Thursday, April 30, 2009

Shrinking Economy

Headlines read “US Economy shrinks 6.3%”.
As the US economy continues to shrink, Congress debates trillion dollar budgets, and the Treasury Department sweetens it offers to carmaker Chrysler's debt holders. My question, when did gambling in the stock market become a risk-free investment? Because that’s how Washington has treated recent losers on Wall Street. Bailout after bailout and the working class sees no benefits. Billions and trillions spent and the economy continues to fall. Our elected officials debate where to spend borrowed trillions, yet none want to save billions spent daily on war mongering.

What is the benefit of having these car companies stay solvent? Yeah, I've heard the argument about related industries and millions of jobs; but so what. These companies have not and will not be competitive; they will fail in the near future. The bailouts only ensure that corporate elites maintain their lavish lifestyles at the expense of the middle class. How long will we be silent spectators watching Washington take not only ours, also our children's money and give it to risk-taking, greedy capitalists?

The US economy has been sliding for decades; we don't need monthly headlines to remind us. The only headlines I want to see are, "President Says No to Future Corporate Bailouts", and "New Industries Create Millions of Jobs".

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