Perhaps nothing could have bailed out John McCain's presidential bid in the midst of a Democratic tsunami.
But it certainly did him no good when, at the outset of the economic collapse, he famously proclaimed, "The fundamentals of our economy are strong."
It was well-intentioned, and straight out of the political leader's handbook, which says to try to calm the masses at such times.
Problem was, it was unmitigated malarkey. Pure pap.
Where to begin?
How about in the public sector?
The federal government has run up an $11 trillion deficit. And it has promised tens of trillions more to future retirees in Social Security and Medicare even though no one knows where the money will come from. This year's deficit alone may approach $1 trillion. October's deficit alone was $237 billion.
Compare that to the $455 billion deficit from the fiscal year that ended Sept. 30, and the trend line is more than ominous. It's alarming.
Cities and states aren't much better off, either.
In the private sector, the fundamentals have to be questioned far beyond the proposed bailouts in the financial and automotive industries.
Manufacturing jobs are disappearing by the thousands: America has lost 3 million manufacturing jobs just since the start of 2001. Michigan's economic growth, says the American Manufacturing Trade Action Coalition, was worse from 2000-07 than the United States' was during the Great Depression.
Meanwhile, we're being played for suckers in trade agreements that give huge advantages to state-run (read: communist) economies, foreign tax policies and offshore currency manipulation.
All the while, private debt in America has soared, as Americans increasingly have lived far beyond their means. We already know that pressure from Washington caused lending institutions to drive up the number of bad home loans, the primary cause of today's economic turmoil. Meanwhile, Americans have brought on our own credit card woes. There are debates over how much we owe, but whatever the figure, we are spending money we don't have, and not saving what we do have, at a time when the retiree population is about to explode.
No, Sen. McCain, wherever you look, the fundamentals -- of public and private debt, savings, thrift, trade imbalances and manufacturing job losses -- are not good.
The good news is, Americans are still the hardest-working, most productive people on Earth. Indeed, as our friend and syndicated columnist Walter Williams notes, despite manufacturing job losses, productivity has still risen 3 percent a year. And we still have time to avoid the entitlement spending tsunami headed our way (though we must act now).
But 3 percent of nothing is still nothing; we have to reverse the job losses in manufacturing. We cannot be a great country if we manufacture nothing and rely on merely pressing each other's pants.
We need to stop fooling ourselves and admit that the fundamentals of our economy -- and the fundamentals in our very lives -- need some serious attention.
Comments
It was political rhetoric. That's what he thought the people needed to hear - mistaken though he was. Or perhaps I should say that his advisors and that ill-chosen bunch thought that would win votes. The economy is in the tank for sure, and I just hope my grandchildren live long enough to see it come out.
more reason to vote for Martin on Tuesday. We need a total purge of those involved with getting us into this mess.
Saxby has worked hard to get things done for his friends on Wall Street.
Yes to rewarding companies that send American jobs to China, India, and other countries. In 2004, Chambliss voted against closing up $39 billion in tax breaks for companies that outsource their jobs. [Vote 90, 5/11/04] In 2005, Chambliss voted against against repealing tax incentives for domestic companies that move their manufacturing plants out of the U.S. [Vote 63, 3/17/05]
He even gave those same companies a tax cut. In 2003, Chambliss voted to cut taxes on U.S. companies' overseas income from 35% to 5.25%. [Vote 165, 5/15/03]
Won't hold U.S. companies accountable if they deal with terrorists. Chambliss even voted against an amendment that makes U.S. businesses liable for dealing with foreign businesses that have links to terrorism. [Vote 203, 7/26/05]
"Destroy the country, that'll fix everything". "It doesn't matter what the status quo is replaced with, just bring on change". "Nothing can be worse". "We're at the bottom, all changes will be better"...and other foolish comments and concepts relating to our current situation. Things can get worse, a lot worse. More then change, we need improvement.
Funny, I don't remember the AC saying anything like this before the election. Then it was all about getting John McCain elected and Saxby Chambliss reelected. Better late than never though.
The Augusta Chronicle editorial staff (ACES) writes: "The good news is, Americans are still the hardest-working, most productive people on Earth." Are we really? Isn't that just more pap for the masses? What is it that Americans produce other than high tech war equipment? Yes we produce food & still have excellent institutions of higher education. But we do not make boots, we do not make efficient cars very well nor do we provide adequate heath care for our citizens. United States financial institutions invented some fancy financial instruments that amounted to a house of cards. Seems like we are telling ourselves how great we are all the way to the bone yard. Constructive criticism was not tolerated when arrogant Republicans ruled. Even expert advice was not heeded. There were warnings of a pending financial crisis. Why are our so-called financial experts & CEOs paid enormous sums if they can't see beyond short term profits & bonus packages? Greed was allowed to run rampant due to irresponsible deregulation. It's funny how Republican apologists (including ACES) tried to blame the collapse of the house of cards on fairness in lending laws. Blame the victim & scapegoating still rule
Amen, JRHC. This "we're the best, no matter what" attitude doesn't help us, based as it is on....what? We're breathing the fumes of history when we repeat it unchallenged. It's time for just governance at the top and hard work, tolerance, and deferred gratification across society.
