Posted by
Dawn on Wednesday, September 24, 2008 12:22:00 AM
Poof! That was fast and far too easy by half. Now we see it, now we don`t. The future of capitalism, exceptionalism, entrepreneurship and the work ethic have taken that long dark ride down the memory hole of what used to be the American Dream.
Most of us come from the middle class or "working class". Many of us had after school jobs to earn the money for those little extras Mom and Dad wouldn`t or couldn`t spring for. The majority of us developed an appreciation for the value of hard work and saving the money to buy that new car, stereo or wool coat with our very own money. What a tremendous feeling of accomplishment and self worth it was to be able to plop down the cold hard cash that we had earned ourselves for that very special item we had wanted so much. Our parents hammered into us that hard work, careful budgeting and good financial choices would reap great rewards and personal satisfaction to ensure our bright futures.
The majority of Americans pay their mortgages on time. Their property taxes are paid when due. They have never been late on their utilities. They could have two cars for which they make the payments regularly and their insurance is always current. They have one Visa card they may use for airline tickets or a special extravagance. There is usually just a small balance outstanding. They contribute to their 401Ks and watch the market with half an eye open. There could be two or three TVs in the house but a couple are really old and the main one is in the family room along with the one computer. Computer time is strictly limited for the offspring to one hour a day only. The kids all do chores around the house. The older ones may work outside the home by babysitting, waiting tables, flipping burgers, washing cars or mowing lawns. The older kids may have cell phones but they bought the phones themselves and are responsible for their monthly share of the plan and so they must budget their money (and text-messaging) accordingly. Sounds like an All-American family, working and striving to build the values for the American Dream and a bright future.
Slam! That`s all over. Now it is time to rescue the economy of the United States! The Most Powerful Nation in the World is on the brink of diaster not seen since the last one. Now we are going to bail out the most famous and used-to-be-revered names in banking and brokerage (remember not too long ago, when secretaries at some Wall Street firms received $50,000 for Christmas bonuses?). And nobody has asked us if we want to pay! They are telling us we have to pay! The body politic, our Treasury Department , the Federal Reserve and the esteemed Congress are mandating we must pay close to One Trillion Dollars to save our economy -- which also includes those very bright souls who didn`t read their contracts and bought homes on an interest only mortgage and now have $4,000 a month house payments; those who used their home equity as ATM cards, those who have defaulted on their credit cards and the coups de etat, the Big Three auto industry.
Is this what we have worked for? Some of us are retired and are on pensions. Many are still working and are a long way from retiring, continually striving to make a comfortable daily life for their families and to eventually enjoy the fruits of their labors by carefully planning for their future. So here we are! How much more can we accept? There is a lot of blame to go around starting way back with LBJ and the Great Society. It is becoming increasing clear that to some we have not done enough. To some, we are so fortunate that it is patriotic, fair and down-right neighborly to pay and to give more to those who have less and who have never worked a day in their lives. Do we really have to pay because it`s expected? What if we don`t want to pay? Do we have a choice? Who is speaking for us? And who is listening?
Vladimir Putin is smiling. Election Day is November 4.