A Day Late and $65 Billion Short
I am an American. I am such a damn American. I'm even a baby boomer, so I'm kind of a cliche of an American. I always think things will work out. I'm only mildly afraid of debt. I never did EST or got involved in a pyramid scheme but I know people who did both.
So I wasn't surprised to see the White House ask Congress today for $65 BILLION more for what they now term "The Long War." This, on top of the $80 something Billion he asked for in December. It's only FEBRUARY, folks. NBC reported (that's a qualifier on accuracy, obviously) that the wars in Iraq and Afghanistan will then have cost us $450 Billion.
$450 billion. Think about that for just a moment. What else might we do with that much money? Did we ever, as citizens, think our government had that kind of dough to throw around? What kind of schools and roads and energy sources could we have built in the last five years with that kind of financial commitment?
Aside from the Clinton surplus legacy, where the hell is this money coming from? Well, as I understand it, it comes primarily from treasury bonds and other government financial products that have been bought by China and Japan, two countries we're in trade debt to as well.
This is kind of the canary in the coal mine and I hope we start paying attention soon. The American auto industry didn't pay attention years ago when other countries were working on fuel efficient and hybrid cars while we built larger SUVs and turned the Hummer into a civilian vehicle. Now the construction industry isn't paying attention as the housing market starts to cool and soon we'll be left with an abundance of crappy condo buildings dotting the landscape, waiting for one stiff breeze or hurricane to blow them down.
For a country that was once so well-educated, we're still pretty dumb. Or maybe we're just lazy. Somebody's making money off all this, but it sure ain't you and me. The cream is rising to the top, and we just wait patiently for the leftover milk.
My fear is that all our bad financial decisions will catch up with us at once - the only way Americans ever seem to pay attention: when backed against a wall. Given no other choice than to finally deal with a problem, I do believe we step up to the plate. I just wish we'd get there before circumstances were always dire.
It's like one big knitting project. You start pulling at one thread, and the whole thing falls apart.
Hold onto your knitting needles and get ready to purl two.
posted by dcnative @ 6:41 PM
2 Comments:
Well said!
I like to call the money we borrow from China et. al. the "birth tax" since we're putting the tax burden on future generations for the money we're borrowing today.
Maybe the Democrats can turn that into a catch phrase for the 2006 and 2008 elections: Putting an end to the "birth tax". Maybe then the Democrats would actually have something the average tax payer could appreciate.
It's hard to imagine an entire generation of parents today so addicted to the credit card/borrow and spend "no new taxes" mentality, that they would lay the entire nation's debt at the feet of their own children and grandchildren.
And imagine what would could do as a nation if we weren't spending $450 billion on war and another $300+ billion (per year) on interest payments to support the national debt (i.e. the "birth tax").
Oooo, I like that. Can I steal it for my DC Mayor-in-Exile race?
Thanks, Mr. Carville o' mine.
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