McGuire went on to state that President George W. Bush was the first to blame in the series of issues that have caused us to fall into this horrendous debt. He stated that Bush’s tax cuts were the first issue to bring us to the state that we are in, but what McGuire doesn’t account for is that it is not just one president, or one issue. It’s a whole stream of issues that have been building up into deluge of the ocean of debt that is threatening to drown this country.
He does not point out that rampant spending is a huge part of the issue. This spending falls on both sides of the spectrum, in government and private sectors. In April 2001, roughly two months after Bush got started due to the hanging chad debacle, Bush’s administration warned that Fannie Mae and Freddie Mac were getting too large, lending at alarming rates to people that could not afford the loans.
This includes the second mortgages, subprime mortgages and adjustable-rate mortgages that ballooned beyond peoples’ ability to pay. These loans are what have been putting so many home-owners underwater, because they were spending beyond their means — they were getting used to the small house payment which then became unmanageable with their other debt. Bush’s administration warned that there would be problems down the road if they weren’t addressed, and it came to pass in the past several years.
President Thomas Jefferson promoted frugality in government, and President Ronald Reagan said “Government is not a solution to our problem — government is the problem.” The more that we spend as a nation on programs and on inflated pensions for government employees and politicians, the less American citizens have in hand, which is the reason that we get bipartisan politics.
Republicans try to put the money back in the hands of the citizens through tax cuts, while the Democrats are trying to create programs to spread the wealth — which is nonexistent but better than Third World countries — to everyone. If we can’t curb our spending habits, we’re just enslaving our children to our own debt.
The problem we have here is that we’re not delaying our gratification, and everyone is expecting our children to pay it back. Even my stepfather had his pension disappear, because the company he was working for went bankrupt and walked away from all of their responsibilities.
Obama could not possibly fix all the problems within his tenure, nor could Bush in his. President Bill Clinton’s choice to push the NAFTA agreement, which encouraged the outsourcing of jobs, caused problems as well. Many people had to upgrade their skills, since their jobs disappeared.
Problems happen in each presidency.
• Deborah Littleton is a Tracy resident.