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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Ilaine who wrote (104331)5/23/2001 6:41:07 PM
From: benwood  Read Replies (2) of 436258
 
The 1929 receipts were likely products of the bubble, as was the surplus in 2000. The aftermath of the bubble will produce horrible receipts. Those in charge of fiscal policy not only will run a deficit based on last year's laws, but with a tax cut, will run a bigger deficit for our children to pay off, or our grandchildren, or our great-grandchildren (I don't know how long the game can last).

On the one hand, consumers are now being held accountable for the economic "recovery" -- keep borrowing, or it will collapse.

On the other hand, the gov't is going to resume deficits, and some think that's also a good thing. And I believe the deficit by 2002 will be huge.

In other words, our only hope is debt, and lots of it. Something seems to be wrong with that picture unless you are 105 years old and on your deathbed.
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