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Politics : Politics of Energy
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To: Bearcatbob who wrote (5610)3/4/2009 3:58:11 PM
From: RetiredNow  Read Replies (1) of 86350
 
Oh, I agree with you about the money not being all there in the top 2%. As I've said before, there are two rampant delusions going on:
1) GOP delusions that we are not going to have to raise taxes on EVERYONE
2) Dem delusions that we're going to be able to continue spending like this over the long term

At the end of the day, rampant inflation is coming. We're going to have to raise taxes and cut spending and we're all going to be a lot poorer for it. That's the hard, ugly truth. But if we can survive the medicine, then our country will emerge fiscally stronger, but with a smaller GDP.

THe lesson I learned long ago is that all growth is not good growth. There is such a thing as unprofitable growth. We've grown GDP by borrowing heavily and that is not healthy, nor sustainable. I'd bet the new equilibrium point will be something around $10-12T GDP, instead of the peak of $14 or whatever it was. That drop in equilibrium points is going to hurt deeply.
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