As for being responsible for the money we do have, I see it differently. Societies that reinvest a significant portion of their GDP in maintaining their foundations like a strong education system, good chances to get out of poverty, strong scientific research, etc, do much, much better and everybody tends to live much better. So to me the question is more about being responsible about chipping back in to cover those expenses. Trying to save a few bucks in the short term in taxes and trading in the future to get it, that is what I consider irresponsible.
Last edited by teamosil; 09-20-11 at 08:19 PM.
I'm sure there will be plenty of people here who will say, "Well, they should have been more responsible with their money," and to that I'd say you're right - to a degree. You see, there's two-sides to this credit consumption story. On the one hand, it became the norm. America, through the financial industry itself, effectively "forced" credit unto us all. Sure, a business will readily accept cash for goods and services, but when wages remain flat for so long yet the cost of goods and services continue to increase it becomes difficult for a waitress, a daycare worker, a data entry clerk, an auto mechanic, a landscaper - just our average ordinary blue-collar worker - to accumulate disposable income in large enough quatities to do anything other than pay the mortgage or other basic necessities just to survive. For many, using the credit card to bridge that income gap became commonplace. We got use to it to where now most of us are like prisoner with a number only that number is our credit rating.
As for the tax rate during the WWII-era and now, we could have done the exact same thing for both the War in Iraq and the War in Afghanistan, but...
Maybe if we had done so our deficit wouldn't be so freakin' outrageous today. War bonds and recycling drives anyone? Instead, we got "go out and shop, America! Keep consumerism going!" Gotta prop up the financial sector only to be screwed later by corporate greed. And what has working-class Americans received for their "generocity" of a massive private sector bailout? No jobs and generation-worth of IOUs. Where's the gratitude, Corporate America?
a) continue living with the threat of inflation or stagflation looming overhead, or;
b) accepting the fact that it will take decades to pay down the debt with spending cuts alone.
Conservatives continue to press the false assumption that "if you can't pay off the debt tomorrow, what's the point of even trying"? I say, "a balanced approach to out debt and deficits IS the only way to straighten this mess out over time." It took a decade to get us into this mess. Unless obstructionist Republicans renounce their Pledge and allow for revenue increases of some type over atleast the next 5-10 years, we WILL see inflation drape over this country like a wet, moldy blanket. And it - the economy - will weigh us down and stink for a long time.
back in the days of confiscatory tax rates it was far more difficult to go offshore to invest. Now, such rates would cause most of the productive investors to move offshore leaving the parasites with less to feed them
Again, it boils down to supply and demand. If the middle and lower classes are squeezed, and can not afford to buy the products, then there is no demand, and therefore no job creation. Demand is the key to job creation. People have to afford products and services in order to buy them, and thus create jobs.
The ghost of Jack Kevorkian for President's Physician: 2016
Perhaps now is the time to join with me to get the Fair Tax passed. Americans For Fair Taxation:
It beats being fooled by the one term Marxist president Obama once again.