DEBT. No wonder folks hate debt. We were brought up the same way. Little credit card debt. No money spent unless you had it. Never shopping for the pleasure of shopping. You wanted something you bought it. End discussion.
Now the recession has made The Middle Class paupers in mind , spirit and actuality. The Middle Class is not used to being in debt. We had flourishing businesses. We bought what we knew the Business could pay for and then the crash occurred and our Businesses were wiped out.
I now understand the ideological position of folks who “hate” debt. If they can’t borrow and owing money is risky for them personally, why should the government be on shaky footing. Only there’s a difference. We need to know what % of GDP IS DEBT. that’s why the bond buying is so critical to our economy. We need to know the % of real assets in those Bonds, since it fuels Wall Street at the expense of Main Street. Even with a Market correction, I’m not sure the Middle Class will be made whole. However; a correction will create a buying opportunity, as firms become a better value and reflect a more realistic asset balance. A ” level” playing field is a good beginning, a correction is step one, then we’ll still need Reform and Regulation!
Personally, I think the Fed has reached it’s limit to maintain our “fragile” society. Programs must come from government or the States or Corporations to reduce the influence of Wall Street and promote programs to re-instate the Middle Class. There is no program in place to restore the Middle Class. Large Corporations are finally noticing, The Middle Class has stopped buying! I’m amazed they are surprised. They wiped out the Middle Class, saddled them with debt, yet they believe, we have the funds to “buy”. They have “killed their Golden Goose”.
I hear Joe Biden and DeBlasio promise to spend Billions on LaGuardia, what about real infrastructure: trains, the grid, the MTA ; I never had to wait for a bus before? Are we trading snow removal for Bus transportation , I’d like to know. Give us the choice of projects to be worked on and approved, along with how many folks will be employed. I think we’re all interested.
Especially now that Food Stamps and unemployment benefits are to be cut, give us shovel ready jobs now. Where are the projects for repair of Sandy damages? We don’t need slides in Time Square to celebrate the Super Bowl, when the NFL destroys 200,000 pieces of counterfeit clothing. The absurdity is mind boggling. Who gives a dam about the sanctity of the NFL BRAND, when people need food and clothing? Where is our sense of proportionality ?
Wake up Middle Class, we can fall lower into poverty . We are our brother’s keeper. I said to a friend that you could ” play” while others suffered. I may be wrong. Fighting for The Middle Class way of life is a full time job. Say something, do something. Begin now. The plutocracy needs the Middle Class too , but not forever. Eventually , they will pull their money out of the USA and ” play” elsewhere.
I used to think we needed a cabinet level post for an ombudsman, but they would be ignored. We need to strike for our Middle Class way of life. If everyone decided to take time off from work for several weeks , we might unite and have bargaining power? Strike for Middle Class pay?
Besides sending nice comments, which I enjoy, tell me what you think will turn this Country around. I love my Country but I believe it has a long way to go before restitution is made to the Middle Class.. Have we become Greece, ( NY TIMES 2/8/14 Corruption costing Billions) ? There’s a reason Citizens United and Super PACS and phony foundations, and lobbyists flourish, 4 degrees of money laundering, to protect the bribes lining the pockets of our Congressman and selected others in this Plutocracy? They don’t care about us, why should they, are are all paid to protect “special interests” and themselves.
Oh and my personal apologies to Warren Buffett, I thought he had let me down, but I was wrong. He was one person in the wilderness, preaching in the forest and no one was listening. He tried. WHAT ABOUT YOU? Where do you stand , dear reader, when politics effects us all. Are you content to be silent when tragedy strikes around you? Say something, do something.
Next week I will seek higher wisdom and go to the Brennan Law Center and then to the Columbia School of Journalism. We need more advocates and voices to protect our rights and create laws to bring back our Middle Class way of life. As this Blog was being published, Bill Keller, formally of the New York Times will join a non profit journalism start up, The Marshall Project, founded to focus on our criminal justice system. Like Pro Publica, another Web start-up, it is becoming essential for us to graze the News . The rise of independent journalism is responding to Citizen’s needs. We have choices. We also have HOPE!