THIS IS A COLUMN BY MY FRIEND SERGEY NIKIFOROV. HE IS A PATRIOTIC IMMIGRANT LIKE ME, FROM RUSSIA. HE WORKS IN SILICON VALLEY AS AN ENGINEER.
I’m not shocked with this latest tidbit of economic doomsday news. I am appalled at the economic incompetence of our democratically elected rulers and the consistency of their applying voodoo methods to complex politico-economic issues.
Every day more and more people are waking up to the reality of Obamanomics. Luckily for all of us, the mid-term elections are a year away, and the American voters will change the course of our country. But long-lasting effects of the criminally irresponsible fiscal behavior of our current administration will haunt us for many generations to come.
Think I am overreacting? Ever heard of the structural deficit in the US before 1980s? Having it is equivalent to paying an added tax on everything. So far, its effects were masked by the booming free-market economy of the 90s, so we (the consumers) have generally dismissed them.
The party is over now, yet we keep on adding to the bar bill. Trillions of spending dollars on top of the existing debt structure and the increased government involvement in various private sectors will permanently retard America’s economic leadership. I fear we are slowly descending into a Japanese-like economic model: 100-dollar watermelons, efficient public transit and no way out for decades.
The American DNA is strong enough to evolve and survive. I just don’t think we’ll be around to witness it.
P.S. Have you personally met anyone who got his job saved or created by the 800 billion dollar American Recovery and Reinvestment Act?