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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (530017)	11/18/2009 9:34:10 AM
From: RetiredNow	Read Replies (3) \| Respond to of 1574054

It's a good question. I don't know the answer. Stimulus spending will obviously go down. However, we still have structural spending laws in place that make it inevitable that deficits will continue to rise, unless the economy can grow substantially enough to bring in more tax revenues to offset the statutory growth in spending. So far Obama has paid lip service to doing something about fiscal discipline after the economic crisis is over. Let's see if he follows through. I'll tell you the truth, though. I have exactly zero confidence in either the GOP or the Dems embarking on any efforts at true fiscal discipline. It really makes me pine for the days of Bush Sr, Gingrich and Clinton. All 3 were fiscal conservatives and Gingrich forced Clinton to hold the line on spending, while Bush Sr and Clinton both raised taxes, which lead to surpluses in the latter Clinton years. I am doubtful we'll see that kind of leadership on fiscal responsibility any time soon. The end result won't be pretty. At the end of Obama's 8 years, we're going to be $20 trillion in debt and it will weigh very heavily on our standard of living. My only real hope is that Obama and the Dem Congress will put the petal to the medal on renewable energy and grow that industry fast enough to bring in the kind of wealth and tax revenues that the Internet revolution did. That may help us grow our way out of the debt.