Re: Unsettled Economy
How true,.... if you're a true believer of Pat Buchanan's slanted view of history. His article reads like a sorry attempt at revisionism in order to evade his generation's contributions to the economic mess we currently find ourselves in.
Buchanan's flowery words cannot hide the fact that it was during the presidency of Richard Nixon that the federal government started upon a 28 year uninterrupted string of deficit spending. A streak that wasn't broken until the presidency of Bill Clinton (a baby boomer liberal) in 1998.
It was also during the Nixon administration (of which Buchanan was a part of) that the US Treasury's gold window was closed. Of course, Nixon and his advisors never dreamed that this act would sow the seeds for a massive and crippling trade deficit, as they thought (rather arrogantly) that our manufacturing dominance would last indefinitely. They figured that the rest of the world would continually come a knockin' on our doors to buy our cars, toys, and washing machines and they would be happy to purchase them with US dollars, even though it no longer had any gold backing. Oh, how the times have changed!
Now lesse. What were the baby boomers doing in 1970-71 when all this was happening? Still going to college or just starting their professional careers. None of them were in Congress or holding any major positions in the Nixon administration. The truth that Buchanan cannot face up to is that these disastrous policies took root way before the baby boomers began operating the levers in the federal government. Nixon was a member of the so-called Greatest Generation. Buchanan and his age peers were a part of the Silent Generation. They were the ones who were leading our country during this critical time.
Buchanan's article is depressing. Not surprising since he provides no answers (either in his articles or his TV commentary) and sounds like a tired old man who has run out of ideas.
But enough with the blame game. What will we do to get ourselves out from the economic turmoil that we find ourselves in? Hopefully, some answers will be provided in next Friday's debate. And the candidate who provides the most convincing responses will, I think, becomes the next President.
Originally posted by timkona
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Buchanan's flowery words cannot hide the fact that it was during the presidency of Richard Nixon that the federal government started upon a 28 year uninterrupted string of deficit spending. A streak that wasn't broken until the presidency of Bill Clinton (a baby boomer liberal) in 1998.
It was also during the Nixon administration (of which Buchanan was a part of) that the US Treasury's gold window was closed. Of course, Nixon and his advisors never dreamed that this act would sow the seeds for a massive and crippling trade deficit, as they thought (rather arrogantly) that our manufacturing dominance would last indefinitely. They figured that the rest of the world would continually come a knockin' on our doors to buy our cars, toys, and washing machines and they would be happy to purchase them with US dollars, even though it no longer had any gold backing. Oh, how the times have changed!
Now lesse. What were the baby boomers doing in 1970-71 when all this was happening? Still going to college or just starting their professional careers. None of them were in Congress or holding any major positions in the Nixon administration. The truth that Buchanan cannot face up to is that these disastrous policies took root way before the baby boomers began operating the levers in the federal government. Nixon was a member of the so-called Greatest Generation. Buchanan and his age peers were a part of the Silent Generation. They were the ones who were leading our country during this critical time.
Buchanan's article is depressing. Not surprising since he provides no answers (either in his articles or his TV commentary) and sounds like a tired old man who has run out of ideas.
But enough with the blame game. What will we do to get ourselves out from the economic turmoil that we find ourselves in? Hopefully, some answers will be provided in next Friday's debate. And the candidate who provides the most convincing responses will, I think, becomes the next President.
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