Tuesday, July 07, 2009

It's the Spending, (and Bonding), Stupid!!

Gee. Hoocouldanode?

The world’s most affluent nations will take decades to work off the biggest buildup in debt since World War II. The political costs may be permanent, laid bare at this week’s Group of Eight summit of leading industrial powers.

Bank bailouts and recession-fighting measures will explode the debt of the advanced economies to at least 114 percent of gross domestic product in 2014, more than triple the 35 percent of the main emerging economies including China, the International Monetary Fund forecasts.

The run-up in debt has hastened a power shift that is sapping the industrial world’s authority to impose its economic doctrine, currency arrangements or greenhouse-gas reduction strategies. Even some G-8 officials acknowledge that the group has lost its grip amid the global recession they spawned

This while Obama people are yapping about a "second Porkulus."

Not to worry. The remedies are being discussed.

The IMF says the debt won’t be repaid as quickly as after World War II, which ended with debt topping 250 percent of GDP in the U.K., 200 percent in Japan and 100 percent in the U.S.
‘Moral Duty’

In wartime, governments exercised “comprehensive control” over the economy and citizens felt a “moral duty” to buy war bonds, the IMF said in a June 9 report.

Time for "Sheriff Joe Biden" to gallop out and help you be more responsible. We'll start hearing "moral duty" yappaflappa about paying more taxes and living smaller. Dump those vacation homes and cottages; ride bicycles and choochoo trains; "lights out" at 9:00 PM; and Support Your Gummint!! with about 60% of your incomes.

Or you could buy more ammo.


asianbadger said...

I think I'll go the ammo route.

Grim said...

Good luck buying ammo around here! A lady I know asked me to teach her to shoot last week, when I came back from Iraq; I've not been able to locate anything in common calibers. If you want .500 S&W Magnum, sure, but .22 LR? .380 ACP? .45 ACP? 9mm? Nothing.

Neo-Con Tastic said...

Grim, you can easily buy online however I travel to the Green Bay area to purchase ammo. I was visiting family in Door County and I cleaned out the local sporting supply shop.

The attendant chuckled when I bought him out. I explained that I simply couldn't find it locally.

J. Strupp said...

He doesn't have to talk about living smaller. It's going to happen regardless.

The only reason we were allowed to live "large" in the last couple decades is because of easy access to credit. Wages in this country have barely kept up with inflation for the last 30 years and are now headed negative. Most of the "wealth" we experienced the last couple decades was all bulls__t. People selling houses and stocks to each other back and forth for more and more money with loans backed by financial instutions that were "hedged" by more bulls__t.

Our personal balance sheets are going to force us to live smaller and we are going to have to pay more taxes in order to pay for rising health care costs since no one in this country wants to fix it. This is reality. We can go ahead and blame Obama but we did this to ourselves.

Now we find a way to get out of this mess by actually building things again and thinking outside the box or we can sit back and blame the government for our problems.......