Spend, Spend, Spend
It’s arcane: just because I have a daughter in Europe, I have to follow the Euro … and few appear to have noticed that the European currency has risen from about $US 1.30 a month ago to a $US 1.41 today. When I first sent her over to Europe (September 1), Euros were a buck twenty-eight ($US 1.28)!
DURING AN ELECTION YEAR, Congress, the Treasury, and The President have devalued the US Dollar by 10% in little over a month! (Please stay with me.)
In contrast, the “obviously liberal” Europeans (I have to say … Conservatives have been winning elections all over Europe, but a Conservative European would be classified “left of center” by most Americans) are showing guts and fortitude and dealing with their economic crisis (which we may have helped cause).
LUXEMBOURG – Ending months of intense debate, EU governments on Monday agreed on tougher budget rules for euro-zone nations that can trigger fines for countries racking up big deficits and debts like the ones that have eroded confidence in the euro.
Meeting in Luxembourg, the 16 eurozone finance ministers backed an agreement under which countries deemed to be violating the euro’s public deficit and debt ceilings — of 3 percent and 60 percent of GDP, respectively — risk big fines.
Greece['s] … deficit more than four times what it’s supposed to be, or 12.7 percent of GDP in 2009 (by comparison, the US deficit is about 10 percent of the economy).
Other signs suggest the Irish may be next [this is a good read; some of my ancestors were potato-famine Irish]:
March 17 [2008 ... GEE, Two Years Ago!] is St. Patrick’s Day, when people of all national origins raise a glass and declare, “Today we’re all a bit Irish!” This may be truer than we know. The Irish were driven to America by debt, and they are leading the Western world in household debt today. The London Daily Telegraph reported on March 13, 2008 that household debt in Ireland has reached 190 percent of disposable income, the highest in the developed world; and that the Irish banking system is suffering such acute strains from the downturn in the housing market that it may have to nationalize its banks.
Note: that happened, and is still going on. In Ireland, and America.
Despite the leadership evident in Europe … and not a one of them (Sarkosy, Merkel, Cameron, etc) say anything but “this is difficult” … the “leadership” in America just tries to cruise on.
Obama wants another stimulus, the Democrats want “better work rules” and more pork, even Republicans vere toward “some industries might need help, and some people shouldn’t pay taxes” SPEND MORE!
Spend, Spend, Spend … and The People will vote you back into/into office.
I lived through the seventies … as inflation approached 20%, and a “deal” of a mortgage cost only 13%. THAT resulted from a war (Vietnam) we couldn’t pay for, Social Security increases we couldn’t pay for, Medicare and Supplemental Security Income (welfare) that we couldn’t pay for, and a Congress that knew how to spend, spend, spend.
Congress is even better at it, these days … and six years of Republicans did the same and got voted out for it. Perhaps the Democrats are worse.
I am doing my best to change Congress, this year. I hope our candidates understand why America wants a real change … and it is because Congress prefers perks over production, gerrymandering over jobs, and Parties over The Public. We voters don’t like this.
Spend, Spend, Spend, mes candidats, la guillotine attend.