Wednesday, September 16, 2009
CREDIT - September 17, 2009
The noise over debt is caused by the refusal of the moneyed interests to face the bald fact that this nation, as a people, has been living beyond our means and kicking the repaymentinto the future. Some of it has been in consumer credit, some in outsize mortgages, some in bills carefully designed to be paid later, and a lot in putting off needed maintenance and repairs and chiseling on the costs of keeping our public infrastructure up to the standards we need in order to avoid crippling correction later. All of it comes as debt, to be paid off from the imagined riches we might accrue later. And all of it is treated as an attack when it is time to pay. Right now, we cannot pay out of current earnings, or at least say we can’t. So the need is to borrow the money, hopefully at a reasonable rate, and make the sacrifices necessary to pay off the debt through progressive taxation. But those whose prosperity might be lessened by paying what is owed press the fact that paying what you owe is often not pleasant, despite the fact that some of the complainers are from exactly the group whose wealth was gained by selling installment debt and lack of social responsibility. They hide the fact that failing to pay naturally shoves the cost onto those who are most in need of new social programs. These pay with losses to their jobs, to their children’ educations, and they suffer lack of health care and sometimes lose their lives to the lack of proper attention. That is where the objections to increased debt unavoidably point, and these false maintainers of fiscal rectitude look the other way “and pretend that [they] just do not see”. So much for the hypocritical talk about being unable to pay off the debt, so as to empower people to go back to borrowing from the complainers at usurious rates.