Wednesday, March 5, 2008
Recession
Living in South Korea, the only insight I have into the economic situation in the US is what I read online. So according to most of the media, and Warren Buffet, the US is in a recession. Here in Korea, recession is also looming on the horizon. I think it's important to note, however, that Korea's new President, Lee Myung Bak, seems to have the right idea on how to fix and economy. Two days ago, the Lee government announced a plan to reduce gas taxes by over $.10 a gallon in order to give consumers more money not to spend on gas. Granted, the gas tax in Korea is already astronomically high, but Lee did not set the gas tax; he inherited it, and he seems to be moving in the right direction on this issue. If only the DFL controlled legislature in Minnesota would take a hint.
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2 comments:
You know I agree with you on the gas tax... no question about it, hands down.
Warren Buffet is however a looter and not a producer. He makes much of his wealth on arcane government policy such as the inheritance tax. His wealth has come with government policy (in more ways then just the inheritance tax), he has destroyed currencies for little to gain, he is no better then a mugger you find in the alleyway using force against others. Why do you cite him as a source? It would be like me citing Charles Manson saying "crime is on the rise". It's just awkward. Buffet is a mooch.
And... recession is a GOOD thing... we NEED it right now actually to prune our trees and get rid of dead weight. What we have to do however is make sure we don't let the government turn it into a depression, which they seem bullheaded on policies that will turn us in that direction.
The U.S government is only creating more problems by inflating our economy and proping it up on a cruch through interest rate cuts, bailouts,and subsidies. Furthermore, the increasing push of green intiatives are also crippling our economy. Why do you gas, foods, and other commodities have seen a sharp rise in price? The use of corn for ethnol and other land has caused food shortages and rising prices. thereby. We have mandates that say we can't drill in Anwar or off the coast of Florida, because of environmental bureacrats.All of this retards our economy. I believe that this global warming farce and the policies, mandates, and intiatives that have become because of it, have the potential to do the most damage to this country.
Cheese is right we need to let the market crash and self-correct itself and drop the environmental mandates.
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