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Politics : The Obama - Clinton Disaster
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To: tntpal who wrote (6921)2/16/2009 11:29:54 AM
From: DuckTapeSunroof  Read Replies (1) of 103300
 
Re: "And now you're talking about warnings to reduce Federal Borrowing while you support Obama's Stimulus package?"

Except for one important detail: there is a CLEAR DIFFERENCE between (doing what nearly all economists advise) increasing federal spending when you are in the throws of the most rapid and potentially worst global economic collapse since the onset of the Great Depression... and increasing federal spending (federal borrowing, federal deficits) when the economy is going rather well, in the 'up' end of the business cycle. (Which nearly every economist, regardless of their political bent, recommends *against*!)

The time to raise borrowing is when you are in the DOWNWARD past of the business or economic cycle, and especially when *still accelerating downwards at a super-fast speed... NOT when the business cycle and economic cycle are ramping UPWARDS.

The up parts of the cycle are *exactly when* a WISE PERSON PAYS DOWN DEBTS, and REDUCES BORROWING: exactly what happened in Clinton's second term when real federal debt (measured as percent of GNP) was reduced by 8.8%.

It was a damn crime of mis-governance for the younger Bush to wipe that gain completely away by increasing real national debt (measured the same: as % of GNP) by 10.8%

Re: "Both parties are at fault and both parties offer the same non-solutions."

I agree!

There are both for crap, as a rule....

And *only* a Balanced Budget Amendment to our Constitution, (taking it out of the hands of short-term politicians...), will EVER reign chronic government over-spending in.
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