| First, no one is currently proposing deficit spending, which, in any case, is mainly a Democratic policy. Second, what you call "trickle down" was characterized by Jack Kennedy this way: "A rising tide lifts all boats". In other words, it is the simple realization that economic growth is more beneficial than redistribution. Third, the issue is not the gross level of indebtedness, but what you get indebted over, its relation to income, and one's ability to service the debt. For example, do you think it is terrible to carry a mortgage? No, because one would have to rent space anyway, and one is in a position to build equity with a mortgage. And yet the main forms of consumer debt are for durable items like houses and cars. Include those, and the average household has a much higher debt service burden than the federal government. Fourth, no one knows what the "will of the people" was. It is, in this circumstance of uncertainty, a meaningless phrase. What we do know is the Bush is the President- elect....... |
