A blog reader just emailed me to remind me that much of the stimulus is still to come in 2010. I very much appreciated his encouragement.
This is what I wrote back...
|Yes, that's true and it's one of the reasons why I am remaining optimistic, however, will the Administration "sterilize" the back end of the stimulus with deficit-reducing measures in the meantime?|
It's clear to me that we favor some level of fiscal conservatism in this country over job creation and maximizing our output.
We have not seen real earnings of workers or, industrial utilization, anywhere near 1960s and early 1970s levels even with Reagan's big tax cuts.
There is a lot of talk about the "working class" around every election cycle, however, it is just talk.
One could just say, "Fine, that's the way it is here in America so stop thinking like a worker and think more like a capitalist."
Okay, I accept that. And what do people do? They invest in stocks or buy real estate and endeavor to accumulate assets like capitalists.
Then what happens...
The whole thing goes down the toilet and the government sits there and lets it happen even though it pretty much forced everyone to do these things because of current tax, income, trade and regulatory structures.
The only people who win are the elite, "finance capitalists" of Wall Street who have influence on the political system. They get bailed out or get sweetheart investment deals backed by the government, while everybody else drowns.
It's amazing! And it happens whether it's a Democrat or a Republican. Doesn't matter.