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Big Govt. spending AND large Tax Cuts.
Ronald Obama.
ooooooo $1,000,000,000,000 deficits!
Big Govt. spending AND large Tax Cuts.
Ronald Obama.
ooooooo $1,000,000,000,000 deficits!
reduce the spending and then
-Mars
The prescription is apparently more spending, more tax cuts and more debt.
What was the disease?
Recession.
What is strange, however, is that that is EXACTLY what the govt. has been doing for the past 8 years.
But now is the time to actually do it.
You guys need to read up on what happened when Hoover started worrying about the budget deficit.
This is the world Bush and you who supported him have left us with. And frankly, if Obama truly wants to clean up the ashes he doesn't get the luxury of worrying about the deficit.
Oh and BTW, the fact that tax cuts are playing so prominent a role in Obama's stimulus is 100% an effort to appease republicans who otherwise wouldn't vote for it. So if anybody wants to about this large of a cut as opposed to say federal spending on infrastructure, feel free to point fingers squarely and solely... at the GOP.
Or when FDR raised taxes during the recession.
If there was ever a time to be fiscally irresponsible, it's now.
The disease is recession.
Wouldn't it be more accurate so say recession is a symptom of America's overleveraged estate and the confidence problem it has created?
The hangover from a party that lasted a generation?
The lack of due diligence as to risk has been criminal. Rating agencies, banks, GSE's, investment houses, lenders, insurance companies -- the effing criminals who wrecked our economy -- were the first to be officially saved from the fiery wreckage. You save what you value most.
Good. You grasp my point. I would say since 1971 or so, but in a broad way I agree 101A.
Last edited by Winehole23; 01-06-2009 at 02:39 AM.
This is a pretty good distillation of the village wisdom on this question, that deflation should be averted at all costs. On its face, this proposition is portentous for our country. I tremble to think it should ever become the normal style of government.
Oops, it already has.
What haunts me, is that if we fail, we have that much less to spend on the foreseeable human needs that would result from deflation and debt default on an epochal scale.
Although it is socially painful and risky to the powers that be, deleveraging, default and deflation lead to price discovery -- a must in a market with so much riding on illiquid assets. Not everything about deflation is bad. If we don't purge the bad debt, we'll pay much more for it later.
OTOH, our debt already is so massive that the only apparent way we can possibly afford it is to pay it back is in grossly deflated dollars, but this will be the functional equivalent of default for some of our creditors. It will also mean a lower standard of living for all Americans. This way lies the 2nd World and debt tribulations.
The worst case deflation scenario is eating babies, while the best case scenario -- deflation averted thru Keynesian stimulus -- may lead to national default, and if mistimed causes hyperinflation. If we overcompensate for the hyperinflation, a further recession can result.
The best case deflation scenario is a very painful contraction that reduces America to its real productive forces, unaccompanied by social collapse. When price discovery happens and wealth becomes liquid again, we'll all have a different perspective on evaluating risk. Credit will be based on real equity and ability to pay, not lies and bull . Capital requirements will be intensely scrutinized. Through default, bad debt will be purged and companies consolidated. The currency will be sounder, so savers and investors will both have good reason to get involved whenever things start looking up.
I think the energy, ingenuity and gumption of my country will measure up to the current economic adversity.
I also think it will kick our asses first.
Last edited by Winehole23; 01-06-2009 at 02:38 AM.
600,000 new government jobs
Since when is a $500 tax credid for the individual and a $1,000 tax credid for a family, a tax cut?
The people not paying taxes will get this money. Only people paying taxes will see it as a tax cut.
Smart move. More redistribution of wealth and a $300,000,000,000 annual increase in the national debt!
Don't the democrats claim it's the republicans that aren't fiscally conservative?
Considering you and other voters of your ilk, your ed up party and your idiot president caused this whole mess, you really need to shut up.
Like I said before:
You guys need to read up on what happened when Hoover started worrying about the budget deficit.
This is the world Bush and you who supported him have left us with. And frankly, if Obama truly wants to clean up the ashes he doesn't get the luxury of worrying about the deficit.
Oh and BTW, the fact that tax cuts are playing so prominent a role in Obama's stimulus is 100% an effort to appease republicans who otherwise wouldn't vote for it. So if anybody wants to about this large of a cut as opposed to say federal spending on infrastructure, feel free to point fingers squarely and solely... at the GOP.
Dude, please put away the zombie...
Payroll deductions are real. And they are taxes. Could you please quit saying only people who pay income taxes pay taxes. It's a lie, WC.
How many times must I tell lamers like yourself
I AM NOT A REPUBLICAN!
You are such a dip- , no matter how many times I say it, you don't get it. I am a Libertarian of the Conservative persuasion!
As for the rest of the dogma, just shows you as a ed up Kool-Aid drinker as well.
Please. Check yourself into rehab.
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