Where are we getting all of that money that is saving us from our massive debts?

October 14, 2008 | By | 7 Replies More

I see that there continue to be many new commitments to pour huge amounts of government money into the economy, most recently, by spending hundreds of billions of dollars to purchase stock in private banks. It’s amazing to me that no politician is willing to talk about how we’re going to pay for all this new “money.” No politician is willing to publicly talk about raising that money. Raising taxes would seem to be the obvious way to raise that money.  Letting inflation run amok is another.  Both of these result in taking money from individuals.  Apparently, we’re just not going to talk about this problem. We’ll pretend that it’s not a problem even though it is the other side of the same coin–we’re spending a massive amount of money; what money and whose money?

Isn’t this the same mentality that got us into the problem in the first place? Massive debt without any real accountability? Until we’re willing to have serious public conversations about where that new money is coming from, and how it’s going to affect us in the long run, it’s proof that we haven’t learned a damned thing.

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About the Author ()

Erich Vieth is an attorney focusing on consumer law litigation and appellate practice. He is also a working musician and a writer, having founded Dangerous Intersection in 2006. Erich lives in the Shaw Neighborhood of St. Louis, Missouri, where he lives half-time with his two extraordinary daughters.

Comments (7)

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  1. lisa rokusek says:

    Erich, you are such a worry wort. You want to know where we get the new money? We print it! We just have to fire up the presses and print up new bills and spread them around. It'll all be okay. I saw it on the news. Quit asking so many questions anyway, that is bad for your health.

    Think of it like a check book. You are never out of money if you have some checks left, and my credit card companies are even sending me more checks. I am really feeling rich. I bet that is how the government feels. It is all very comforting.

  2. Tim Hogan says:

    Can't have that conversation until there's a new administration in DC. W is so inept and irrelevant that no one will listen, for any of the candidates to tell the truth about it is political suicide right now.

  3. Jimmy Fiddle says:

    No matter what, they will eventually have to print their way out of this. As in Zimbabwe. So look forward to paying 100 billion dollars for 3 eggs.

  4. Erich Vieth says:

    Here's a fascinating set of statistics via DailyKos:

    Since 1929, Republicans and Democrats have each controlled the presidency for nearly 40 years. … As of Friday, a $10,000 investment in the S.& P. stock market index would have grown to $11,733 if invested under Republican presidents only … Invested under Democratic presidents only, $10,000 would have grown to $300,671 at a compound rate of 8.9 percent over nearly 40 years.

    http://www.dailykos.com/storyonly/2008/10/14/1654

  5. Erich Vieth says:

    I will try to succinctly answer my own question. Why don't politicians speak the truth for what these massive transfers will mean for the U.S. in the long run?

    Because you can't get elected in this country by telling the full truth.

    Maybe this was always true, but it's certainly true now.

  6. Erich Vieth says:

    Consider Ron Paul's observations regarding the "bailouts." He says that this is a "dollar crisis."

  7. Tim Hogan says:

    Has anyone else noticed that whenever W, Bernanke or Paulson opens their yaps, the market tanks? SHADDAP!

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