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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (108643)	4/13/2009 4:16:44 PM
From: Mary Cluney	Read Replies (2) \| Respond to of 540944

<<<Democrats complained bitterly that the Bush administrations spending in Iraq was sinking us into a level of debt that was mind bending and unsustainable. It is crazy of Krugman to to now say on top of that debt, on top of the debt in the entitlement programs, and on top of the stimulus spending - which is huge compared to the Iraq war spending we don't need to worry about debt. You can't complain about debt when the republicans make it but then dismiss it when democrats do>>> There is a big difference. Bush created a huge debt by spending foolishly on a war that was optional (a war of choice and not a war of necessity) and reducing revenue by giving huge tax cuts (when we needed money to pay for a war of choice) to people who were spending money foolishly on multiple homes, yachts, airplanes etc, etc. We don't need to get into the philosophy that expedited this mess. Now that the bubble has burst, the situation is different. There are people suffering. They lose their jobs, their homes, their healthcare. Almost everyone (almost all economists)and central banks around the world think that we should stop the bleeding - spend whatever is needed to stabilize the credit markets and get credit flowing gain. And if we have to spend money, we should spend it wisely. More like an investment in the future for future generations. We should spend money to create jobs that can help to make us energy independent, make our kids more competitive, and make our health care system more efficient. The crazy people that Krugman refers to are republican office holders.