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Originally Posted by lda
Yep. The crisis we're seeing now is due to the fact that spending isn't covered by revenue.
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And this has basically been going on since the end of WWII.
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I don't see anything wrong with that kind of greed, necessarily. It's what drives people to innovate, create, and ultimately, produce. I agree that greed can drive people to demand things from the government, when they've done nothing to deserve those things. It's fine for them to want that, but when the government actually bends to those individual's will, we have a problem.
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I partially agree but I wish more people who appear helpless, who won't invest anything to improve their problems, who look to others to solve their problems, would be a little more energetic and creative and innovative to improve their situations without being a burden on anyone.
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The artificially low interest rates have encouraged people to spend, become indebted, and not save. The USA has lost a lot of its manufacturing ability due to high corporate taxes/regulations. I don't think we're really having out of control population growth. Immigration may have had some negative effects on the economy, but it isn't the root problem. And I agree about the ever-expanding government spending. The Fed's actions are really a result of that spending. They've had to create more money to cover out of control federal budget deficits.
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It's not just interest rates that have been low. The government has not properly taxed gasoline consumption, or energy consumption, or water consumption, meaning for the past several decades, the American public HAS NOT paid their way! If we would have paid more taxes, we might have been more efficient on consumption, and, we would have had the money to maintain and develop a kick-a$$ infrastructure. Instead, we've allowed the infrastructure to crumble and have gone into debt.
So this past and current generation was basically subsidized by future generations. And this might be okay if we would have been successful and was handing off a fantastic society to our kids, but, we are instead handing off a big pile of crap which will unnecessarily burden them for decades...hecka of a job PEOPLE!!!!!!!!!!!
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You're right, I did make an assumption there. It doesn't seem like you really blame capitalism for this mess, but rather, think that the problem is that the American public (and government) hasn't been equipped to deal with the effects of capitalism. My assertion is that the business cycle is not inherent to capitalism, but rather, is the result of an overly-active central bank.
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Oh...we've been equipped to do wonders, but all we did was take care of ourselves, at the expense of the infrastructure and environment, spending trillion$ today without the means to pay for it, expecting to be coddled instead of facing sacrifice due to our own mistakes, and failing to fully understand the global economy and it's potential effects on our little slice of utopia. I blame the PEOPLE...every one of us...for either knowingly allowing all of this to happen, or for being too stupid and lazy to care...