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Worst economic crisis since the Great Depression

| September 25, 2008 12:00 AM

It's Monday morning, Sept. 22. Congress, allegedly, is going to pass legislation this week to cure America's worst economic crisis since the Great Depression.

And that's reasonable. Last week we as a nation were within a few hours of a total lockup of the economic system. For Congress to spend tax dollars to avert catastrophe makes sense. Keeping the country running in an emergency has to be a priority for our elected officials.

"Priority' is the key word. To avoid crushing the taxpayer in the years ahead, Congress needs to prioritize spending. There are two choices: either continue down our current road of uncontrolled deficits or slash non-essential outlays until the solutions for the economic crisis are fully funded.

Let's skip the partisan squabbling. The Republicans control the executive branch of the federal government while the Democrats control the legislative side. Congress has the power of the purse. Both are to blame for current out-of-control deficit spending. The spending will get worse as America fights a critical economic battle, unless our elected representatives step forward to control non-essential spending.

A few examples of same: grizzly bear research. We've been paying people to study the big bears for half a century. Until America pays for the cures to our economic ills, leave the bears alone. They can survive for a few years without being trapped, tagged and radio-collared.

Another example: NASA. We've spent billions of dollars over the years to prove we can fly a rock-picking go-kart to Mars. Until we've paid for all the sub-prime mortgages that are at the root of our economic ills, leave the rockets on the launch paid. Mars will still be there a decade from now. If a bunch of highly-paid rocket scientists lose their jobs, so what? A government job is not a lifetime contract. Let them compete in private industry.

Still another: AMTRAK. What's more important, averting another Great Depression or subsidizing the handful of people who ride passenger trains? And why, since the current system cannot function without massive and continuing injections of taxpayer dollars, is anyone talking about expanding AMTRAK?

Yet another: global warming. Which is more important, the economic system or a highly debatable bit of national hysteria? The Antarctic ice cap is expanding, true enough, and will probably continue to do so for a few years as we pay to clean up the Wall Street mess. We can't afford both, unless you want to either pay a lot more in taxes or shovel the burden onto your grandkids. Which is more important, economic stability in the here and now or green pie in the sky?

Think of your kids and then think of the bailout two weeks ago of Fannie and Freddie. The government bailed out both mortgage giants, basically because of pressure from Chinese and Japanese investors who were worried about the safety of their investments. We as a nation refuse to live within our means and peddle bonds to Asian investors to fund our fiscal lunacy. A very small part of the bill reared its ugly head with Fannie and Freddie. If we do not change our ways, if we refuse to make the tough spending choices in the wake of the Wall Street meltdown, our kids will pay the piper. And that's morally wrong.

Let's see Congress make some tough spending cuts. As we face the greatest crisis in our capitalistic system since the 1930's, let's see some fiscal leadership from our elected representatives. Let's hear what programs they will cut that will directly impact their home state.

And let's hear it before November 4. If we don't, let's clean House and Senate.