America: Lower Taxes, More Spending and Fewer Riots

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Recently by Bill Bonner: Lies,
Lies, Lies: The New Foundation of the FinancialSystem

 

 
 

Is the US the
“sick man” of the globe, asks a Reuters article?

It’s a
provocative headline. And the answer is probably “yes,”
in many respects.

“Report
drunk drivers,” says one sign. “Report Suspicious Activity,”
says another. “Report Unclaimed Bags,” says a third.

Americans are
being trained to denounce their neighbors. There’s something
a little sick about so much tattling.

And here’s
something that is not only sick, but fatal:

“Tax deal
cruises through Senate,” said last week’s Washington
Post headline. The House is supposed to follow.

Now, you take
a place like Italy or Greece. The papers report that there are riots
in Italy. And in Greece, anti-austerity demonstrations have turned
violent.

You don’t
see that sort of thing in the US. Nope. Because in America our public
servants really serve.

Some of the
members of the Senate wanted the rich to pay more in taxes. Others
just wanted to be sure the poor got more unemployment benefits and
other giveaways.

But after hours
of argument, the world’s greatest deliberative body thrashed
out a compromise. Forget the taxes. Forget the cuts. Everybody gets
something.

Yes, dear reader,
that’s what makes America great. You might think it is reckless
to extend the tax reductions, what with the nation going broke and
all. Or you might think it hardhearted not to give more handouts
to the little guy, what with the Great Correction underway. But
it’s always inspiring to see the peoples’ representatives
joining hands and doing something that is truly stupid. Lower taxes
AND more spending too!

Meanwhile,
the poor Europeans just can’t seem to get with the program.
They’re cutting services. They’re working to balance budgets.
They’re raising taxes.

And even still,
investors sell their bonds!

No kidding.

“Spain
debt yields near euro-era high,” says The Financial Times.

See what good
it gets you? You try to do things right and investors stab you in
the back.

So you see,
the Americans are right. Better to spend, spend, spend…until
you go broke.

December
20,
2010

Bill
Bonner [send
him mail
] is the author, with Addison Wiggin, of Financial
Reckoning Day: Surviving the Soft Depression of The 21st
Century
and
The New Empire of Debt: The Rise Of An Epic Financial Crisis

and the co-author with Lila Rajiva of Mobs,
Messiahs and Markets
(Wiley, 2007).

The
Best of Bill Bonner

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