Dy’er Sez: So, here I am listening to CNN proclaiming that the national unemployment rate is just over 10% for the month of October. Of course, they don’t mention that the number itself is figured by counting only new unemployment claims and not a general count of both new claims and people who’s unemployment insurance ran out already, so realistically the number should be around 20-25%. But they have had on a bevy of so called ‘experts’ recently who have told us that the economy is getting better, and that the supposed ‘stimulus plans’ which have been rolled out by our government are a shining success. I wonder what CNN was offered to do damage control for the government instead of reporting the news objectively?
On the subject of the economy, I came across a rant by Mike Rivero (of whatreallyhappened.com and What Really Happened radio) which I thought was right on the money. And it goes something like this:
Look at where the stimulus money went! It went to Wall Street. And what did Wall Street do with it? They wrote themselves huge bonuses with it!
It is estimated that the sum of all spending related to the bailouts has reached $27 trillion (with a ‘t’). That’s about $180,000 per taxpayer.
Now, had the government simply handed every taxpayer $180,000, people would have paid their mortgages. No housing crash. Had the government simply handed every taxpayer $180,000, people would have paid their credit cards. No credit crash. Had the government simply handed every taxpayer $180,000, Americans would have bought new cars. No big three automotive bailout needed. Had the government simply handed every taxpayer $180,000, we would have continued to buy TV sets and other toys. No retail crisis.
But the government shifted the money in the wrong direction. They transferred the wealth from the poor and middle classes to the already-wealthy. And as a result, our economy has gone totally out of balance and commerce has ground almost to a halt. Offering to loan us more money won’t fix the problem if we have no jobs with which to repay those loans. More wealth, rather than more debt, is what the people need and what will get the economy moving again.