Our Economic Fall and Future Rise

I don't know about everyone else, but it really bothers me to hear President Obama blame the "fat cats" of Wall Street for all of our economic problems. They are to blame, but there are two other groups that are just as guilty, and just as necessary for economic recovery. I believe two of the three are making progress, but the third is just not doing their part. We have the banks, the American consumer, and the government. I think I can base my entire argument around Dave Ramsey, or just about any financial counselor in the last 10 years. It should become obvious, because of the popularity these guys have gained recently, that we have been absorbed by debt, and are attempting to change our financial culture.

First of all, that great economy we lived in for years wasn't even real. While at the beginning of the 20th century most of the jobs in our country dealt with the production or sale of food, it's now based on product sales and customer service. Our economy has been driven by the creation of debt rather than an equal percentage of the production and sale of products. While people may not have seen this on a grand scale, it's obvious that they saw it in their own lives. Everyone that decided to do something about their enormous debt knows that life changes dramatically when you transition from the love of things to some sense of financial responsibility. First, you quit making irresponsible large purchases that weren't really needed in the first place. Second, you break down your bills in a way to start getting out of debt. Third, you start to save and buy your products with money you've already earned. It takes time, but life becomes a lot easier once you get through it.

When the banks started failing as a result of their irresponsible decisions the government thought they could step in and save them. It's more than a little ironic that they chose to do this through the creation of debt by our government. The debt doesn't go away, instead it is managed by the "fat cats" of Washington. It's ultimately useless, and if by chance it would have worked we would have found ourselves in a similar situation a few years later. Sadly, result or no result, the American people now shoulder the financial burden. While people don't want to see it this way, we are worse off for saving them than we would have been had we let them fail.

So where is the solution? I believe the government needs to take a good look at itself. It needs to quit making huge financial commitments we don't really need, pay off the debt we've incurred, and change the financial culture of our government. I believe that they should take a lesson from the rest of our country, and I hope we as voters force them to do so.