The current financial disaster is a perfect example of what happens when we wait for a crisis to hit before moving to act. Many Congressional and corporate financial leaders saw the dangers years ago. Some even attempted to head off the crisis with regulatory legislation, but their bills couldn’t even make it to the House or Senate floor. Now, the crisis is upon us and is Congress scrambling and spending trillions to keep the economy from falling off the cliff. The Calvary may have arrived in the nick of time, we shall see. Regardless, millions of people will be hurt by this financial crisis. But let’s keep in mind that this crisis was created by a partnership of Main Street and Wall Street. Millions of people choosing to live life on credit and banks giving it to them, although both know they will never be able to repay. The bailout really just keeps this system going–for a while.
Once we get through this Congress will need to shore up Social Security and Medicare or face a new financial crisis in the future. They will need to make tough decisions about how to keep the promise to millions of hard working Americans who paid into this system and count on it for their declining years. My fear is that this economic disaster was another conservative plan to bankrupt the Treasury, thereby creating a future argument for making drastic cuts in Medicare and Social Security
Other crises such as climate change and energy are on the horizon. The warning bells have been sounding for years. And they grow louder. Their consequences will be devastating and long lasting. Once they are upon us they may be irreversible.
Many of us remember gas lines and gasoline rationing, when OPEC cut imports in the 1970s. We all witnessed skyrocketing oil prices and inflationary consequences. Though they all have temporarily subsided, they will be an unavoidable part of our future unless we act now. But Congress sits on its hands with some singing, “Drill baby drill.” But the meager 1% increase in domestic production produced by this policy will do little for solve the growing energy crisis and nothing to free us from the grips of OPEC. Just as a side note I don’t understand how in one breath they talk about the need to break our addiction to oil and in the next breath say “Drill baby drill.”
Climate change is even more frightening. Unlike the economy and energy, climate change may reach a “tipping point” from where there is not return. The wait and see approach is unacceptable.
Those who opposed legislation to head off the current financial crises are the same people who sing “Drill, Baby, Drill” and oppose action to head off climate change. They are quick to create an imaginary economic burden that moving to renewable energy will create (for them). They forget the old adage, “An ounce of prevention is worth a pound of cure.” Not to mention the millions of jobs created by a renewable energy industry.
This is why real and significant change in leadership is needed. And the choices we have are clear.
Tags: Economy, Energy, Etiquette, Humor, Medicine, National Issues, Renewable energy, uncategorized by Jay Stuart
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