Our economy has its back to the wall. We have 47 million Americans without health care, we've lost huge chunks of the manufacturing sector and with it many middle-class jobs, our country depended on the financial industry to be the driver of growth and that is no longer an option, we've depended on the consumer and the false sense of wealth to continually fuel the engines but that well is now dry. Joseph Schumpeter's vision of capitalism popularized the term creative destruction as the creator of growth. Yet, most of our finest minds went into the financial industry and made it a hot bed of innovation. It was this misguided entrepreneurial laboratory that would ultimately destroy too much. The government's stimulus has to create the incentives to redirect our human capital to developing something more sustainable. As Schumpeter stated, without the perpetual cycle of innovation capitalism will die and so will our way of life. With all of this on our plate, how can the government not spend tons of money in the coming years? Had we nurtured the surpluses of bygone budgets, we would have been well ahead. Had our leaders found the backbone to tackle entitlement issues 15 years ago, we wouldn't have the spending projections recently published by the CBO. Had there been greater oversight of the financial industry over the last 25 years, we wouldn't be burdening the next generation with the bills it will face. Honestly politicians...what choice do we have?
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