What Chairman didn't tell us is that it is us, not the future generations, who pay or will pay all this astronomical amounts of federal stimulus money. A double-dip recession is a minor thing compared with the burden of trillions of dollars on this generation's back.
The saying that we are spending future generations' money is totally wrong. No generation can put up with paying unbearable amount of taxes to pay the federal government debt incurred before their generations. They will revolt. Future federal government officials know that very clearly. They either cause the federal government incur more debt to pay old debt or print more fiat money to pay old debt. The former just buys some time. The latter is the ultimate solution.
When future federal government prints more fiat money, whose financial interest is damaged? It is older generations who are still alive at that time, not those then-young persons who just started to earn a living. Those then-young persons don't have much saving yet. The high prices caused by inflation will be compensated by their high nominal wages. High prices will have very little effect on their none-existent savings. But the older generations still alive at that time are the ones who are robbed by the federal government. Those older generations' saving's purchase power will be tremendously reduced by inflation.
Therefore, the current federal government is not spending future generations' trillions-dollar money to "stimulate" the economy. It is spending ours - everyone who has savings, or plans to keep or increase his savings.
Chairman does not want to tell you that reasoning process. Chairman just want to ceremoniously tell us that there is a risk of double-dip recession as a result of the trillions-dollar "stimulus". Chairman uses a seeming frightening scenario to scare you away from thinking about deeper ramifications of the immoral and unjust trillion-dollars "stimulus".
That's one of the reasons that I always have so many good things to sing to our eternally beloved Chairman. Long live the Chairman! May the Chairman bless the God!
----
From Reuters:
Obama: Too much debt could fuel double-dip recession
Wed Nov 18, 2009 6:14am EST
BEIJING, Nov 18 (Reuters) - President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
With the U.S. unemployment rate at 10.2 percent, Obama told Fox News his administration faces a delicate balance of trying to boost the economy and spur job creation while putting the economy on a path toward long-term deficit reduction.
His administration was considering ways to accelerate economic growth, with tax measures among the options to give companies incentives to hire, Obama said in the interview with Fox conducted in Beijing during his nine-day trip to Asia.
"It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession," he said.
Fox News, which released a transcript of the interview, showed that comment by Obama on Wednesday morning and said the full discussion would be broadcast later in the day. (Reporting by Caren Bohan; Editing by John O'Callaghan)
© Thomson Reuters 2009.
- Re: Obama: Too much debt could fuel double-dip recessionposted on 11/19/2009
我也留意到这个新闻,美国一般人还是高消费,提前消费,空手套白
狼是有本事呢。苦活,脏活,累活留给新移民,或外国经济殖民地。
我这么说,也还是有点社会主义,唉! - Re: Obama: Too much debt could fuel double-dip recessionposted on 11/19/2009
大概等到其他国家也懒得为美国人民搞生产了,美国才能得救。
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