The Scary Side of Our National Debt Explained By Black Finance Expert Boyce Watkins

Dr. Boyce Watkins
www.BoyceWatkins.com

Brought to you by The Great Black Speakers Bureau - The #1 Speakers Bureau in the world.

Hey Peeps,

I thought you guys might want to hear Barack Obama's latest pitch as he works to solve one of the greatest economic crises since The Great Depression. It is here if you'd like to take a look. I agree with the President that bold moves by our government are necessary. Where we differ is that I do not believe it to be reasonable to think that our economy, stock market, economic growth or employment numbers are going to reach prior levels any time soon. That's because much of our economy one year ago was an illusion....a mirage created by easy access to credit sparked by a poorly regulated financial system. We are effectively the great athlete trying to compete after his steroids have been taken away: The athlete might be good, but his natural talent will likely never match his performance when it has been enhanced by doping.

More importantly, it is critical that each of us seriously considers the long-term financial damage that has been done to our economy. Even worse than our financial system, our political system is one that promotes the kind of short-sighted behavior that will surely cause serious financial problems for our children and grand children. I apologize for sounding like an alarmist, but I must be blunt: Get your money together RIGHT NOW, or there may be hell to pay in the long-term. The data from my research show that this is simply the beginning of very serious long-term financial problems in our great nation.

Our money advice email list is here, feel free to join. If there is a way that my training in Finance can help you or your family overcome financial challenges, I'd be happy to share what I know.

Be well,
Dr Boyce
www.BoyceWatkins.com

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The Scary Side of Our National Debt
By Dr. Boyce Watkins
www.BoyceWatkins.com

As a finance professor, I become nervous when listening to the numbers being tossed around by our federal government. I hear “700 billion for this and 800 billion for that” mentioned as casually as a man tossing dollar bills at a strip club. Our government officials have been wasteful, incompetent and incredibly myopic in the way they’ve managed our money. Even conservative Republicans are spending like financially illiterate rap stars, and the Obama-mania train doesn’t seem interested in taking a different track.

Added to the $400 - $700 Billion that President Elect Obama wishes to spend on a stimulus package (not to mention bail-outs for automakers and other parts of the economy), the total amount of money our government has seriously considered allocating to solve the financial crisis has approached the $2 Trillion dollar mark. In case you’re wondering, that is A LOT of money, even for government officials who think that money grows on trees.

The truth is that, like the star quarterback who thinks his money will never run out, our country is going to wake up one morning, only to realize that we are no longer financially secure. We are going to be alarmed by the prospect that our government securities are no longer considered risk-free investments. Like the worried mother who notices she is one paycheck away from being homeless, we will see that we are one terrorist attack away from being stripped of our vast economic power.

To put the $2 Trillion dollar problem into context, consider this:

- Our government’s annual income (IRS receipts coming from money you and I pay in taxes) is about $2.5 Trillion dollars.
- Our national debt has reached the $10 Trillion dollar mark. That is like a man earning $250,000 per year, and sitting on a million dollars in debt, with full intention of obtaining more debt because he believes he is too rich to go broke.
- Roughly 42% of the Federal budget goes toward entitlements: Medicare, Medicaid and Social Security. Another 20% goes to making sure we can arbitrarily “liberate” other countries who happen to have plenty of oil (the military), and another 9 – 10% goes toward paying the interest on the national debt.
- Our population is aging – this implies that our productivity as a nation is going to drop over the next 30 years, and our real Gross National Product is likely to drop with it. In conjunction with our decline in productivity, our obligations for the "Big Government 3" (Medicare, Medicaid and Social Security) are going to grow. So, the guy I mentioned above with a million dollars in debt is also going to see his income decline, while watching his expenses go up.

Translation: our country is in serious financial trouble. Trickle down economics (as proposed by these bailout plans) almost never works. I am amazed that we live in a country in which the same irresponsible men who caused the crisis are the first to be rewarded with a government bailout. The next time someone attempts to argue that Black males or young single mothers lack personal responsibility, I am going to point to the bankers on Wall Street and our government officials as being far more damaging to our nation. The real welfare recipients live on Wall Street, Capitol Hill and in executive suites, as they beg and plead for government assistance that is being granted at will. All the while, I hear politicians (even the great Black man in the White House) tell Black males with nearly 50% unemployment that they just “need to be more responsible”.

What are the solutions to this problem? There really are no quick solutions, but this might be where President Elect Obama can start:

First, stop declaring expensive wars that don’t make any sense. The Iraq War costs our nation roughly $340 million dollars per day and a combined total of half a trillion dollars. That’s enough to send over 10 million kids to college or to pay a year’s worth of health insurance for 100 million people. You could also provide $100,000 dollars worth of mortgage relief to 5 million American families.

