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Finance Tid Bits
Deliver Us From Debt
8th August 2009
The Obama administration has come up with a stimulus plan to save our economy and has already pumped trillions of dollars to save banks and other companies from going under. There are even programs like the ever famous "cash for clunkers" where government is spending more billions in an attempt to stimulate the economy and get you and I spending again. Now if you are like most people you are looking at this as a good effort by our government to solve the economic recession our country and indeed the world is in. However, look beneath the surface and what you will find is mounting national debt.
The rate at which governments in the US and Europe are pumping money into our economies to try and stimulate growth and end the recession are quite frankly alarming. Why? Well, firstly it makes me cringe when I hear more billions of dollars are being put into whatever institution or programme by government because it means future generations are going to foot that bill. The more government borrows, the more we will have to pay in taxes to cover that debt. Secondly, the fact that recessions have occurred in history and are still repeating themselves, is clear indication that throwing money at the problem is not the solution or the answer we need.
This debt money is at some point going to cause another recession. What our governments are doing is treating the symptoms instead of the root cause of the problem by giving bailouts. I believe a re-look at our entire world's monetary system and policy is the only way to come up with a definitive solution to the economic crisis we face.
"Promises make debt, and debt makes promises." - Dutch Proverb
Comments (7):
Geneva Says: My sentiments exactly, we are trying to solve a problem with money which is bigger than money actually | 08.08.2009 |
Peter Says: I think our system has debt built into it so either way there's no escaping | 08.08.2009 |
Chris Says: I think they should get their mortgage written off and get their deposit back | 08.08.2009 |
Victor Says: I was amazed that the government doesn't even explain to the taxpayer where most of those trillions of dollars are going to exactly | 08.08.2009 |
Felix Says: Exactly, where is all that money going to? And why is it that companies that received bailouts still went ahead and paid their top execs such ridiculously large bonuses? | 08.08.2009 |
Max Says: It seems to run a company into the ground you get rewarded lots of money! | 08.08.2009 |
Terrence Says: This whole financial system is a big mess | 08.08.2009 |
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