10 Trillion and Counting - PBS Frontline

Did you see the 10 Trillion and Counting episode of PBS's Frontline last night (March 24, 2009 episode) that discusses the ENORMOUS NATIONAL DEBT and DEFICIT SPENDING AS AMASSED UNDER PRESIDENT BUSH (Jr.). OH MY GOD!

Watching this episode about the explosion of the Debt under GW, and the constant tax-cuts, entitlement program expansion (to garner votes) like Medicare-partD, and ignoring all advice to the contrary (including firing Treasury Secretary Paul Oneil when he advised otherwise)... it was somewhat like watching the darkest comedy ever.

Watching the Repubs (Repugs!) argue (during GW's term) that tax cuts and spending were needed to grow the economy... but, as soon as Barack wins office, they turn around and say the opposite with regards to spending, but persist with tax-cuts rhetoric even though CLEAR PROOF of outcome exists. Massive transfer of wealth to the top couple percent of incomes, and a fall in real-wages for most Americans (for the first time ever during an "economic growth period"). Unreal. MORONS!

The bottom line is that, given our spending habits, and our inability to deal with the fact that we can not continue to grow purely on credit, we are SO COMPLETELY HOSED as a country. This country is in such a state of denial.... DOOMED!

The national debt is likely to surpass GDP by 2017 if not sooner. Entitlement programs will consume the ENTIRE tax-intake of the Federal Government in the not too distant future also, as Baby boomers get their "benefits" (which were handed out for votes en masse during the past few decades).

Sadly, those "benefits" and promises were a big pile of garbage,... much like a Madoff Ponzi-scheme, where promises of huge returns (in this case, huge benefits including prescription drug benefits without any minimum-cost-negotiation clauses), are not met with ANY way to fund the expense required to actually deliver on those promised "benefits".

We are a country in DEEP DENIAL. We want it all. We feel entitled to it all. We want low taxes. But yet we want government spending on all sorts of entitlements. President Bush (Jr.) is sure to go down as the President that essentially sealed the fate on the United States sliding downward thanks to complete disregard for fiscally sound financial policy. He NEVER vetoed a single spending bill or tax-decrease -- the result: a huge explosion and doubling of the National Debt.

And, now the same Republicans that backed that agenda take issue with spending in order to (attempt to) avert total economic disaster. Unreal. Well, at least their core constituency (i.e., upper income brackets) fared quite well during Bushonomics, and should be in a better position to weather the storm! Mark my words: the ones that will benefit the most in the next decade are those upper 1% of income persons that paid the lowest tax ever on their incomes (during Bush Jr.) that will now use their "haul" to purchase depressed assets for pennies on the dollar and make out like bandits when the economy starts moving again. What a lovely cycle. I can nearly guarantee that wealth in this country will be even further consolidated among the top few percent, since there will undoubtedly be huge resistance to ANY tax "increases" (even though it could simply be returning tax rates to where they were during Clinton's term perhaps).

You can watch the episode online at pbs.org if you care.