OPINION AND COMMENT By Bob Weaver|
While politicians and economists use the recession word with muted voice, it should be noted there is no recession for Exxon-Mobil and many of the multi-national corporations.
While shuffling through your pocket to pay for a gallon of gasoline, it is worthy to note that Exxon Mobil just recorded the world's largest annual profits - $40.6 billion.
The corporation's quarterly profit just reached an all-time world record - $11.7 billion.
While American's are supposed to be calmed with press releases about how THEY should conserve energy and get through the recession, crude oil reached an all-time high of over $100 a barrel.
The Bush-Cheney energy plan, de-facto ignored by many Democrats in Congress, has been practically non-existent.
The American public has been treated to a fossil-fuel economy that requires greater consumer spending year after year and a national debt totaling over $8 trillion.
That's in addition to a record trade imbalance, deficit spending, borrowing to pay the interest on America's credit card, while the value of the American dollar is in the pit.
With the globalized economy, when hard times come we have to consumer spend.
After 9-11, Bush told America to fly more and shop, shop, shop.
During the Great War, FDR ask American's to sacrifice.
Times have changed.
Now, with our latest recession, the government is spending borrowed money (likely from China) to finance a multi-billion dollar stimulus package, which is directed, you guessed it, at shopping.
What's left of the middle class will likely be happy because they have some jingle in their pocket.
Unlike most American's, whose credit cards are maxed-out, the federal government has a giant credit card that the Bush bunch has wildly used on the country's biggest spending sprees to finance a war and benefit special interests around the world.
Unfortunately, we have to listen to politicians blaming each other for such a debacle.
It should be noted, whether you like him or not, President Clinton's administration, with the help of some Republicans, had put the country back on a promising fiscal path.
That progress is long gone.