Economic Hypocrisy:

I read the Washington Post daily along with the New York Times, and although they may be considered the best and most objective news sources, I have to take issue with their views. In my view, they sugarcoat just about everything.

This don’t rock the boat philosophy does a tremendous disservice to honesty and objectivity and we need to set the record straight.

I am now particularly frosted by their treatment of the entire imbroglio we find ourselves in with the sub primes….and since they are connected in subtle and direct way to our financial health and well being, they don’t deserve to be blown off….

Admittedly, I have little nice to say about this government and its for cause.

My endless list of reasons that have topped 500 after I stopped keeping score…

I don’t claim to be an economic theorist, but having studied economics as a business major at the graduate level, I don’t know too many who’s theories seem to translate into real word economics. So, let’s begin by cutting out all of the so-called veneer of economic speak and let’s get down to the harsh facts.

All theories aside, the facts speak for themselves.

Start anywhere….and you get the picture in a hurry. The only problem: These are not discontinuous events; they are interrelated and cumulative. And what we are talking about is not brain science.

Just through observation of the facts, anyone of even average intelligence who sticks to the facts, can see that we are up to our ears in a mess that is not going to be resolved in one term despite the spin anyone puts on this…..

Fact number one: First of all, we are spending money a lot faster than it’s coming in.

That’s due to bad policy making and manipulation at the top and the convergence of tax breaks for the very rich.

If there was a modicum of serious concern for where we were headed, it would have been to this administration’s advantage to encourage new businesses and to dismantle NAFTA. Fact number two: NAFTA doesn’t work for the people; only the rich who ship jobs out.

What happens to all of these profits generated through job entrenchment? They go into Golden Parachutes; none of the increases in profit or productivity go to the domestic worker. A serious miscalculation bred through selfishness and indifference.

Fact number three: Government loses important tax revenues.

Fact number four: You don’t lower taxes on the rich during a war.

In fact, the theory that suggested such “Vodoo Economics” never worked. Moreover, Changes in the tax law have depleted tax revenues derived from the people who could afford it most….

Now, billions are being denied our tax coffers by those who could afford it.
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Or consider the health of our overall economy. Fact number five: Today, we are a net importer with monthly losses of nearly sixty five billion dollars—most of it going to China.

We are already a trillion dollars in debt.

Fact number six: China, Saudi Arabia, Japan own most of America these days.

Not a good indicator by anyone’s imagination.

Fact number seven: Today, jobs in the US are mostly service related; they are part time and minimum wage.
They don’t have the same multiplier effect in the economy as did manufacturing jobs where one manufacturing job could translate into six jobs in the marketplace.

That doesn’t go far in meeting our indebtedness.

Fact number eight: At the beginning of the Bush economy, support for Enron helped catapult California and the rest of the economy into a deep recession. On its own, California was ahead of the French economy: Undoubtedly, what happened to California as a result of sky-high energy costs reverberated throughout the States.

Fact number nine: We never fully recovered! At that time, while Bush talked about a remarkable recovery, it turned out to be the weakest recovery on record.

Fact number ten: By removing energy and food from the Inflation index, the statisticians also miscast the real state of the economy. And by failing to consider those who simply fell off the charts when their jobs left this country, they also miscast the economic health of the workforce.

Fact number eleven: All that was remaining as a vibrant indicator of economic health was the housing market and the government failed to watch the warning signs that signaled housing was in trouble, too, until it was too late.

Greed and corruption conspired to destroy the home mortgage market bringing down some of the biggest names in investment banking.

Merrill Lynch, Goldman Sachs, Bear Sterns, Citibank—all the big names were tarnished and may not yet recover….and if they do, they will be owned by a foreign country.

Is this our legacy? In eight years, observing our country brought low by a lack of planning and corrupt practices at the highest levels?

Wouldn’t a rational person consider that treason?

It is one thing to steal a loaf of bread and have to serve ten years hard time in Mississippi, it is quite another for a government to bring down an entire country through perverse practices, neglect and downright thievery.

Let’s put the cards on the table, folks. We are being run into the ground by a legion of crooks who can’t see beyond their own greed.

The sad part: Nobody knows where this will end.



Les Aaron