Deficit Spending - A Necessary Evil

[GoLeft TV]

Run time: 03:25 https://www.youtube.com/watch?v=Yw1tCiwrB8o   Posted on YouTube: January 08, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: January 09, 2009 By DU Member: GoLeft TV Views on DU: 421

 
Mike Papantonio of Air America's Ring of Fire talks about how, since the economy has become so disastrous, the only way to get back on track is through copious amounts of deficit spending. This sentiment is echoed by many of the top economists around the world, and reflects the proposals being put forward by Barack Obama.

[jimmil]

1. I have the opinion that....

We will sink into a depression, there is just no way around it. Lessons not learned from the collapse of the Soviet Union proved that unbridled military spending is but one of the causes for economic disaster. No country in the world can spend with no regard to cost on the overall economy of that country. We spend almost as much in defense as the rest of the world combined and many more costs are hidden under other agencies.

No country in the world can sustain it's economic engine without a stable base of manufacturing and/or agriculture supporting it. As we have sold our manufacturing production to countries well beyond our borders while our agricultural production has dropped due to competition from new growing economies we have reduced two vital areas of revenue that supports a country's economy.

We have developed into a consumer nation, a fact all here know. Our elected representatives have led us into this in many more ways than we know. Legislation drawn up is done so not only at the request of corporations but also under the guidance of corporations leaving consumers no choice in matters that relate directly to their income. Insurance companies, medical corporations, and many more have all directed the drafting laws that prosper their industry at the consumer's expense.

To put it in my own words we have sold this country and there is nothing we can do now to stop the ultimate fall. We will see the largest downfall in human history. Stay tuned.