Second, stop electing incompetent people to the most challenging office in the land. Choosing President Bush to run our country means that we deserve whatever consequences come from allowing arrogant Ivy League privilege to override the importance of competence, intelligence and solid leadership. With all the bogus and racist claims that Black youth are crippled by anti-intellectualism, it’s funny that nearly 50% of our nation planned to elect a Vice President who doesn’t know that Africa is a continent.

Third, stop throwing our children’s futures into the garbage. Millions of powerful minds are being wasted each year by a horrible inner city educational system. The money spent on the war in Iraq could have saved the lives of these youth and turned them into productive Americans. Instead, many of them are only going to be prepared to milk the economy for more costly entitlements.

Fourth, stop incarcerating many of our most productive citizens. We pay roughly $23,000 per year to incarcerate criminals, plus an average of $24,000 per year/per inmate for community corrections officers and other supervisory officials. Spending that money to educate and rehabilitate these individuals would not only increase our nation’s productivity, it would further reduce reliance on government support given to those who’ve been marginalized or had their families destroyed by our barbaric system of incarceration. This doesn’t count the impact on health effects that would come by simply stopping the prevalence of prison rape and transmission of disease within many communities across America. All chickens eventually come home to roost, even when they’ve been given 25 to life. The incarceration of productive Americans is an inter-generational loss, since their ill-nurtured children then become society’s worst nightmares.

Finally, our elected officials must stop thinking that they have a blank check. Sorry Senators, but you don’t. Money is finite, and when you keep piling up debt like MC Hammer, you’ll find yourself broke after your next album. Around the world, massive wealth appears and disappears in a flash, and by continuing our irresponsibility, we are setting the stage for the twilight of our great nation. Our officials must be more responsible and the American people must demand limitations on the use of federal debt.

Every great empire has a sunset. Many successful individuals and entities are brought down by a crippling vice, addiction or series of poor choices. America's love of debt, arrogance in leadership and unwillingness to plan for the future may be the poisons it has picked to undermine our global prominence. Protect yourself and your family, for there are bumpy times ahead.

Dr. Boyce Watkins is a Finance Professor at Syracuse University. He does regular commentary in national media, including CNN, ESPN, BET and CBS Sports. For more information, please visit www.BoyceWatkins.com.

Barack Obama Help Africa Please

Your Black World: Black Rage, Barack’s Redemption

Black Rage, Barack’s Redemption
By: Tolu Olorunda
Staff Writer - YourBlackWorld.com

Reprinted From Black Commentator

“In Chicago, sometimes when I talk to the black chambers of commerce, I say, ‘You know… A good economic development plan for our community would be if we make sure folks weren’t throwing their garbage out of their cars.’”

-President-Elect Obama (April 2007).

“Y’all have Popeyes out in Beaumont? I know some of y’all you got that cold Popeyes out for breakfast. I know… You can’t do that. Children have to have proper nutrition. That affects also how they study, how they learn in school.”

-President-Elect Obama (February 2008).

“The previous generation, the Moses generation, pointed the way. They took us 90% of the way there [to equality]. We still got that 10% in order to cross over to the other side.”

-President-Elect Obama (March 2007).

“But if we are honest with ourselves, we’ll admit that what too many fathers also are is missing – missing from too many lives and too many homes. They have abandoned their responsibilities, acting like boys instead of men… You and I know how true this is in the African-American community… Yes, we need more jobs and more job training and more opportunity in our communities. But we also need families to raise our children… Any fool can have a child... [D]on’t just sit in the house and watch ‘SportsCenter’ all weekend long.”

-President-Elect Obama (June 2008)

…“We’ve all said in the black community, we don’t see all of who we are in, in the media. We see snippets… of our community and distortions of our community. So the world has this perspective that somehow Barack and Michelle Obama are different, that we’re unique. And we’re not. You just haven’t seen us before.”

-First Lady-Elect Michelle Obama (May 2007)

“[T]here’s always… doubt in the back of the minds of people of color, people who have been oppressed, who have never been given the real opportunities that you never really believe, that you believe somehow that somehow someone is better than you, you know deep down inside you doubt that you can really do this cause that’s all you’ve been told is no… And I think it’s one of the horrible legacies of racism and discrimination and depression you know it keeps people down in their souls in a way where you know sometimes they can’t move beyond it.”

