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Pastimes : Discussion Thread -- Ignore unavailable to you. Want to Upgrade?

To: c.hinton who wrote (1431)	8/8/2008 10:49:02 AM
From: TimF	Read Replies (1) \| Respond to of 3816

Hoover's problem wasn't cutting entitlements (which didn't exist at the time), or even cutting social spending (he greatly increased it). It wasn't unconnected to the budget deficit (taxes and tariffs where raised, and that was a big contributor), and the fed harshly contracted (after overboosting earlier), and the government started to regulate more and become more interventionist in negative ways. In any case entitlement reform doesn't have to be a crash program of major changes starting day one. "The sooner the better" is not "the more sudden and massive the better", in fact its close to the opposite in this context because the sooner entitlements are reformed the less sudden and drastic the changes have to be.