Totally Brain Dead
By now you’ve read the quote by Jimmy Carter’s National Security Advisor, Zbigniew Brzeszynski, speaking to my former Congresscritter, Joe Scarborough:
“You know, you have such a stunningly superficial knowledge of what went on that it’s almost embarrassing to listen to you.”
Well, that’s pretty much how I feel listening to politicians talking about various tax cutting schemes to deal with the economic problems.
Excuse me, but people without jobs don’t pay taxes, and there are hundreds of thousands of people becoming unemployed every month. Those with jobs are not going to start spending, they are reducing all of their expenses and paying down debts in anticipation of becoming unemployed. Taxes are totally, absolutely, unequivocally irrelevant in the current situation.
Pay attention! The Fed rate is for all intents and purposes “0%”. The only step left is to pay people to borrow money. The rate is irrelevant because the people Congress gave hundreds of billions of US taxpayers’ money to aren’t willing to lend it. Saying the rate on a thirty-year fixed mortgage is 4%, only has real meaning if someone is willing to loan the money. It’s like those “while supplies last” special sales on Black Friday – if there is no more supply, the stated price is meaningless.
This is not “an economic downturn”, it is an all out, hard core, not seen for about 80 years, world-wide recession, that could easily become the new “Great Depression” if governments screw this up.
We know what worked the last time, so we should be doing it. Massive government programs that get people employed and spending again. No more of this brain dead sniveling about the “free market” and the “private sector” – for those who missed it: those are the morons that got us into this mess. If they knew what in hell they were doing, we wouldn’t be living with this disaster. The criminal conspiracy that the GOP has become gave them tax cuts and trillion dollar bail-outs and the economy is headed down the drain.