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To: Lizzie Tudor who wrote (635)	3/3/2007 12:17:53 PM
From: Mary Cluney	Respond to of 2101

We have no facility to pay for the retiring baby boom, (that was what the surplus was supposed to be for) and we just doubled the national debt in this decade. Balancing the budget is not easy, but the current picture is badly skewed by incredible incompetence. We have to cut unnecessary spending and make some adjustments in other areas. It will not be painless, but it has to be done. Things can change quickly. Look at it this way. It is inconceivable that we will get another administration as incompetent as this one.

To: Lizzie Tudor who wrote (635)	3/3/2007 12:59:44 PM
From: Paul Chiu	Respond to of 2101

The wealth gap was narrower in the Ford and Carter years. That was also a period with few technological innovations. Certainly no computers unless you were working in Armonk with IBM or Grumman at Bethpage if you're a New Yorker. Wall Street did not pay a tenth of what they pay now to MDs and the real MDs during the 70s and 80s were the ones making the most. If my grades were better than they were at Columbia pre-med, I would have been a MD, that was the goal for most of my friends. You're right, Liz, a long period of stagflation will lead us into something like the Japan of the 90s but since we are such a technology dependent nation, just a bear market may not even last long enough to get us there. I guess Presdient Clinton and her DEMs will have to raise taxes and lots of it in order to narrow the gap a bit. But from her Wednesday speech, it seems like she is already catering to the hedgies for money and raising taxes may not be the order for her administration when the time comes. Paul