From Charles Biderman
The Story of America’s Economic Illiteracy – Truth hidden in Plain Sight…Yet We Choose to be Blind?
By Chris Hamilton | June 10
“Fat, drunk, and stupid is no way to go through life*…” and never has this been more apropos than now. Americans may have occasionally tied one too many on and certainly have enjoyed more than their share of McFatty meals. Less visible but possibly of greater importance is the toxic combined lack of educational push and/or individual pull to understand the finances and economics in which we live, work, and perhaps hope to raise a family. American’s are simply economically irresponsible and clueless.
(*Dean Wormer in the film, Animal House)
But I (foolishly) believe each of us have a role to make this nation function and it’s not simple minded consumerism. The first step in a culture or society is the shared understanding of how and why we became who we are and then a basic understanding of how we maintain this. Without this commitment to knowledge we are ignorant and vulnerable. Many inaccurately assume the high priest economists, politicians, etc. of our modern day society are looking out for our best interests so no need to bother. This economic illiteracy leaves Americans gullible of the worst sort of lies and ultimately leaves the majority incapable of warding off abuses of the few for the few.
I don’t know if it’s been a breakdown of civics education, a lack of interest in increasingly complex finance and economics, or if these things were once upon a time ignored as the small affairs of a far off place only marginally impacting a primarily agrarian society…but I’m certain the vast, vast majority of American’s have only a notion of what is actually happening and lack an internal compass to alert them to the half-truths, cons, and fraud offered by so many of our governmental, industrial, and financial leaders. Knowledge detailing the size and relationships of the economy, taxes, growth, and debt can be memorized in short order…less time than watching a single NBA or NFL game. This alone won’t fix the problems we face but with knowledge comes the shared recognition of problems and then hopefully an honest dialogue leading to a compulsion to act.
Our time on this earth is measured by our actions and although I can’t promise this knowledge can fix what ails us, I can promise that making the effort and taking action to spread literacy and knowledge is our best hope.
THE ECONOMIC LANDSCAPE
The US has roughly $100 trillion in assets and an economy (all economic movement of goods and services in the US in a calendar year) of $16.8 trillion. Federal tax revenue of $2.8 trillion vs. Federal spending of $3.5 trillion – creating a 2013 budget deficit of $680 billion. This deficit spending was a 4.4% boost to the US economy in ’13 and is factored into the 1.5% “economic growth” of GDP…otherwise put, absent the deficit spending, the US economy contracted last year and has been contracting every year since ’08! It should be no surprise then that as budget deficits are shrinking, GDP shrinks in kind.
Read more from Charles Biderman >>
The Story of America’s Economic Illiteracy – Truth hidden in Plain Sight…Yet We Choose to be Blind?
By Chris Hamilton | June 10
“Fat, drunk, and stupid is no way to go through life*…” and never has this been more apropos than now. Americans may have occasionally tied one too many on and certainly have enjoyed more than their share of McFatty meals. Less visible but possibly of greater importance is the toxic combined lack of educational push and/or individual pull to understand the finances and economics in which we live, work, and perhaps hope to raise a family. American’s are simply economically irresponsible and clueless.
(*Dean Wormer in the film, Animal House)
But I (foolishly) believe each of us have a role to make this nation function and it’s not simple minded consumerism. The first step in a culture or society is the shared understanding of how and why we became who we are and then a basic understanding of how we maintain this. Without this commitment to knowledge we are ignorant and vulnerable. Many inaccurately assume the high priest economists, politicians, etc. of our modern day society are looking out for our best interests so no need to bother. This economic illiteracy leaves Americans gullible of the worst sort of lies and ultimately leaves the majority incapable of warding off abuses of the few for the few.
I don’t know if it’s been a breakdown of civics education, a lack of interest in increasingly complex finance and economics, or if these things were once upon a time ignored as the small affairs of a far off place only marginally impacting a primarily agrarian society…but I’m certain the vast, vast majority of American’s have only a notion of what is actually happening and lack an internal compass to alert them to the half-truths, cons, and fraud offered by so many of our governmental, industrial, and financial leaders. Knowledge detailing the size and relationships of the economy, taxes, growth, and debt can be memorized in short order…less time than watching a single NBA or NFL game. This alone won’t fix the problems we face but with knowledge comes the shared recognition of problems and then hopefully an honest dialogue leading to a compulsion to act.
Our time on this earth is measured by our actions and although I can’t promise this knowledge can fix what ails us, I can promise that making the effort and taking action to spread literacy and knowledge is our best hope.
THE ECONOMIC LANDSCAPE
The US has roughly $100 trillion in assets and an economy (all economic movement of goods and services in the US in a calendar year) of $16.8 trillion. Federal tax revenue of $2.8 trillion vs. Federal spending of $3.5 trillion – creating a 2013 budget deficit of $680 billion. This deficit spending was a 4.4% boost to the US economy in ’13 and is factored into the 1.5% “economic growth” of GDP…otherwise put, absent the deficit spending, the US economy contracted last year and has been contracting every year since ’08! It should be no surprise then that as budget deficits are shrinking, GDP shrinks in kind.
Read more from Charles Biderman >>
No comments:
Post a Comment