Imbalanced Checks (re: Krugman “Let’s Not Be Civil”)

In Bounced Checks, Checked, Unbounded on April 18, 2011 at 12:27 am

What kind of checks and balances do we have left in a world where all our pundits and politicians are paid mega-lottery type winnings to make their speeches, and we, the people, clamor to have our unpaid speech accepted by _The New York Times_ comment sections, in the hopes that any low-level politician staffer would ever even read them, let alone care?

The only checks we have left are the ones all three branches of government write to the banks, pharmaceutical, insurance, agriculture, transportation and defense industries in the form of subsidies, lax-regulation, and tax breaks, while the only balance is left on the backs of the vast majority of American people in terms of cuts to every lifeline we have for health, wealth, and wisdom.

A person who is being carried to the hospital with life-threatening wounds is not stopping on the ambulance ride to “balance their budget,” nor is the person who recently worked up a whopping $400,000K student loan debt, nor are millions of families who bought homes they can never hope to pay off in their lifetimes: this fallacy that just as American families are tightening their belts by cuts to expenses,  so government must do the same, is the most pernicious lie of all…

No, families that are drowning in debt don’t even own a belt to tighten. Cutting expenses to zero does nothing to pay back the school, hospital, or bank…Cutting all expenses to the point of not eating or living just keeps the debt accruing interest without adding to the principal.

The best way to pay down such debts is to get an extremely high-paying job: increase your _revenue_ stream. For a family this is a job, for a nation this is taxes.

The politicians have figured this out for themselves, and by choosing the ultra-lucrative field of politics, are well on the road to paying back _their_exorbitant home, school, and sometime medical debts.  But they don’t want the same for everyone else.  They want the rest of us to sacrifice beyond the debt we already have to somehow double down on our insolvency, while helping them out of their debts.

As a moody person who is not an employee of Moody’s, I’d give this deal a credit rating of:0-people, and 100-politicians.


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