Rants from the Proletariat (![[info]](http://p-stat.livejournal.com/img/userinfo.gif){kind=small} yait100) wrote,@ 2008-03-16 11:39:00 |
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Eulogy of modern conservatism
Every single problem facing the country today - every one - can be linked to the ongoing collapse of modern conservatism. I've felt for years that modern conservatism was hypocritical, self-destructive, and all around bad for the country. Now, it seems that these notions are being proven true.
The Economy
The American economy is currently enduring a perfect storm made up of an ever weaker dollar, a housing sector at a complete stand-still, and high fuel prices. All of these things feed off one another, and it's a vicious circle that will be very difficult to break out of. Here's the role that modern conservatism has played in each one:
Weak dollar - Before the 1980's, conservatives stood soundly for fiscal responsibility, as well as small government. Since then, there has been a complete 180 degree turn around in that belief, although they never changed their rhetoric. Dick Cheney summed this up perfectly when he said, "Reagan proved deficits don't matter." Well, it's starting to matter.
George W. Bush, with help from a republican-controlled congress, increased our national debt from $5.7 trillion on the day he took office to $9.4 today. That means that so-called "conservatives" spent $3.7 trillion more than they had available. This debt isn't just some number floating around out there; somebody has to cover that debt.
In the past, the US Treasury was able to cover our debt by selling bonds to either the public, or foreign investors. With historically low interest rates in recent years, these bonds haven't had much of a return rate. Foreign countries have stopped buying these bonds, which means our tresury has to cover the debt some other way - by printing up more money. Printing more money is another vicious cycle, because when you print money, the dollar loses value - making foreign investment even less likely.
The combination of reckless spending and inappropriate tax cuts by conservatives has left our economy teetering on a deep recession, or even a depression.
The Housing Crash
Modern conservatives are all about deregulation, even though it is almost always against the public's best interest. So it was with lending in the last decade.
Conservatives passed laws that made it easier for banks to loan money to people who really weren't qualified for the loans, which is called predatory lending. Now, a tidal wave of foreclosures is sweeping the country. With so many vacant houses, construction of new houses has halted. This has a ripple effect on the rest of the economy; for example, there are now lumber mills that are unable to move their product. Every mill that shuts down is another wave of layoffs, and more people who can't afford to pay the bills.
With all these foreclosures, banks are now holding onto all of these vacant houses. The houses are worth far, far less than they were marketed for, so banks are losing a pile of money; some are even going bankrupt. More layoffs, higher unemployment.
One of the fundamental purposes of government is to protect the public from unfair business practices. The housing crash is a perfect example of how modern conservatives are willing to take these protections away in the name of deregulation.
High Fuel Prices
Oil prices are at an all-time high, thanks to high demand, unrest in the Middle East, and a weak dollar. All of these factors have been aggrivated by conservative practices.
Up until the 1990's, Congress had regularly passed legislation calling for higher fuel standards in American cars and trucks. Once the Republicans took over Congress in 1994, that came to an end. Since then, vehicle efficiency has flat-lined, and demand for oil has risen. As gas prices rose, the republican congress was pressured to increase fuel economy standards. (I personally wrote a letter to my senator, republican Conrad Burns, to ask him to support higher standards for fuel economy. He actually did get back to me, but only to inform me that he was taking the side of deregulation. It's nice to be on the right side of history.)
American auto makers abandoned research for hybrid vehicles in 2000. There was no reason to pursue it in their short sightedness. Gas was cheap, and there was no legislation for increased fuel economy. Now, foreign car companies have a virtual monopoly on the hybrid market, and American auto makers are facing utter bankruptcy. Deregulation strikes again.
America's foreign policy in the Middle East hasn't helped matters, either. Our belligerent attitude has made them much more hesitant to increase production, pushing prices ever higher.
Every aspect of modern conservatism serves to harm the country. Republicans must return to their historical virtues or face extinction.
Every single problem facing the country today - every one - can be linked to the ongoing collapse of modern conservatism. I've felt for years that modern conservatism was hypocritical, self-destructive, and all around bad for the country. Now, it seems that these notions are being proven true.
The Economy
The American economy is currently enduring a perfect storm made up of an ever weaker dollar, a housing sector at a complete stand-still, and high fuel prices. All of these things feed off one another, and it's a vicious circle that will be very difficult to break out of. Here's the role that modern conservatism has played in each one:
Weak dollar - Before the 1980's, conservatives stood soundly for fiscal responsibility, as well as small government. Since then, there has been a complete 180 degree turn around in that belief, although they never changed their rhetoric. Dick Cheney summed this up perfectly when he said, "Reagan proved deficits don't matter." Well, it's starting to matter.
George W. Bush, with help from a republican-controlled congress, increased our national debt from $5.7 trillion on the day he took office to $9.4 today. That means that so-called "conservatives" spent $3.7 trillion more than they had available. This debt isn't just some number floating around out there; somebody has to cover that debt.
In the past, the US Treasury was able to cover our debt by selling bonds to either the public, or foreign investors. With historically low interest rates in recent years, these bonds haven't had much of a return rate. Foreign countries have stopped buying these bonds, which means our tresury has to cover the debt some other way - by printing up more money. Printing more money is another vicious cycle, because when you print money, the dollar loses value - making foreign investment even less likely.
The combination of reckless spending and inappropriate tax cuts by conservatives has left our economy teetering on a deep recession, or even a depression.
The Housing Crash
Modern conservatives are all about deregulation, even though it is almost always against the public's best interest. So it was with lending in the last decade.
Conservatives passed laws that made it easier for banks to loan money to people who really weren't qualified for the loans, which is called predatory lending. Now, a tidal wave of foreclosures is sweeping the country. With so many vacant houses, construction of new houses has halted. This has a ripple effect on the rest of the economy; for example, there are now lumber mills that are unable to move their product. Every mill that shuts down is another wave of layoffs, and more people who can't afford to pay the bills.
With all these foreclosures, banks are now holding onto all of these vacant houses. The houses are worth far, far less than they were marketed for, so banks are losing a pile of money; some are even going bankrupt. More layoffs, higher unemployment.
One of the fundamental purposes of government is to protect the public from unfair business practices. The housing crash is a perfect example of how modern conservatives are willing to take these protections away in the name of deregulation.
High Fuel Prices
Oil prices are at an all-time high, thanks to high demand, unrest in the Middle East, and a weak dollar. All of these factors have been aggrivated by conservative practices.
Up until the 1990's, Congress had regularly passed legislation calling for higher fuel standards in American cars and trucks. Once the Republicans took over Congress in 1994, that came to an end. Since then, vehicle efficiency has flat-lined, and demand for oil has risen. As gas prices rose, the republican congress was pressured to increase fuel economy standards. (I personally wrote a letter to my senator, republican Conrad Burns, to ask him to support higher standards for fuel economy. He actually did get back to me, but only to inform me that he was taking the side of deregulation. It's nice to be on the right side of history.)
American auto makers abandoned research for hybrid vehicles in 2000. There was no reason to pursue it in their short sightedness. Gas was cheap, and there was no legislation for increased fuel economy. Now, foreign car companies have a virtual monopoly on the hybrid market, and American auto makers are facing utter bankruptcy. Deregulation strikes again.
America's foreign policy in the Middle East hasn't helped matters, either. Our belligerent attitude has made them much more hesitant to increase production, pushing prices ever higher.
Every aspect of modern conservatism serves to harm the country. Republicans must return to their historical virtues or face extinction.
