Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Sidney Reilly who wrote (161253)	10/23/2013 8:02:47 PM
From: calgal	Respond to of 224729

Broke U.S. Resumes Spending John Stossel \| Oct 23, 2013 [iframe id="google_ads_iframe_/6177/slm.townhall/columnists_0" name="google_ads_iframe_/6177/slm.townhall/columnists_0" width="300" height="250" scrolling="no" marginwidth="0" marginheight="0" frameborder="0" style="border-width: 0px; vertical-align: bottom;"][/iframe] What would you think of a person who earned $24,000 a year but spent $35,000? Suppose on top of that, he was already $170,000 in debt. You'd tell him to get his act together -- stop spending so much or he'd destroy his family, impoverish his kids and wreck their future. Of course, no individual could live so irresponsibly for long. But tack on eight more zeroes to that budget and you have the checkbook for our out-of-control, big-spending federal government. Yet when Congress and President Obama agreed on a deal last week to raise the debt ceiling and resume government spending, people reacted as if a disaster was averted -- instead of reacting as if a disaster had resumed. It has. And it continues. Congratulating ourselves for raising the debt ceiling once again, the way we do every time this drama plays out, is like congratulating an alcoholic for talking the bartender out of cutting him off. As with alcoholics, there's a deeper problem here. It's not just that America is addicted to debt. Everyone agrees we should pay our bills, just not when or how. The deeper addiction is to government. For most of the history of America, federal spending never took up more than 5 percent of the economy. Spending increased during wars, but after World Wars I and II, spending dropped back to prewar levels. Then came Presidents Johnson and Nixon and the "great society." From then on, spending rose even in peacetime. Now, if you include local government, government spending makes up more than 40 percent of the economy. "Government has exploded in size," warned economist Dan Mitchell of the Cato Institute. It happens because of "politicians promising things they cannot deliver and imposing tax burdens that are crippling private sectors." Politicians from both parties criticize spending when they're out of power. But then they increase spending once they're in power. I'd forgotten that when Obama campaigned for the presidency, he was very upset about his predecessor's deficits. Sen. Obama complained, "The way Bush has done it over the last eight years is to take out a credit card from the bank of China. ... We now have over $9 trillion of debt that we are going to have to pay back. ... That is irresponsible." I agree! $9 trillion in debt is totally irresponsible. That makes it all the more remarkable that just a few years later, under President Obama, debt increased to $17 trillion. But now, suddenly, this vast debt is no longer irresponsible. Today the president says what is irresponsible is for Congress not to constantly raise the debt ceiling.

To: Sidney Reilly who wrote (161253)	10/23/2013 11:13:43 PM
From: Wayners	1 Recommendation Recommended By John Respond to of 224729

Is there a budget or just 5 years of continuing resolutions?