Posted on 07/06/2009 4:18:09 PM PDT by mojito
[Bloomberg: Link Only]
The only difference is, when the U.S. govt starts handing out IOUs, everyone will know that there is no higher echelon that might step in and save the day. When the Treasury starts handing out IOUs, the whole world will recoil like we're passing out venomous snakes.
We're the horse that pulls the Chinese economy, so they don't want to let us go, but don't think that they won't if the numbers don't turn around. They'll cut their losses and bail if they think we're heading towards collapse or runaway inflation. It will put their economy into agony, but it will shatter ours. When that happens, we are all Californians. ;-)
Nice quote.
Ronald Reagan ran up big deficits in part because he believed that his tax cuts would produce economic growth, and ultimately pay for themselves. He may well have been excessively optimistic about the merits of tax cuts, but at least he had a story.
He misses the point entirely. We had huge deficits in the 1980’s because Congress refused to control spending. The tax cuts did their job and raised revenue, but spending increased faster.
Cut spending and cut taxes and the government will have plenty of $$. Bam is blind to this idea and we will suffer because of it.
schu
Good comments.......GREAT tagline! :)
The federal picture is so bleak because the Obama administration is the most fiscally irresponsible in the history of the U.S. I would imagine that he would be the intergalactic champion as well, if we could gather the data on deficits on other worlds. Obama has taken George W. Bush’s inattention to deficits and elevated it to an art form.
The Obama administration has no shame, and is willing to abandon reason altogether to achieve its short-term political goals. Ronald Reagan ran up big deficits in part because he believed that his tax cuts would produce economic growth, and ultimately pay for themselves. He may well have been excessively optimistic about the merits of tax cuts, but at least he had a story.
Obama has no story. Nobody believes that his unprecedented expansion of the welfare state will lead to enough economic growth. Nobody believes that it will pay for itself. Everyone understands that higher spending today begets higher spending tomorrow. That means that his economic strategy simply doesn’t add up.
I hope you like my tag line, as well.
“CALIFORNIA’S NIGHTMARE WILL KILL OMAMA..........NOMICS.
(I sure hope so.)” OMG that lousy period key is sticking again!
LOL......I do like it!
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