pie. Their taxes all but disappeared as the gap between rich and poor grew canyon wide.
And so yes, the Republicans have a point, but the Democrats do too. The rich must pay their fare share. Once the bond ratings drop, and with it the nation’s borrowing, the pain inflicted on the country should ultimately end in the one bailout long overdue, the bailout of the working class and the middle class at the expense of the rich. If it is delayed we will have another Depression and then all bets are off. We need a wake up call. The phone’s about to ring. I hope that we answer it.