Paully_44 wrote:A depressed economy.
Airwaves censored regarding political thought and expression.
I feel like we are already experiencing these, a depressed economy and a censorship of the airwaves. Censorship may not be political but it sure has changed enormously since the Janet Jackson incident.
Paully, with all respect, we are not in a depressed economy. The bailout bill may wind up being a depression catalyst when all is said and done (if not, it will at least be a massive tax increase catalyst and doubtlessly a big government control catalyst). A bipartisan one at that. But we're certainly not in anything resembling a depression now. The nation's highest state unemployment rate is 8.7 in Michigan (8.8 in Rhode Island, but its so small of a state that the rate there doesn't mean as much as Michigan's). That's high, but with the automotive industry jobs leaving Michigan, not surprising. In Alabama, the rate is now 5.3%; many states are lower. Historically, 5% unemployment is considered full employment. When you get below 5% unemployment, wages are increased and productivity from that unemployed force is down (disproportionate numbers of non-productive people in that pool). A little unemployment is good for the economy.
Let's contrast that with Great Depression unemployment. In 1932, it peaked at 24.9% nationally. WWII brought us out of it, actually. Non-military government programs put some to work when the government served as an employer of last resort for many. But, as late as 1939, the national unemployment rate was still 17.9% When Carter was president, the national rate of unemployment was 7.7% by 1980. Today, in this economy, bad enough as it is, the national rate is 6.1%.
Carter appointed Paul Volcker as the Fed chairman when inflation was soaring (as high as 19% per year; by contrast, the highest yearly inflation in the Bush presidency has been 6.3%, which is plenty high, but not Carter high and not depression high by any stretch). Volcker increased the Fed lending rates to crush inflation, take money out of circulation, make it more scarce. Well, he succeeded. The prime rate of interest after Volcker was appointed rose to 21.5 percent by the end of Carter's presidency. Today the Fed Prime Rate, as I type, is 4.00%. Imagine what this did to people buying cars and homes. Volcker sucked the economy dry to stabilize prices. Inflation fears are real, especially with so much money being printed for and pumped into banks. Today, Volcker is a primary advisor to Barack Obama. It is not unrealistic to think that Obama may take a similar tack on dealing with inflation although the underlying situation is vastly different from Carter's.
In the end, to be fair, Volcker's policies did reign in inflation, but the cure was extremely painful. But, Carter coupled it with tax increases whereas Reagan reduced taxes. By the time Volcker's 2nd term ended, Reagan had reduced the top marginal income tax rate from 70% to 50%. That rate went to a top marginal rate of 28% in 1986. I don't care what that did to Federal revenues. As long as the Federal Government can keep the interstates paved well and point the missiles in the right direction and make sure the triggers work, that's all the money they need.
The point behind all these facts: We're in no depression. Statistically, by reports from the government, we're not even close. It's shaky ground whether we're even in a recession, but let's say we are. Recessions are cyclical and don't require drastic action, especially in the post-Carter era. The drastic action undertaken by the bailout bill may push us into Carter-era crises, or worse. Having Obama to oversee that is not only not comforting, it is cause for grave pessimism especially if you value your right to work for your own gain and to enjoy the fruits of your own labor and all that with minimal or no government intrusion into your life.
As for censorship, that's not even an issue yet. When the Fairness Doctrine is re-enacted with a vengance, you'll see censorship.
Human government bears the same relation to hell as the church bears to heaven. (David Lipscomb, On Civil Government, 72).
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