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by Halliburton Shill on January 16th, 2009

Halliburton Shill

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Will a "New New Deal" undo the damage of Bush-Cheney's screwing of America?

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  • by NCJake on January 16th, 2009

    NCJake

    It'll be tough. The country now has a staggering debt (made all the more amazing when you consider that Clinton left Bush with a solid economy and budget surpluses...just 8 years ago our government took in more than it spent, now we have an estimated 1.2 trillion dollar debt for next year...that's just staggering) that will negatively impact long term interest rates, those rates being a big part of the growth in the '90s.

    I think the one thing we have going for us now is the interdependence of the world's economies. If the rest of the world could ignore us without hurting themselves, we'd be hosed. But they can't, so we'll putter along.

    It's important to keep in mind that most of the financial losses occurred in the bs land of make believe money. If companies would act responsibly and continue with business as usual - albeit with smaller quarterly profits - we'd be alright. I don't like Bush-Cheney or their philosophy, but they didn't make Best Buy announce layoffs despite exceeding quarterly expectations. If our corporations would act responsibly to help everyone make it through, then we'd be fine. Too bad most of them don't consider the systemic impact of their decisions.

    Which leaves the government to pay out the wages and benefits that corporations are holding onto (shocking to find greed at the heart of a financial problem!) Will it work? Yes, if people can feel comfortable being consumers. It's a market based economy. When we buy, the economy does well. When we don't, it suffers. Sadly that reality is not understood by the GOP who somehow expects stagnant wages to create growth. Which it can't. Only fake growth that will inevitable retract, just like the mortgage-derivative problem of this past year.

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