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Politics : View from the Center and Left

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To: neolib who wrote (211051)	12/9/2012 6:59:50 PM
From: Steve Lokness	Read Replies (1) of 541732

<<<<< I think Krugman is correct is saying now is not the wisest time for focusing on debt reduction>>>> More or less I think just about everyone believes that. It is not the debt reduction that needs to be addressed so much as it is the mind set that a continuing growth in debt has become a way of life for America - debt reduction by almost any measure is way down the road. Building over a trillion dollars of debt year in and year out is not even in the realm of thinking of "debt reduction". ...........Simpson and Bowles were both on this morning and they both warned of the dire situation of our debt. Virtually every one is now on board that we must do something and do it soon. They both warned that we better NOT go off the fiscal cliff as that will just make it all worse. They mentioned a decline of 4% of GDP! Yikes! So be sure and understand that no matter how dire some think our debt has become - they don't want to go over the fiscal cliff. Well except Krugman. I promised John I wouldn't use the term "extreme" when discussing Krugmans suggestions - but here again he is proposing something that people on the left and right just DO NOT AGREE with. Clarification; There is a big difference in reducing our annual debt AND reducing our accumulative debt levels. Hope my comments are not confusing as both are used in the above thoughts. We really really need to reduce our annual debt levels as they pile up one year upon the next. (Think compounded interest rates in reverse to understand how dire this is.) It is longer term we need to address the accumulative debt.

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