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View Full Version : tax cuts, & the future of our country



twelve_thirty_flight
07-30-2003, 09:28 AM
http://www.spiegel.de/wirtschaft/0,1518,258983,00.html

I know this is a touchy subject, and many of you are fans of Bush.

Phrases like "a form of looting" or "the worst government the US has ever had" may seem intemperate to you. If you don't like such language, that's ok.

But keep in mind, Akerlof is not some radical politician campaigning for office; he is simply a nobel prize winning economist worried about the future of our country.

I believe we should all be concerned. Where is Ross Perot when you need him?

skee79
07-30-2003, 10:17 AM
Deficits are always customary following a war or a recession (or both in this case).

watcher
07-30-2003, 10:47 AM
Deficits are always customary following a war or a recession (or both in this case).




True, but the sheer size of this one is what worries me. I understand the concept of deficit spending, and think it is indeed a good idea...up to a point. Not sure where that point is, but we are waaaay past it now. http://forums.freshalloy.com/images/graemlins/smirk.gif

DaveC
07-30-2003, 12:06 PM
Deficits are always customary following a war or a recession (or both in this case).




True, but the sheer size of this one is what worries me. I understand the concept of deficit spending, and think it is indeed a good idea...up to a point. Not sure where that point is, but we are waaaay past it now. http://forums.freshalloy.com/images/graemlins/smirk.gif



Its not the total deficit that counts its the deficit as a percent of GDP (Gross Domestic Product). The current deficit is about 1/3 of what it was during the early 80's (as a percentage of GDP). Back then most of the economists were whining about the long term effects. Anyone who remembers the boom of 1982-1988 and 1994-2000 knows the so-called experts don't know diddly about the economy.

If the economists could predict the future they'd be investment bankers and would have more money then god.

skee79
07-30-2003, 01:55 PM
A lot of the oft- quoted economists work at I Banks trying to predict the future http://forums.freshalloy.com/images/graemlins/grin.gif
To anyone who thinks we're in trouble, as a very general analysis picture yourself racking up 8% of your annual salary in debt one year. I.e. If you make $50,000 a year, picture yourself getting into $4,000 of credit card debt in a year. Would you be in trouble...maybe. Is it healthy if it keeps going year after year? Definitely not. Is it manageable? Yes. Especially considering the leeway you'd have if your salary was $6 trillion. Theres always room for budget cuts. (like the ones used by Congress to balance Clintons budget http://forums.freshalloy.com/images/graemlins/grin.gif)

M_TYPE_X
07-30-2003, 03:38 PM
Just because an economist is semi-respectable, such as Krugman (or Akerlof) - doesn't mean you should fall for their 'New York Times' material (political rants and wack statements). http://forums.freshalloy.com/images/graemlins/ooo.gif

WhereHaveYouBeen
07-30-2003, 06:51 PM
Right-O JDM-tyte MTX. That's just a bunch of crap. Especially coming from a friggen' socialist magazine. Sure socialism works...if you're a mindless drone with no need for material belongings and like to see all the money you worked hard for go to support lazy bums like the people on welfare that have more kids just so they can get more money from welfare...then try moving to eastern europa.

Don't listen to these people. They can't even get indoor-plumbing sorted out.

M_TYPE_X
07-30-2003, 07:21 PM
Don't listen to these people. They can't even get indoor-plumbing sorted out.



They got it sorted- into various categories of luxury/excise tax levies-!