There is much hypocrisy. Americans continue to be outraged at the growing federal debt, yet the average American's personal budget is in shambles. Over the last couple decades, we have been spending like drunken sailors. Massive mortgage payments augmented by sky-high credit card bills, along with little or no savings, have rocketed personal debt to historic high levels. There is nothing wrong with debt if it secures basic housing, transportation and other necessities, but not when the average Joe demands a three-car garage, granite counter tops, etc.
Presently, the ratio of public debt to Gross Domestic Product is lower than most of the richest industrialized nations of the world, whereas American personal debt ratio is among the highest. Most public money is invested in education, roads, bridges, airports and police/security essentials for a growing nation. Yet personal debt is wildly spent mostly on frivolous amenities we cannot afford, nor need. It is simplistic and unjustified to just blame the federal government for our economic woes. The true culprits are excessive levels of greed by the average American citizen, a couple needless wars costing a trillion dollars and the folly of the Republican mantras of massive tax breaks for the rich and deregulating Wall Street.
Keep in mind that the Democrats inherited a massive financial mess, and cleaning up messes can get dirty, expensive and take years to recover, especially if the opposition party (Republicans) refuses to cooperate. The election this November should increase the power of the Democrats. But because of misinformation and the Republican sheer genius of double-speak and hypocrisy, the average Joe is actually considering electing the same party that devastated the middle class and brought our economy onto the door step of a deep depression.
For more: Federal Debt: Americans continue to complain about the growing federal debt, but continue to spend, spend, spend. - South Florida Sun-Sentinel.com
No comments:
Post a Comment