When have you offered constructive criticism? You are a Bush bashing american hating unpatriotic person. Like I have said in these posts before, I encourage you to move to another country. Try some place like Pakistan or Afghanistan. There you will find just how great this country is. When you no longer get to hide while you denigrate our country and soldiers. People like you make me sick. You talk bad about everything in this country and yet it's our soldiers and the ones before them that allow you that freedom. Why don't you ask a soldier that has served in Iraq about how the citizens they come in contact with are grateful that we got rid of the most brutal ruler since Hitler. Why do you defend countries that if you lived there wouldn't allow your daughters to go to school, hold jobs or even show their faces in public. Not to mention that if you spewed the garbage about their rulers they would cut your head off in public. Yeah I can see where this country has earned the wrath of your hatred. Quit watching everything the MSM shows you and get out and talk to people that actually go to these places to give you the right to be a moron.
It's funny that you curse the very soldiers that stand guard and man a post and say"nothing will harm you on my watch." I welcome you to go to Fort Gordon during mess and stand up and spew your Amerca hating, Bush bashing, soldier cursing views. If you do though please allow us some advance notice because I would like to witness it. People like you feel safer hiding your face behind a computer and spewing your trash. A gutless coward such as yourself would never take a vow to defend God and country.
Wow GnipGnop - I am not sure what prompted your post. Criticizing specific aspects of this country doesn't make one non-patriotic. It can be the opposite in fact - someone who simply doesn't care and is completely empathetic wouldn't waste their time to say a word. It's passion and a desire to be great that helps form most people's opinions; good, bad or indifferent. In some ways I must agree with several posts above. Look around - there are tons of hard back breaking jobs being worked by illegal immigrants in our country - why, because American's feel the work is beneath them. The same work our ancestors performed with pride and gratitude. How many recent college grads have you worked with lately? The work ethic (some, not all) simply isn't the same as it was generations ago. Calling these issues out doesn't make someone non-patriotic. It doesn't mean we don't live a better quality of life then many countries. It simply means many of us believe we can still do better!
GnipGnop--You said it better than I ever could have!!! God Bless you this beautiful Sunday morning in THE UNITED STATES of AMERICA.
Cain and Midwestern both need to move across the deep blue sea!!! SusieQ
And BTW - Cursing Bush doesn't equate to cursing Soldiers. Those same Soldiers will report to Obama in 6 weeks, will you equate those critical of Obama as being critical of Soldiers too?
What prompted my post is Cain's constant bashing of this country. Read his blogs. He routinely bashes soldiers. It's not just criticizing. He says "f*** american soldiers" Whether I agree with the policies of our country or not, soldiers take an oath to defend this country. They follow orders they do not make policy. Criticize all you want but leave our soldiers out of it. They put their lives on the line so that we may have debates like this.
I do not see where Cain said what you are saying he said. I even looked through some of his prior posts. It certainly wasn't said in this string which is why your comments seemed so out of place. I will take you word for it but you can avoid this confusion in the future by keeping your comments relavent to the actual topic at hand - just a thought.
As far as someone being critical of Obama? If it comes from the MSM that would be a first. I didn't vote for him but have said all along he would be my president. That's what a real amercian does. You can questions your countrie's motives and policies without being unpatriotic. I doubt left leaning liberals such as Cain will spew as much hatred for Obama. They call conservatives that say anything against him racists. I guess they feel only the left can bash.
I apologize for going off subject. I just took the oppourtunity, when I had it, to defend our soldiers.
I looked a little further and found the only post made by Cain that included a F* reference was in July when he commented on Vice President Cheney telling Senator Patrick Leahy to " go f**** yourself". I also looked at any post containing the word Soldier. While his views may differ from yours, I didn't see any that weren't supportive of the troops. Many called for the safe evacuation of troops from Iraq and argued against our reasons for being there but nothing directed specifically at Soldiers as you have implied. You can acuse people of spewing hate but I would first check yourself to be sure you aren't doing the same. I find it disgusting how segregated this country tends to be, whether black and white, left and right etc. Isn't it time we focus on our commonalities? That is the CHANGE I vote for, regardless of color or party.
It's not Republicans or Democrats. Simply put, it's government and too much of it. Congress signs checks that would bounce if citizens wrote the checks. Politicians at every level are self-serving members of the real political party -- The Greedocratic Party. Bush thought he could spend our way to prosperity. The new administration has a different philosophy that says, "Ask not what you can do for your country, but what your country can do for you." We're in deep trouble one way or the other.
For once I agree with JHC. We need to get our house under control and stop letting other nations have so much effect on our foreign policy, cripple the unions so the cost of our products will come down and we again have good manufacturing facilities. Our government also needs to live within a positive budget like citizens have to do. We also have to get entitlements under control where the citizens of this country will have to work and do the jobs that the illegal immigrants now do instead of just sending a check. While I do not agree with limitations on pay, our institutions need to govern themselves and not pay such enormus amounts for golden parachuttes and lavaish meetings. Our new President needs to back track on some of his promises whereby people think the government is going to support them like the young lady said on the video after he won the election. Thank goodness I will not have to worry about paying for my gas, mortage payment or food-Obama will take care of me. What a dumb [filtered word] statement but one that is heard so much by our youth of today who want everything now instead of slow accumilation.
It's not in his post here it's in his blog. I will call out anyone that disparages the soldiers that provide them with the very oppourtunity to do so. I can check myself all I want. I would never attack our soldiers whether I agree with our presidency or not. I wait for the day when Obama takes office. I want to see if all these liberals direct their swords as mightily at a dem as they do to the repubs. Obama got a free pass from the MSM during the campaign I'm anxious to see if that will remain the status quo after he makes his first gaffe.
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