Al Lewis has come up with a great list of New Year’s resolutions for the U.S. government. Fat chance.
I list just a few of them.
• Stop runaway deficit spending. Start paying down the $15 trillion national debt before it’s $20 trillion and counting.
• Fix Social Security and Medicare before the Baby Boomers retire en masse in five years.
• Address trillions in shortfalls at public and private pension plans as more people than ever start pulling money from the market to retire.
• End mortgage-foreclosure mess that popped the nation’s financial bubble.
• Do something — anything — about the student-loan crisis. Not everyone is cut out for school. Not every school is worth the tens of thousands in loans it takes to go there.
• Quit saying “too big to fail.” It ain’t.
• Prepare for the end of Europe as we’ve known it.
• Acknowledge we have not been recovering from economic malaise since 2008, but sorting through the wreckage of a global credit bubble.
• Admit the economy will never go back to normal, as we knew it. We fought two wars — and lowered taxes to pay for them. We created an entire industry based on loaning money to deadbeats. It will take years to even come close to fixing all that.
• Quit pretending there will never be inflation while printing unprecedented amounts of money.
• Quit pretending unemployment is improving when millions of people are simply giving up hope of finding a job.
• Quit pretending the nation’s gross domestic product is expanding in a meaningful way when it’s juiced by zero-interest loans to banks.
• Acknowledge, for once, that too many economic indicators are biased to the upside — which is the main reason we’re not technically in a recession, and one of the main reasons we’re still in this mess.
• Figure out what derivatives are, and how they are likely to unwind in a global debt crisis.
And the final: “Stop corruption in Washington, legal and otherwise. Lobbyists and the big corporations they represent have been gaming the system for too long.”
That”ll be the day!
To read them all, click the link.