Each passing day brings dreadful fascination with the state of the U.S. economy and the federal debt ceiling. My custom is to check the Drudge Report for updates on the status of negotiations between the White and House Congress. Sunday night the lead headline was “Showdown: markets spooked.”
So there is more drama, more posturing and elevated concern from financial markets. A Reuters story told the grim tale:
U.S. stock index futures fell sharply on Sunday as failure so far by the government to strike a deal on the debt ceiling made the prospect of default -- once considered an impossible outcome -- more likely.
Even now, one assumes that a deal will get done, but how long will it take for the U.S. to get its fiscal house in order? In that vein, I asked members of the Fresh Produce Industry Discussion Group a simple question: “Who is most to blame for the current state of the U.S. economy?”
Here are some of the responses from the members:
- The Clinton administration when banks were forced to grant money to people who were not credit worthy.
- A Big spending, over taxing, hyper regulating US Federal government.
- I think my son's shirt says it all - Front - Stop the Graft in Washington DC Back - Or tell me how I get mine. In other words, "we the people" are to blame.
- A government that is big enough to give you anything you want is big enough to take everything you have...When half of the citizens pay no Federal Income tax it’s easy to vote for "free money".
- I'll second the Clinton administration. I remember at the end of the first term to gain the lower income votes, people were buying homes they couldn’t afford. When a 30K per year tractor driver can a buy a 600K home in West Palm Beach, something is wrong!
- Rampant, unmitigated and unregulated greed at the upper echelons of Wall Street and the big banks. Pointing the finger at W would not be unfair either.
- Maybe my memory and the internet are wrong but the Glass–Steagall Act was repealed November 12, 1999 when Clinton-Gore was in office, not W. The repeal of the Glass-Steagall Act is what most believe is the cause of the financial meltdown.
TK: Along with financial opportunists, “we the people” have played a role in the culture of overspending that has caught up with individual Americans and the nation as a whole. It was Dickens who said:
"Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
Who do you place the blame on for the state of the U.S. economy?