01-10-2018, 04:20 PM
(01-10-2018, 03:21 PM)David Horn Wrote:(01-09-2018, 09:41 PM)Kinser79 Wrote: Good to see that Mr. Horn a boomer took the time out to blame his parent's generation for his generation's failures. As for the rending of the New Deal social contract, I say that was inevitable. Socialism is great until you run out of other people's money as the Iron Lady said.
Every generation is the product of an earlier one, and the generational failures create the cycle. I assumed we were all into that theory, but maybe not. As you would expect, we Boomers vastly overcompensated for the GIs vast overcompensation, which was the byproduct of the last 4T. I'm sure this will continue into the future.
In regards to the end of the Great Prosperity, blame the Israelis or the Saudis. The 1973 Arab Oil Embargo quintupled gasoline prices overnight, and lead to massive inflation over next several years. It had nothing to do with "other people's money".
The Chinese have threatened to quit buying American debt, which means that the cost of doing business in America will increase. Enough to offset the Trump tax cuts? Maybe -- but remember that the Trump tax cuts exist largely to enrich the economic elite.
Savings rates in America are abysmal, largely because the cost of middle-class suburban housing is so high (which is where Trump made his fortune). Just think of what that does to any infrastructure projects should those become necessary to fend off a depression.
We still recovered from the Oil Crunch. The highest-ever real cost for gasoline was in the early 1980s, and gasoline is now cheaper in real terms than it was in the late 1960s.
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.