Obama's dangerous plan for the economy
Ms. Bryce must really be encouraged, as enunciated in her letter of April 2, because we've really come far in the last few years. In 1996 the Democrat Congress began the economic tailspin in toxically encouraging Fannie Mae and Freddie Mac, which in turn destroyed the housing market that severely degraded the assets of other major financial institutions, all of which are now being bailed out with funds that now consume just about all of our gross domestic product (as if we had much any more).
So the American people do what? They do the logical thing, and elect a Democrat president so that Congress has even more leverage to put us in deeper fiscal trouble, and who are enthusiastically proceeding to do so with all of the abandon so horrifyingly characteristic of their Keynesian tax-and-spend philosophies.
Not content to put the U.S. economy in the dumps, Obama now proceeds on bended knee (cf. the Carter presidency) to the G20 in Europe to ask that they help excuse the fiscal irresponsibility of this administration by putting themselves into the same desperate straits that Americans now find themselves. The Europeans have categorically refused to do so because their latest socialist revelations indicate that such support would be disastrous to economies that were a problem long before Obama arrived on the scene. But the really low point of his visit with 500-plus staffers in two-plus jumbo-jets has to be that Obama is being berated by even the sweat shop Chinese Communists for being fiscally irresponsible. Now when a socialist is criticized by a hyper-socialist; that folks is seriously embarrassing business.
The most serious repercussions from the Republican-opposed so-called stimulus will be rampant inflation, which will hit those in our society that can least afford the effects, the poor and the elderly. Another consequence will be the socialist effects of what is de facto nationalizing of a good deal of critical American business and financial institutions. Socialist Europeans and especially communists have found in recent history that such a policy is very detrimental to the freedom and well-being of their citizens and have tried to reverse that policy to a moderate degree with signs of success from that effort already appearing on the horizon. The socialization of America will only serve to frustrate those attempts with the consequence of serious global economic meltdown.
The Orwellian Brave New World indeed.
Robert Vasseur, Newberry Springs