The promise of the future is being mortgaged for short term 'joy'. This phenomenon is not just apparent with regards to the housing bubble but it runs across many areas of life. Here are just a few examples:
Government: The US national debt is now at 8.2 Trillion or 8,200,000,000,000. The estimated population of the United States is 298,265,468 so each citizen's share of this debt is $27,423.28 ( US National Debt Clock ). "After four years of budget surpluses, the government fell back into a deficit in fiscal 2002, after which the deficit climbed to $378 billion in 2003 and $412 billion in 2004. In 2005, the tide of red ink receded to $319 billion" Much of the federal deficit can be ascribed to the huge tax cuts enacted by the Bush administration. The short term economic gains that are ascribed to the lower tax rates will be followed by a period of painful policy choices. The long term fiscal outlook for the United States is being sacrificed on the short term.
Corporate: Too many corporations are thinking about the short term profits. Think Ford and GM who were focusing on sales of large SUVs, then the high oil prices came. They neglected to think long term.
Personal: For the past 7 months US households actually had a negative savings rate. The money will have to be payed back. The long term being mortgage on the alter of "I want it and I want it now." You sound like 3 year olds. Grow up! It is absolutely pathetic. Or someone who wants to buy a house and says 'what can the lowest monthly mortgage payment be?'. Sure a interest Only, no down payment, adjustable rate mortgage sounds great. They don't think long term about what happens when it adjusts in a few years.
The long term is being neglected or mortgaged for the short term.
Is this the new America Dream?
It sures seems so. :-(
My fellow Americans, it is time we all think more long term. Good things come to those who investigate, plan, save, and wait.
Thursday, March 02, 2006
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