A FORM OF LOOTING

[ze_dscherman]

This is from an interview with Nobel Price winner George Akerlof by German Spiegel Online magazine on the U.S. deficit:

SNIP

SPIEGEL ONLINE: So the government's just bad at doing the correct math?

Akerlof: There is a systematic reason. The government is not really telling the truth to the American people. Past administrations from the time of Alexander Hamilton have on the average run responsible budgetary policies. What we have here is a form of looting.

SPIEGEL ONLINE: If so, why's the President still popular?

Akerlof: For some reason the American people does not yet recognize the dire consequences of our government budgets. It's my hope that voters are going to see how irresponsible this policy is and are going to respond in 2004 and we're going to see a reversal.

SPIEGEL ONLINE: What if that doesn't happen?

Akerlof: Future generations and even people in ten years are going to face massive public deficits and huge government debt. Then we have a choice. We can be like a very poor country with problems of threatening bankruptcy. Or we're going to have to cut back seriously on Medicare and Social Security. So the money that is going overwhelmingly to the wealthy is going to be paid by cutting services for the elderly. And people depend on those. It's only among the richest 40 percent that you begin to get households who have sizeable fractions of their own retirement income.

http://www.spiegel.de/wirtschaft/0,1518,258983,00.html

[renegade000]

1. this says it all:

Akerlof: I think this is the worst government the US has ever had in its more than 200 years of history. It has engaged in extraordinarily irresponsible policies not only in foreign and economic but also in social and environmental policy. This is not normal government policy. Now is the time for people to engage in civil disobedience.

SPIEGEL ONLINE: Of what kind?

Akerlof: I don't know yet. But I think it's time to protest - as much as possible.

[pansypoo53219]

2. for some reason,

cognitive dissonence reigns.

[Kellanved]

3. kick

:kick:
You should repost this in GD IMHO.