Quote:
Originally Posted by d-ray657
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We don't have a booming economy, but it appears that we have survived economic Armageddon.
Regards,
D-Ray
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Sorry to say this, but that's a superficial judgement based on too short a time scale, and too little understanding of what happened, and is happening. We didn't SURVIVE Armageddon. The risk of imminent collapse was shifted and postponed, partly "cured" and partly exchanged for what we are just beginning to experience the early stages of, now.
Have you looked at inflationary trends recently? At the value of the US$ against world currencies? At what is happening in the Euro zone? Scratched the surface in China, to glimpse what lies beneath?
Obama printed money on a mind-boggling scale and increased America's debt in an exponential fashion, something almost unprecedented in world history, even in times of war, outside of hyper-inflationary periods that have always (in every single instance) led to collapse. He has put the US and its currency in an untenable, essentially bankrupt position. In doing so, he bought a period of relative, but false, prosperity (well, you'd hardly describe it as prosperity, but it staved off the real pain for a while)... but it has been the sunshine before the rain.
We are heading for serious inflation.
We are heading for serious unemployment.
The pain didn't go away, we just took a painkiller.
You think the "stagflation" of three decades ago was bad? Just wait - you ain't seen nuthin' yet!
It won't matter who is elected. It's coming, and the pain cannot be put off forever. If a Republican is elected, he'll be blamed, and short-sighted statistics such as you cite will be trotted out by the economically ignorant as "proof". If Obama is elected, then they'll probably talk about how "He tried, and almost succeeded, but the problems he inherited were too big..."
Obama defenders will keep his image clean in their minds.
But the fact remains, in deferring the pain, he has made it ultimately worse. It's like putting wallpaper over a rotting, mold-infested wall. It will look nice and new and pretty for a while... but when the mold eventually rots its way through, there will be an even bigger layer of gunk to scrape through, with uglier decay behind it.
Politicians never want to "stink", so they tend to want to "inflate their way out of trouble". Both Republicans and Democrats have done this in a much smaller scale, leading up to election times, for decades. They try to get the populace to "feel good" in a period of apparent "prosperity", and people fall for it, because they don't understand how economics really works. The problem is, every time they do this and keep things rolling forward, things ultimately get worse, like snowball that grows as it rolls. Obama didn't do this to look good for an election; he had to, to keep (both himself and us) getting crushed by the snowball. The problem is that he just made the snowball much bigger than it has ever been, and it's still rolling.
It's kind of a sad time to be young, or poor... because it isn't going to be easy to do well in the coming years, before the piper has been paid and balance can once again be restored (until the next idiot swings the pendulum too far the other way...). The snowball is going to bury us, and it will take a long time to melt one that big and see sunshine again. We are going to see a LOT of unhappy people in the years to come, and they'll want to point fingers. Let's make sure the fingers end up pointed in the right directions, at least.