No one argues with the Tea Party that a governmental debt crisis exists. However, sane and prudent slowing growth of the budget is quite different than the slash and burn austerity mentality that the Tea Party shares with the IMF. I have written about the danger of IMF thinking, and in nations where cuts to government spending are massive, in the face of high unemployment, this becomes a dangerous way to go. There has to be balance and a gradual weaning of the pace of growth of government, not a wholesale slaughter of major programs. Unemployment could rise dramatically if governmental programs are slashed.That is true of many areas of Europe.
Regardless of what Rick Santelli has said, we have been screwed by the big banks and the central banks of the western world. The question is are we going to peacefully resist this new financial order or are we going to let these bankers take down our way of life. Are we going to prove Karl Marx right by hurting the average Joe or are we going to strengthen mainstreet by rational thinking? As we see wages go down in a world economy, are we going to pump housing up or are we going to let it correct so that renters can actually afford to rent on the lower wages? At some point, the deleveraging and globalization that is taking place will produce manufacturing and results. But as of now the opposite is happening.