"Ownership Society"

Aka: Survival of the Richest



The Center for American Progress provides periodic Economic Snapshots which highlight recent trends in the U.S. economy. The item which stands out most suggestively in conjunction with the above 'toon is #11.

11. This endangers our economic independence. Foreign investors bought 80% of new Treasury debt and the share of U.S. foreign-held debt grew to 46% from 32% from March 2001 to June 2007. The quarterly interest payments from the federal government to foreigners rose to $39 billion in the second quarter 2007 from $21 billion in the first quarter of 2001.

While it's certainly well and desirable to have investors from many nations interested in buying into one's own country, having foreign investors owning nearly HALF of our own debt is a Guarantied road to bankruptcy.

And #10 suggests some rather obvious causality for #11.

10. Tax cuts do not pay for themselves. The Joint Committee on Taxation estimated that the tax enacted since 2001 would cost $300 billion in 2007 alone, such that the federal government would show a surplus had it not been for President Bush’s tax cuts.

Looks as if George $hrubya Bush's career long Mission of dismantling every enterprise he has taken command of may finally be Accomplished.

I wish this state of economic affairs was just a Trick, cuz it sure as Death and Taxes ain't no Treat.