Bailout ‘generational theft’?
To the editor:
With all the money being put into the economy by the government, hyper-inflation is sure to come. The cost of everything will be going up. Your wages may go up, but they never seem to equal the inflation rate. And if you have debt on top of that, you will be hard pressed to pay it off. So do all you can now to get out of credit card debt especially. As it says in Proverbs 22.7, …the borrower is the servant of the lender.
The debt of this country is above measure. We knew of the debt they tell us about, but because of “creative accounting,” we have no idea of the “offbook” debt we owe. This economic crisis will not be over soon. The bailout will be like a millstone around our necks for generations. We pray that through the grace of God, the economy will recover quick enough so that the money will not be used. although once the government has the power to spend this money, will it not spend it anyway? Be diligent in letting your representatives in Congress know that you are holding their feet to the fire.
How true were the words of Sen. McCain that this bailout bill is generational theft. Our children, grandchildren and great grandchildren will be burdened by this bailout. Better that we had let the unprofitable companies and banks fail, as they did in the ’30s, and new ones take their place then to put our progeny into financial bondage. All this bailout does is make the economic downturn last longer. Even if given all this money, will the car companies, banks, etc. become better, or will the patient die anyway?
Governments cannot make the economy better. It is a consumer of money, not a maker of money. It takes people to produce money. All that government can do is print money, and it becomes deflated. And remember, it is not their money that is paying for this bailout, it is our money.
What can we do? Make sure our own houses are in order so that we can better weather the economic storms to come. What the government should have done, which we suggested to them, was to give every household $50,000 to pay off some of their debt to the banks and credit card companies, so that we would have only one debt to pay instead of two, our own and the bailout bill. Then the banks would have had money from all the paid up debts and they could have begun lending again.
Let us pray that we will learn our lesson and learn to live within our means.
Bill and Doris Heyns
Cape Coral