Creative destruction

Economist Joseph Schumpeter in the 1930's coined the phrase, "merchants of debt," those who market debt to as many forms and to as many buyers as possible. The merchants have become more and more innovative over time and continue to ply their trade disgracing America in the eyes of the world. Yes, credit is the American way, without debt our economy could never have boomed or our standard of living increased, but ... Schumpeter also coined a concomitant phrase, "creative destruction" which means that companies or industries that are no longer competitive wither away, replaced by new businesses that are nimble, delivering what the public wants. Unfortunately, government hates ‘creative destruction’ and spends great amounts of public treasure bailing out and subsidizing uncompetitive dinosaurs.

Enter, the big O, the President-elect, trumpeting his zero-sum- gain tax credit plan named with a double entendre, "Making Work Pay." Tax cuts for the middle class and small businesses will simply be a "credit to offset Social Security and Medicare payroll taxes." What does this mean? The hand that giveth is actually taking away. Too bad politicians and the public refuse to (or through ignorance, are unable to) see that government still is a merchant of debt known to create destruction. America, we’re ruined - as usual.