Tuesday, April 19, 2011
daddy's credit ain't no good here
so it turns out that standard and poor's are warning us about the real possibility of downgrading america's bond rating from AAA due to our looming "deficit crisis". jesus, how did we get here? i thought cheney said no one cares about deficits? well, the obvious thing to do is to cut spending, and decrease taxes to sput economic grown then, right? right. when newt's crew starting chanting this crap back in '94, it rang much more true to me (not that i agree with it in hindsight, but at least there was some principal behind it). well, we cut taxes alright, and as they ALWAYS say, it led to economic growth - but for who? the rich just got a lot richer and the middle/lower class got poorer. is this the "real" economic growth that we want? the manta to continue to cut taxes for the rich in an effort to spur economic growth no longer has the traction is used to have - even in this new tea party universe. in other words, you can only go to the well so many times before it runs dry - and it's starting to get dry now. i mean, tax receipts and rates are as lows as they've been since 1950, and hell, there USED to be an ethic by the wealthy that they should pay back their share in progressive taxes since they reap the benefits of all the services provided by government and infrastructure that allowed them to gain their wealth. but now wealth isn't created by "doing" a goddamn thing - now it's just numbers and finance sleight-of-hand that leads to "growth" and wealth - primarily for the ultra-rich. where's the pride in re-investment from the nouveau riche? these bastards got us into this mess and won't even help to pay and clean it up. i guess it's consistent with all the environmental damage they do and don't pay for. typical.