-First Lady-Elect Michelle Obama (Nov. 2007)

A close look at the above-listed quotes would strike a curious chord in the reader. How can it be that a married-couple with identical political characteristics provoke such discord in their views on Race, and Black identity? After much deliberation, I’m convinced that President-Elect Obama’s disturbing perspective of the African-American community is not motivated by malice or cowardice, but simply a result of his upbringing. In other words, his distinctly condescending attacks on Black consciousness are merely a product of the overwhelming, disproportionate influence his White mother and White grandparents had on him. In contrast, Michelle Obama, raised by Black parents and nurtured in the womb of Black America, is prone to persuade a more empathetic view of the African-American community. It is virtually impossible for Barack Obama to have emerged from the loving arms of a woman who, “once confessed her fear of black men who passed by her on the street, and who on more than one occasion has uttered racial or ethnic stereotypes that made me cringe,” and not have inherited some of such Negrophobia, which has cast dark shadows on Black male psyche. In Just Walk on By, Author, Brent Staples wrote of the degree of “lethality nighttime pedestrians” attribute to certain Black males who fit the kinds of cringe-worthy stereotypes which Obama’s grandmother (God rest her soul) must have expressed constantly. The impact of this on the young Barry cannot be overlooked.

Obama was also never immune to the toxic wrath of White-supremacy as a child. Whilst being called “Negro” at school, it is reported that he was “teased more than any other kid in the neighborhood - primarily because he was so different in appearance.” A neighborhood friend recalled how Obama, as a young man, was “built like a bull. So we’d get three kids together to fight him.” An outcast amongst his lighter-skinned friends, he was once thrown into a swamp, when a group of neighborhood rascals grew disturbed that he had decided to tag along with them. Being Black, in this young man’s mind, must have resonated more as a negative, than a positive. It is inconceivable for a love-starved bi-racial kid to undergo such traumatic experience, without incurring an indelible stain of self-hatred. It is in this vein, I believe, that President-Elect Obama attempts to win a battle with his childhood, by scapegoating the Black Community.

Barack Obama’s nonchalance toward Black folks can also be a product of his elite educational background. It is no secret that Ivy-League institutions, such as Harvard and Princeton, promote a deficiency in diversity, vis-à-vis the student/faculty body. Having bathed in the muddy waters of a racialized childhood, it is no insult to suggest that Obama was baptized in the Holy waters of white-dominated institutions, such as the Harvard Law Review, to cleanse all remembrances of his “dark” past, and start anew. On the other hand, Michelle Obama, though privileged with an equivalent share of elite education, had a much different take on life at diversity-deprived institutions: “Predominately White universities like Princeton are socially and academically designed to cater to the needs of the White students comprising the bulk of their enrollments… My experiences at Princeton have made me far more aware of my ‘Blackness’ than ever before. I have found that at Princeton no matter how liberal and open-minded some of my White professors and classmates try to be toward me, I sometimes feel like a visitor on campus; as if I really don’t belong.” It is, at this point, clear that the singular difference between Barack and Michelle’s racial ideologies is the background which supports them.

It must be noted that Sen. Obama’s irrational display of self-hatred is not an anomaly in a community literally taught to hate itself. Just this past week, TV Judge and Activist, Judge Mathis, hosted a Black Woman who claimed that 90% of the Black Women she had encountered embarrassed her so much that she often hoped to be white. Mathis, growing disgusted, recommended that this particular lady, just “get her face bleached” and get it over with. Mathis then felt the urge to question her: “If you could kill yourself and come back as white, you would do it, wouldn’t you?” And to total shock of the studio audience, the plaintiff responded in the affirmative, “Definitely.” Regrettably, this attitude is not uncommon to the Black experience in America. It has scarred the fabric of our humanity for generations, since slavery. Many historians would agree that every ailment which afflicts the conditions of Black America today is directly traceable to the horrific conditions that buried the dignity of Black folks for 400 years, and beyond. Self-hatred has proven to be a successful escape route for those Blacks/Browns seeking repair to their damaged self-esteem. This is why a president, who values the humanity of people of culture/color, must be acutely aware of the words he/she chooses in remonstration against such communities. If Barack Obama is unaware of this reality, well-informed counsels such as Michelle Obama and Valerie Jarrett must take a personal interest in educating him.

And now, to President-Elect Obama or any campaign staffers reading this: There’s only a certain amount of discomfort the Black Community can afford after being robbed of its culture, identity, intellectual contributions and pride. Many African natives come to the American shores and thrive in ways that, unintentionally, insult the dignity of their African-American family. This ability for African success in a foreign land often stimulates the claim that the problem lies not in the practice of racism, but indecision, by Blacks in America, to pick themselves up by their bootstrap and take personal responsibility for their actions.

