Talk of the Town: All our presidents’ debts

Comments on “All our presidents’ debts,” (No Free Lunch by Cielito F. Habiti) via https://opinion.inquirer.net:

The economy grew slowly across the decades compared to neighbors, which is why it had to use tax revenues to pay off debts, and had to cut spending to avoid that. See the article “Stuck in ’87” from the Inquirer for details.

holmes

That’s what we get for electing officials who don’t really care for our people’s welfare but only their own self-image and selfish ambitions. May God have mercy upon our country so that many Filipinos will discern what is right and wrong. This in turn will lead us to make better judgments of our leaders and situations. There’s still hope if we apply what 2 Chronicles 7:14 says that we should humble ourselves, pray, seek God earnestly, and turn from our wicked ways. He promises to hear us, forgive our sins, and heal our land.

Ron

and this is reason why the public’s attention is being actively diverted to the quadcomm and senate circus… ito na pala pinag-gagawa ng administrasyon, ilubog pa lalo yung Pinas sa utang.. 🙁 saan napupunta yung perang inuutang??

manongcastro

This situation isn’t unique to the Philippines—just look at the world’s biggest spender, the good ol’ USA. The printing presses there go “whirrrrr” faster than you can say “fiscal responsibility!” No government seems willing to return to sound money management backed by gold. Why bother, when it’s so much easier to print more cash and inflate the debt away?

Politicians everywhere have mastered the art of hot air promises, borrowing like there’s no tomorrow, and leaving future generations to deal with the mess. Once they’re out of office, they’ll be lounging in luxury, far from the consequences of their bloated budgets. It’s all about buying votes today with money that won’t be worth much tomorrow. And guess what? It happens everywhere, from Washington to Manila!

Gold-backed currency? That’s so 19th century! Why use real money when debt can be inflated away—after you’ve cashed in, of course.

Nemesis