Thursday, October 23, 2008

$5 Trillion and Still Counting

It's not working, and it's never going to work, and our policy makers should have known that it wasn't going to work.

So far, not a single new job has been created, but incomes have continued to shrink while the costs of food and other necessities continue to spiral upwards. The steep drop in oil and gas prices, due to demand destruction, is a relief- let's hope prices hold for a while at this level, so that people can look for jobs and heat their houses- though you have to sense that careening around the freeways to distant suburbs in search of a job that pays just barely enough to cover their car costs is probably just an especially cruel exercise in futility for most people, what with 165,000 jobs being lost per month.

The tote for the "rescue" of our financial system is now reaching $5 Trillion, and the behavior of the markets constitutes a vote of no faith in the efforts of Bush,Bernanke, Paulson, Pelosi, et all to reverse the collapse of credit by inflating the treasury debt and burdening every single taxpayer in the U.S. with an average government debt load per taxpayer of approximately $24,000.

What they're accomplishing, instead, is the utter and probably permanent impoverishment of 80% of our population and the further crippling of our economy. The efforts of individuals and businesses to recover and rebuild on a solid foundation will be critically hampered by the additional taxes necessary to service the largest government debt, as a percentage of total obligations, of any economy that ever existed.

So far our policy makers have shown a lack of ability to do anything other than wreck more destruction on our fragile economy. Pelosi is proposing yet another "stimulus" package. Watch- in weeks to come, ever more and larger bailout packages will be foisted on us, with ever worse results.

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