Business

Poor Uncle Sam
by Claudia Sonea

Americans are probably the most generous people in the world. Besides paying their taxes as good citizens, they would even donate extra money to help cover the country’s $7.6 trillion national debt. The US government debt is masked under the name of “public debt” to hide the incompetent management of the governments who succeeded at the White House since 1791 when the debt incurred. President Jackson Andrew managed to bring the debt to 0 in 1835, but the presidents who followed brought it back to millions in a very short time and until Clinton administration continued to increase at a fast pace. Although Clinton ! was heavily criticized for his personal life, he was probably one of the best US presidents after Jackson, as he kept the debt under control and during his administration, the debt remained at the same level. Returning to the current administration, what we can observe is the lack of action, of valid measures to bail out the country from the recession as they promised last year during the election campaign. Will the politicians pay from their fat salaries to cover part of the irrational spending? The answer is negative. It is again the small people, immigrants who donate money to show their gratitude and love for the country. Their money will be sent to the Bureau of the Public Debt set in Parkersburg. Apparently, the Bureau handles the large and growing national debt, but who is supervising its activity? It cannot be that they do a good job, as nothing good has been seen in the past 30 years since the debt matter was moved there. Americans are generous! people, but also utterly naïve, letting their leaders ge! t away w ithout assuming any responsibility.

related story (sgx15897): http://news.yahoo.com/s/nm/20091112/us_nm/us_usa_economy_bud...

by Claudia Sonea for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 12:01 PM