Rick Lowe
Now this quote from George Will in 2008 puts things into perspective…
"Since 1960, real per capita income has increased 143 percent, life expectancy has increased by seven years, infant mortality has declined 74 percent, deaths from heart disease have been halved, childhood leukemia has stopped being a death sentence, depression has become a treatable disease, air and water pollution have been drastically reduced, the number of women earning a bachelor's degree has more than doubled, the rate of homeownership has increased 10.2 percent, the size of the average American home has doubled, the percentage of homes with air conditioning has risen from 12 to 77, the portion of Americans who own shares of stock has quintupled…"
Rick with all this progress and “change…for the better”, one must question why so many Americans today are scared to death of a potential economic collapse.. How much of this growth and wealth over the past fifty years was built with leveraged debt which has resulted in the massive deficits which the United States can never pay down.. Back in 1960, Americans had little debt and the government’s deficit was even manageable.. The dollar was as “good as gold” and was the currency of preference in world trade.. Citizens had confidence in their political system based on a constitutional republic which was the envy of the world..
Can this be said today with massive federal deficits, record trade deficits combined with unemployment rates in duration not seen since the Great Depression of the 1930s.. The American public’s confidence in their Congress has slid to a record low 11 percent with the President’s approval rating declining every month as the majority of Americans disprove of his policies and socialist agenda.. Today the Constitutional Republic of the United States is gradually being “transformed and changed” to a collective society where the values of individual freedom are being compromised by its elected government..
One wonders and even fears what the next fifty years will hold for the United States, its economy and its important position of leadership of the so-called democratic free world.. As America goes so goes we Bahamas.. May God’s grace watch over us all…
Thanks Tradewinds.
I think that’s mixing apples and oranges.
There is no doubt the advances to this point have been incredible.
Now turning to monetary policy, you’re absolutely correct.