Such inference is an assault on the legacy of the not-so ancient history of legal/physical slavery, which consistently strides to stifle the potential of Black/Brown peoples in our society. We did not ask for this. This truth, however, escapes many white brothers and sisters, who act as though Black people are preoccupied with excuses, and possess a fundamental lack of determination for success. President-Elect Obama, it is incumbent upon you to arrest this notion. Not advance it. The reason Black folks are so enamored of the concept of a Black presidency is because they have searched, endlessly for a public official who can take into account the integrity of their dignity and contribution to society. If the next administration is unable to do so, there is little hope left for this democratic experiment.

To anti-Obama Black progressives: President-Elect Obama is our brother – even though he’s acted in ways that contradict this reality. Whilst he might not exhibit an impassioned concern for the Black Community, his background mirrors one oh-so many of us were enshrouded in. I propose, humbly, that Obama be forgiven for his rabid attacks on the Black Community, and granted a chance at redemption. There’s no doubt that his outspoken, generalized and unilateral critiques of Black folks are unmerited. But I am convinced, however, that deep-down, he appears to hold dear the conscience of the Black Community. What our brother, President-Elect Obama deserves is re-education, not retaliation. For a man who, at childhood, was deprived substantive interaction with the other side of his DNA, there’s certainly much need for a reorientation of who/what the Black Community is.

Your Black Scholar: An Open Letter To Barack Obama -- Alice Walker

An Open Letter to Barack Obama

By: Alice Walker

Dear Brother Obama,

You have no idea, really, of how profound this moment is for us. Us being the black people of the Southern United States. You think you know, because you are thoughtful, and you have studied our history. But seeing you deliver the torch so many others before you carried, year after year, decade after decade, century after century, only to be struck down before igniting the flame of justice and of law, is almost more than the heart can bear. And yet, this observation is not intended to burden you, for you are of a different time, and, indeed, because of all the relay runners before you, North America is a different place. It is really only to say: Well done. We knew, through all the generations, that you were with us, in us, the best of the spirit of Africa and of the Americas. Knowing this, that you would actually appear, someday, was part of our strength. Seeing you take your rightful place, based solely on your wisdom, stamina and character, is a balm for the weary warriors of hope, previously only sung about.

I would advise you to remember that you did not create the disaster that the world is experiencing, and you alone are not responsible for bringing the world back to balance. A primary responsibility that you do have, however, is to cultivate happiness in your own life. To make a schedule that permits sufficient time of rest and play with your gorgeous wife and lovely daughters. And so on. One gathers that your family is large. We are used to seeing men in the White House soon become juiceless and as white-haired as the building; we notice their wives and children looking strained and stressed. They soon have smiles so lacking in joy that they remind us of scissors. This is no way to lead. Nor does your family deserve this fate. One way of thinking about all this is: It is so bad now that there is no excuse not to relax. From your happy, relaxed state, you can model real success, which is all that so many people in the world really want. They may buy endless cars and houses and furs and gobble up all the attention and space they can manage, or barely manage, but this is because it is not yet clear to them that success is truly an inside job. That it is within the reach of almost everyone.

I would further advise you not to take on other people's enemies. Most damage that others do to us is out of fear, humiliation and pain. Those feelings occur in all of us, not just in those of us who profess a certain religious or racial devotion. We must learn actually not to have enemies, but only confused adversaries who are ourselves in disguise. It is understood by all that you are commander in chief of the United States and are sworn to protect our beloved country; this we understand, completely. However, as my mother used to say, quoting a Bible with which I often fought, "hate the sin, but love the sinner." There must be no more crushing of whole communities, no more torture, no more dehumanizing as a means of ruling a people's spirit. This has already happened to people of color, poor people, women, children. We see where this leads, where it has led.

A good model of how to "work with the enemy" internally is presented by the Dalai Lama, in his endless caretaking of his soul as he confronts the Chinese government that invaded Tibet. Because, finally, it is the soul that must be preserved, if one is to remain a credible leader. All else might be lost; but when the soul dies, the connection to earth, to peoples, to animals, to rivers, to mountain ranges, purple and majestic, also dies. And your smile, with which we watch you do gracious battle with unjust characterizations, distortions and lies, is that expression of healthy self-worth, spirit and soul, that, kept happy and free and relaxed, can find an answering smile in all of us, lighting our way, and brightening the world.

We are the ones we have been waiting for.

In Peace and Joy,
Alice Walker

© 2008, Alice Walker

Originally Appeared In The Root