Re: “ECONOMY: Socialism has failed state, nation” (letter, 12-3).
The disjointed and illogical attempt to attribute the Great Recession to some failed American experiment with “socialism” was a real head-scratcher.
In contemporary discourse it seems that a person’s propensity for the word “socialism” is inversely proportional to his actual understanding of the term. Ground zero for the Great Recession was Wall Street – the center of the capitalist universe. I don’t know how much further one can get from socialism than the unregulated free-for-all feeding frenzy that was Wall Street in 2008, where brokerage houses were allowed to do as they please.
In the fall of 2008, our financial markets were frozen and we were headed off an economic cliff, the likes of which we haven’t seen since the Great Depression. The tools used by both the Bush and Obama administrations to bring us back from this abyss (TARP, stimulus bill, tax cuts, etc,) are standard short term fixes for a capitalist economic meltdown, and have nothing in the world to do with “socialism.”
The letter then goes on to praise the tea partiers for striving to save our country from bankruptcy by calling for more tax cuts! Bankruptcy, whether at the national or personal level is a very simple concept; it simply means that one does not have the requisite revenue stream to satisfy one’s debts. Cuts to the revenue stream will only exacerbate the debt problem.