A few select quotes that stood out to me in the program:
When choosing between what is politically right, and what is economically right, they chose what is politically right at the expense of the economy.
The “starve the beast” notion, that when you cut taxes you are forced to cut spending, though ideal, is not true. Now borrowing at an extended rate.
We borrowed money from China to give tax cuts to the best off people in our society and leave our kids paying the bill for a war that we chose to fight. That was really unprecedented.
We have “unfunded liabilities.”
It’s hard not to get viscerally concerned regarding our fiscally irresponsible behavior. It’s hard for me to imagine what one million dollars looks like, much less a billion or trillion. The numbers are so large, it’s daunting and petrifying.
But more than mere accounting, the thing that ought to strike anyone listening to this program is the driving ethic and ideas that people have, specifically Americans, about money and their standards of living. Fundamentally, we have lost any sense of reason, have high expectations, high demands, and low personal investment. We have an ethic of entitlement and greed, and we’re unwilling to take personal responsibility for our own delinquencies. And when fear kicks in, we ignore the mirror and look out the window and blame everyone else.
Money is hardly ever about money; always about attitude.
But instead of paralysis what if we chose to see this as opportunity to learn how to be more responsible with what we’ve been given; use credit cards for convenience, NOT for credit, spend less than we make, adjust our standards of living to our economic situation, not the other way around. Have a disdain for perceived obsolescence of goods and services, and be so thankful and joyous at what we do have, rather than pitifully whiny at what we don’t.
Regardless of the President’s slogans, hope alone will not get us to where we need to be. Rather, we need personal and corporate moral renewal that is deeply laced with discipline.
And it starts with me.