Proverbs 22:7

The rich rule over the poor, and the borrower is slave to the lender.

Thursday, November 11, 2010

The National Debt

After watching this 30 minute version of the documentary I.O.U.S.A., my ~100K in student loans doesn't seem so bad...

What I didn't expect, being the conservative Republican that I am, is to feel such a disgust at GWBush... I'm a very graphically minded individual, and the charts this documentary showed made me cry out in disgust as I watched it. Our amazing country, which borrowed only when necessary for war, and turned around and paid it right back, got stupidly addicted to debt....and individual Americans followed suit.

I didn't realize until watching this video how the Bush administration's cut of interest rates, which lead to stupid folks buying houses they couldn't afford, and the tax cuts, which were TOO aggressive - so aggressive that it DIDN'T actually result in a higher income, had the astronomical effect that it did....

I've been a long time Bush supporter, so this video shed some light that certainly bruises that support. While I don't believe he is to blame for everything that is currently wrong...the consequences we are suffering as a nation now, because of practices enforced during his term, are sickening.

According to the documentary, by 2040, our debts projected to be 244% of the GDP....completely unacceptable.

I'm too disgusted to write anymore.... I strongly recommend you watch this video.

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