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Title: Passing Down Inherited Debt Post by: WhiskeyGirl on February 17, 2013, 08:56:49 AM I noticed this article and had to wonder with them, what is wrong in America today?
Quote Osborne and Obama have got it wrong - emphasis addedThe passing down of inherited capital is one of the most important and fruitful features of modern capitalism ::snipping2:: Barack Obama delivered a State of the Union address which made scarcely any mention of the national deficit and what measures might be required to reduce it – which is to say, the need to cut government expenditure. Instead, he announced even larger and more ambitious federal spending programmes. He made it absolutely clear that the mission of his presidency was to redistribute wealth rather than to address the urgent question of why America is failing to create more of it. (His only nod in the direction of the need to stimulate growth was to express a new-found enthusiasm for free trade with Europe which, considering his previous position on this, was a sign of desperation.) His party’s view of the spending question is, indeed, ingeniously delusional. The Democrat leader in the House of Representatives, Nancy Pelosi, has said, “It is almost a false argument to say we have a spending problem.” (I love that “almost”.) Her party whip, Steny Hoyer, asserted that the country does not have a spending problem at all – it simply has a “paying-for problem”. (Imagine your teenage child explaining that he needs an advance on his allowance, not because he has spent too much money but because, for some peculiar reason, he just can’t pay for everything he has bought.) read more here - http://www.telegraph.co.uk/finance/financialcrisis/9874210/Osborne-and-Obama-have-got-it-wrong.html (http://www.telegraph.co.uk/finance/financialcrisis/9874210/Osborne-and-Obama-have-got-it-wrong.html) Slaves rarely made enough cash to pay off their slave debt. Their children were born with debts they could never repay. Once a slave, always a slave. The good side of slavery? All their needs were taken care of by the plantation - free housing, free healthcare, free retirement, free food...how many slave voted against slavery? Sound a lot like today's political class - give us lots of trinkets in exchange for a vote and unlimited rising debt - free housing, free Obamacare, free retirement, free food, free Obamaphones...what a great deal! Just keep the free stuff coming. Just keep raising the debt that no one can pay off. If inheriting wealth is so bad, and causes wealth to increase in families, why at about debt? Does inherited debt make us wealthier? Poorer? Is inherited debt a sign of political corruption? Immorality among the ruling classes? Congress? White House? What is wrong with a system that makes keep poor and forces generations unborn into poverty? |