G2A: Is a Recession a Bad Thing?
What do you think:
- Has the economic hardship been deep enough, long enough and affected enough people to teach the American citizens some important lessons? (ie saving, self reliance, continual improvement, etc)
- Or did the huge National borrowing campaign and stimulation effort teach people to be more dependent on the government and it's "infinitely deep pockets"?
- Or something else entirely?
Personally I think it was not nearly severe enough, long enough or impacted enough people. The fact that the US Government borrowed excessively to reduce the pain concerns me greatly. Since those "infinitely deep pockets" are actually yours, mine and our children's, and they do have a bottom.... I wonder how many times we can borrow our way out of learning the critical lessons? (one being: spend less than you make/collect...)
4 comments:
A timely picture set...
What Can You Buy for $13 Trillion ?? (ie national debt)
A friend and co-worker of mine noticed that "GiveItAllBack" added this strange post to the comments regarding the above mentioned link.
"Just think how much economic stimulus you would get if everyone of us got a check for $40,000."
My friend found it ironic, since the National Debt exists because everyone of us has already received a check for $40,000... (ie the USA borrowed it and spent on us)
It would be interesting to know what GiveItAllBack wants back ???
Maybe that is why the USA lives so much larger and better than people in other countries ???
Kind of like those friends of yours that lives in that big fancy house that they can barely afford... I hope they keep up their job skills and don't lose their job... Or that banker will come collecting.
Has the economic hardship been deep enough, long enough and affected enough people to teach the American citizens some important lessons?
We put the people responsible for it back in charge, including one of that eras most notorious bankrupts, who promptly made it easier for himself to borrow. I would say we have much to learn from the financial catastrophes of the past.
--Hiram
Hiram,
But no one is forcing all of these people to buy bigger homes, take bigger vacations, buy more electronic toys, etc on credit. They are choosing to do so of their own free will.
I don't know if you have been in West Plymouth lately, but the building of big expensive homes is in full swing again...
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