We were told that unemployment wouldn’t reach above 8 percent. Looks like it is well beyond that. One has to wonder at what point people begin holding the current administration accountable for several things
1) The effects of the TARP bill. While I agree something had to be done to prevent banks from going under, using the money as a club to bludgeon executives and managers at the banks to the point they’re afraid to do ANYTHING for fear of retribution probably wasn’t wise.
2) The massive borrowing being done by the government to finance the deficit. As has been well argued, government has to get that capital from somewhere. Either print money, or borrow it. The resulting interest payments are going to take an ever-increasing chunk of our tax dollars to pay off.
3) The business climate… Businesses have zero incentive to invest in this environment where they do not know whether contract law is going to be upheld. Watch carefully how the Supreme Court rules on the case of bondholders versus Chrysler. If contract law and basic property ownership is not venerated/preserved, it is a very dangerous road we head down.
I know the problems here have been a long time in the making. All I want is for both political parties to stand up and realize that the future of the country is at stake. If we don’t have the money, don’t spend it. If the government wants to borrow, then at least do so in a way that foreign holders buy the debt. Don’t print Treasury bills, have the Fed buy them up and tell us that things are going to be ok. They won’t be.
It is well past time for the President to quit blaming the current situation on his predecessor. George W Bush is not President anymore and Mr. Obama has been President now for nearly 5 months. That’s enough time for the capital markets and business plans to react to his policies. To pretend otherwise is just pandering to the hope that we are too stupid to notice. As Americans, we’re smarter than that. We should stand up and let the government know it is our money they are spending, and we demand accountability and honest principles be used in allocating it. And, for sure, money shouldn’t be used to prop up failing businesses in a manner that borders on the unconstitutional. See what happened to the senior debtholders at Chrysler and GM for that story…
Here’s some analysis for you to read over at Hotair.com
Filed under: politics |