To answer your question "How does applying for credit cards to pay interest on existing over-the-limit credit cards solve anything long-term?" I want you to read Lessons from the Great Depression for Economic Recovery in 2009. This article was presented by the Council of Economic Advisors at the Brookings Institute, March 2009.
Put simply, economists who have studied the depression, what worked vs. what didn't, agree that stimulus spending is the last best hope we have at stopping our economy from contracting severely. This technique was used successfully in the 30's the results of which led to a gradual slowing of the decline, followed by a turn around, the war years of WWII, and ultimately a full recovery. This path towards positive growth will lead to a proven cure for our ailing economy. whether you're willing to see it or not we are in a situation where this is our last best hope to prevent a major catastrophe.
As for placing additional debt on our kid's and grandkid's paycheck, this is something no red-blooded American would ever want to do. The thought of leaving a mountain of debt for any one I love after I'm gone is not acceptable while I'm alive. But neither is the thought of leaving the US worse off than when I was a kid. That's the choice we're facing today. Do we sit by and let the chips fall where they may? Or, do we try our best to head this new depression off at the pass? Jim Kramer from the TV show Mad Money is quoted as saying "we headed off the depression, not the recession, but the depression." He agreed with the need to act as did most economists and business people. Like it or not, we headed off the 2009 depression with the Troubled Asset Relief Program (TARP).
Do you know what The American Depression of the 30's was about? My advise to you is to do some reading, watch some videos, and if you're lucky enough to have them around, ask your grand parents or their friends. You'll begin to have an idea of the level of suffering Americans endured.
A depression would do far more to hurt our kids and grandkids than this additional spending. Specifically, after we pull the economy around and pay down the debt. Make no mistake about it, that's the goal. To that end, the president has implemented a budget that works towards meeting certain debt related bench marks over the course of 4 years.
Now, by back on track, I'm referring to good old American innovation, ambition, and daring. Once upon a time in the US we invented things: the modern television, telephone, we split the atom, the cotton gin, the PC, and the internet. We made the best airplanes in the world, we made the best cars in the world, we have the most satellites in space and our light bulbs burned longer. When year after year of growing the same crops on the same land depleted our soils of nutrients, we invented crop rotation. The benefits of crop rotation has allowed us to feed the world. The federal government issues farm subsidies because we grow more food than any other nation on the planet, more than we can eat and we want it that way. We landed a man on the man, we mapped human DNA, we made it possible for three generations of West Germans to know liberty, and freed the world from both Nazi Germany and Imperialist Japan, at the same time! By back on track I'm talking about recreating our America. Not based on Pop images, greed, and status, but on education, innovation, hard work, the golden rule and the rule of law. If you look past 1977 you may learn a thing or two about this land of ours, where we've been, how we managed, and what we accomplished.
Re: our prez
Member #: 41640
Registered: 10/16/2005
Posted:
12
Name:
Boz Bell
Name:
Boz Bell
Company:
Agile Infrastructure
Occupation:
Owner
Location:
Atlanta
Personal:
Experience:
~19 years
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