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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (42607)4/8/2010 4:54:39 AM
From: RMF  Read Replies (1) of 71588
 
Well, Reagan didn't seem to think that way when he ran against Jimmy Carter.

At the time our debt was approaching $1 Trillion Dollars.

Reagan made a BIG point of how much money that was. I thought, "Well, this guy will finally cut spending enough to start paying off our bills in full."

Well, it turned out to be just the OPPOSITE..

And since then I keep hearing from people that "deficits don't matter". Cheney said EXACTLY that about 5 years ago.

GDP is VARIABLE just like personal income. It's like a guy telling you that he's got a sweet job in mortgage brokering in 2006 telling you that he doesn't have to worry about having $800K in personal debt because he can SERVICE it easily with his current gig.

Well, in 2008 that guy's gig is gone and he's down the tubes.

It's the SAME with the U.S., except when the U.S. goes down they take ME with them....
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