Can debt and ill health create prosperity?

By From page A5 | July 15, 2013


Demicans and Republicrats have been arguing for decades about “fiscal responsibility.” Democrats say we need higher taxes. Republicans say we need lower taxes, which will grow the economy and thereby raise tax revenue. As I see it, they’re both off the mark.

We need extreme, painful fiscal austerity on the city, county, state and federal levels to begin to reduce the giant amounts of future debts that must be paid over the next one to 10 decades.

Do you have children or grandchildren?

My opinion is that the “prosperity” of the last three decades was entirely fueled by monetary expansion and debt-fueled consumption. All caused by Nixon’s 1971 decision to exit the gold standard. And fueled by the Reagan/Greenspan “supply-side” myth. Please look for and read David Stockman’s (Reagan’s first term budget advisor) 2012 book about U.S. financial follies, entitled “The Great Deformation — The Corruption of Capitalism in America.” Stockman says what we all know: consuming more than you produce, and printing a bunch of money to cover the difference and make Wall Street rich, is not a solid long-term plan.

Come on, baby boomers, let’s fess up. And the “greatest generation” too. We’re in a huge fiscal mess: we’re broke. We let it happen. You government retirees — I sure hope you volunteer every spare minute you have. Nobody has your deal. If you retire and hole up, you’re a snake.

By the way, where is recently retired EDUHSD Superintendent Sherry Smith? I understand she gets a lifetime pension upwards of $150,000 with full health benefits. But I could be wrong…


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