The problem in America is that no one really is a fiscal conservative. On WABC 770, on 9-7-2022, Sid Rosenberg was lambasting Democrats and Liberals for their policies leading to financial ruin in America. He preached the need for conservatism. But conservatism is just a word when no one follows through on its concept.
I implore Mr. Rosenberg to look at the chart on this site, Federal Deficit by President (“Thanks for the National Debt Mr. President”). And I’ve already alluded to how the Reagan revolution in the 1980s was a fraud perpetrated on Americans. Reagan came to power because during the President Carter four-year term America was a mess. Reagan promised to get the economy booming. And he did-at a cost to be paid by future generations.
Here is essentially what Reagan did. He tripled the National Debt to stimulate the economy. But Sid Rosenberg is not astute enough to realize this or just will not lambast a fellow supposed “conservative”-President Reagan.
If a household in America is having trouble paying its bills and the family owns a modest home-let’s say a value of $250,000. If this family has a mortgage of 80%, or $200,000, and cannot get out of financial doldrums there likely is no hope unless one of the partners in the home can substantially increase their earnings. But if they followed the Reagan method this family should go out and triple their debt. So, they would borrow an additional $400,000 to increase their debt to $600,000.
Now with this additional $400,000 available this family can have a few good years. If they were a “two term” president, like Reagan, they would spend this $400,000 over eight years, which means $50,000 of extra spendable funds per year. So, the next eight years would be a financial boom for this family. This could be home renovation money, new cars, vacations and upgrades in wardrobe etc. And, if this family were like the US Government, they would not need to pay down this debt.
And much like Reagan, after eight years this family has tripled their household debt and can tell their children to pay it off. Just like Reagan and the US Treasury after eight years of Reagan, essentially said to future generations. True, most Americans had a wonderful eight years with Reagan because, like The American Whore, we wanted this panacea of good economic fortunes for ourselves and the hell with the future generations.