I have been reading many different posts, articles, watching videos and my eyes are starting to blur. I see there is another $15,000 tax credit being discussed for first time home buyers that some want extended to all buyers, all investors, with no required payback.
Borrow, borrow, and more borrowing.
California is ready to issue IOU's for state tax refunds...not sure if they will be sending checks for education or welfare at this point. Wisconsin is down to it's last 1 1/2 days of operating capital.
Yet still we want to spend more.
$850 TO $950 Billion to $1 Trillion....I read somewhere today a figure of $1.5 trillion. Last evening they announced an unemployment rate that was double that of last year. At 7.6% officially, unofficialy at 13.9%. The lifeblood of any economy, a working population, is quavering in the wind.
So we can keep on throwing pieces of paper at the economy to try to bring back a false foundation....OR we can start looking in the mirror and prepare for the ride. We can learn that in sacrifice a cleansing can occur or we can continue to live in fear and prolong this smoke and mirrors economy.
My vote, though it's tough for me to concede, is the first....BECAUSE I don't want to live in fear based decision making. Whatever happened to "Change?" I don't like the idea of my grandchildren shouldering a burden that my generation helped to create.
That just doesn't seem fair.
Someone show me how we are not setting up for an even worse downturn and relying on borrowed money that we don't have. AGAIN.