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The Hertitage Organization which is a Conservative think tank came up with a report that argued cutting taxes while incurring economic deficits actually led to increased government spending because tax payers are insulated from the pain. They can have their cake and eat it too. They just put it all on a big credit card.
No do you think the GOP is going to abandon their tax cut rhetoric and do the right thing?
When will politicians learn that nearly 100% of Americans are financially conservative?
I think you mean "fiscally" conservative. If all Americans were financially conservative then large credit card balances and foreclosures wouldn't be as common.
Individuals' spending habits that lead to default/bankruptcy do affect me and are of my concern. Ever driven through a neighborhood where half the homes were in foreclosure? People not paying their bills raise everybody else's rates.
Too many people are not concerned about their own financial liabilities. I can't see why they'd be so concerned about government spending. Perhaps they like to pay attention to what the government does while ignoring their own spending?
Maybe it's a case of "do as I say and not as I do".
Well you are correct that a lot of people got themselves in over their heads when mortgages were being handed out like candy without regard to ability to repay. That isn't the sole fault of the borrower, there were a lot of players in that game and enough blame to go around. Add to that the people who have lost their homes because their jobs were eliminated or downsized. Even fiscally responsible savers can only stay afloat for so long while on unemployment.
American's would only like to think we're fiscally conservative. I'd say we're more fiscally unrealistic. When someone can successfully campaign for office by promising to raise taxes and cut services until deficits are eliminated and the debt paid down, I'll believe we're a truly fiscally conservative nation. I don't blame politicians for this behavior, either. They may be many things, but they're not stupid, especially about getting elected. They know we don't want to hear the truth and will cheerily vote for the person who tells a more pleasant lie (and I'm sure I could find examples from both parties).
Why did it take six posts before the obvious? Why is someone even asking, why? Why do comfortable, middle class, American's not get that America has a HUGE underclass that undermines ALL of the metrics that track things like savings to debt ratio's etc. How do you save when you work two minimum wage jobs? Do you have any idea how many millions there are doing that? Credit cards... ... it would be humorous, the level of disconnect in this country if it weren't so sad.
If you wonder why the government, and far too many citizens, are spending way more then they are collecting in taxes and wages, just look at where the money is going. The stockholders and managers of General Dynamics as well as the Walton’s of Wal-mart are not complaining about government borrowing or overloaded credit cards. As always, when an economic puzzlement needs an answer, just follow the money. Starting with Nixon the plutocrats of this country decided to stop paying taxes and issued credit instead of higher wages so the government and the people could borrow to create prosperity for the upper-class that owns the country and the government.
If the government taxed these people to pay for government and the workers struck for higher wages instead of more credit this debt based economy would collapse and not a few people living off the interest would have to get back to work. It is past time this happened.
Personal financial habits and desires for governmental spending restraint are two separate things. Expecting the government to act responsibly in managing its debt and spending is something I think most Americans desire.
Individuals' personal spending and savings habits are of no concern. What the government does with taxpayer money and borrowed money the taxpayers will be liable for, is of everyone's concern.
Who doesn't want a balanced budget??
I very much understand that they are to different things, however the question was, "When will politicians learn that nearly 100% of Americans are financially conservative?"
The question makes no distinction between what people want, desire, or practice and that in which they wish the government does. The statement is explicit and it is saying the government doesn't realize that nearly 100% of Americans are fiscal conservatives. To which I still laugh hysterically because it is absolute nonsense and statistical data proves this empirically.
Both the United States government and the United States people spend money today which they do not have in hand. The difference is that the government has far more tools at its disposal for dealing with this than does the average US citizen. In the case of the "alleged nearly 100% fiscal conservative citizens", they can either bring in more income or reduce spending and judging by the consumer/personal household debt to GDP ratio, this is not the case.
Unless you are saying that the American people want their government to be more fiscally conservative than they, the private citizen is, or as the government is currently behaving. In this case, what is being suggested is that the American people want their government to behave more responsibility than they do in fiscal terms. Again, I must chuckle at the very notion of this manner of thinking or belief.
I see the kind of nonsense statement of "When will politicians learn that nearly 100% of Americans are financially conservative?" as more of a sound byte that is born in basic human psychology. In psychology there is what is known the dynamic of "Self/Social image, and perceived image".
The four basic types are
1. Actual self image- how individuals see themselves
2. Ideal self image- how individuals wish to see themselves
3. Actual social image- how individuals perceive they are seen or viewed.
4. Ideal social image- how an individual wishes to be seen socially
In the case of the premised statement, there is the reality in which nearly 100% of American citizens ARE NOT fiscally conservative in practice, then there is the ideal self image they have of themselves that they are. While the government might be able to create its own reality, the average citizen cannot, so thus is deluding themselves in fantasy.
Now as to the argument of balancing budgets, living within our means both privately and publicly, I'm all for it but before we get there we need to take a long cold hard look at the reality of it before we can address it properly as to formulate a solution based upon a false premise leads to false conclusions. To be quite frank, we have enough smoke, mirrors and obfuscation of our current fiscal situation as it is, we needn't make it worse.
During the great mortgage scam people were taught that buying more house than you could afford on a deferred payment mortgage was the "conservative" thing to do because you could make a tremendous amount of money when you sold the house for far more then you paid for it. This "flipping for fun and profit" even became a TV show and encouraged everyone to get on the wagon and don't be left behind. The boom was simple investment speculation with very low or nonexistent margin requirements. No wonder people got sucked in and had their margins stolen when the system collapsed. That is why these speculative booms are created by unscrupulous financiers and eventually destroy everyone that didn’t escape in time.
During the great mortgage scam people were taught that buying more house than you could afford on a deferred payment mortgage was the "conservative" thing to do
I think it was sold as "The American thing to do", not necessarily a conservative or liberal thing to do. It was sold as a component of The American Dream and in order to be successful, you needed to own your own home. This idea or perception of what is ideal is what was sold and the American people bought it lock stock and barrel.
(see my posts on how easy it is to sell an unfunded opened ended perpetual war)
I do agree as you say, "unscrupulous financiers" played a prominent role, as lobbyist from various sectors tend to write the bulk of our governments legislation on everything from banking and finance, to energy, medical, insurance, etc... policy. Additionally, people are sold or marketed ideas by media which also has a financial stake in the game since it is often part of the same financiers and corporate interests in a cyclical game of fleece the common man. Lucky for them, the common man doesn't think a great deal and given enough time could be sold his own urine as a cure for baldness and erectile dysfunction. Seems the only time he does think is when the bank is mailing out foreclosure notices and he is faced with ruin, then the light bulb goes off. Too cynical?
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