Is anyone feeling what Im feeling? The unprecedented level of deficit spending in the name of stimulus has us headed for huge troubles?
Now, there is reportedly talk in Congress about another stimulus bill! Good grief, we havent even seen 25 percent of the first stimulus bill actually move into the economy, yet. But, we keep borrowing at a mind-boggling pace. So, why not borrow more! We could, for example, add some big new entitlements like the aptly-named ObamaCare health plan that many economists say will permanently put a drain on the nations economy that could never be paid off. This is hardly the time for it.
Virtually anyone in the White House or Congress can stand at a microphone, make a slick speech and promise they're going to lend and spend trillions of dollars to make everything fine. But, after the laws are passed or the policies announced, what happens in reality isnt necessarily whats promised. For example, the total tally of the government's bailout and stimulus commitments is now something like $14.7 trillion and thats not an absolute number. Were already running the biggest flood of budgetary red ink any country has ever known!
The real question now is whether this country can manage such an enormous public debt burden and still claim a viable economy? The answer: Probably not, unless one of two things happens to pull us out of a great black hole:
1. Congress and the Obama administration really clamp down hard on spending and, thereby, dramatically slow the flood of red ink. Can you say: When pigs fly!
2. Or, the stimulus/bailout plans are so successful they offset all the credit, real estate, 401K and low consumer spending problems, resulting in windfall tax receipts that pay off our debts. Can you say drug induced!
With neither scenario likely, theres only two other ways for our government to limit the size of the accumulated debt -- allow inflation to reduce it, and tax its way out of it! By all accounts, inflation is just over the horizon and dealing with it will put the hurt on interest rates and economic recovery. And, taking tax dollars away from businesses and citizens will result in degrading, not improving, the economy.
So, what do we do about it all? First, whats done is done. Were committed to the first stimulus bill but that money needs to flow far more quickly to the projects that will directly put people to work (redirect all the social pork in it). Next, we need to stop the administration and Congress, currently a runaway money train. We do it by becoming politically active. No, Im not suggesting protest marches. Read on.
If politicians dont have anything else going for them, they do have a keen sense of self-preservation. But, as constituents, we fail to inform our representatives of what we want and put it in terms that cause them concern about their own political survival.
Sadly, the truth is we marine dealers rarely, if ever, make a call, send a letter or email to our representatives demanding they act on our behalf as we believe they should! But the time has come for us to become political activists by making our voices heard in Washington offices. Its time to rise up and say enough is enough they need to get control of spending, postpone new entitlement programs, demonstrate fiscal responsibility and reduce taxes on business and citizens.
You cannot help the poor by destroying the rich, and you cannot lift the wage earner up by pulling the wage payer down," Abraham Lincoln said, and he was right! We need to actively tell our representatives in Washington and we need to do it now.