Zyphlin is well aware of the moral hazard issue associated with bankruptcy, bailouts, etc. His point was that individuals have options for debt reduction that the federal government does not.
EXACTLY! individuals have options for debt reduction
that the federal government does not ... however - the federal government
can STILL go bankrupt ... and our government is closer than most Americans are aware of.
The government cannot instantly balance its budget. There is not even a single case of a major industrialized state's having successfully engineered a fiscal swing of nearly 10% of GDP all in one year. A period of transition will be needed to bring the nation's finances back to a sustainable condition.
... and Obama is spending money faster than a drunk at a bootlegger ...
He has FAILED as one who wants to reduce expenditures - worse than the little Bush.
While it can be tempting for those on the sidelines to call on policy makers to immediately balance the budget, they can do so without bearing the enormous responsibility for the severely disruptive consequences of such an approach. Policy makers who have to deal with the consequences of their decisions have no such luxury.
Policy makers who have to deal with the consequences of their decisions have the luxury of not running again while we (as you call us) ON THE SIDELINES are stuck with their incompetent decision making.
Look at ObamaCare - that is incompetence at it's best!
• Sen. Chris Dodd, who is in a tough reelection battle in Connecticut, got a big Reid favor of $100 million for a new hospital.
A tax break for Mutual of Omaha Insurance Company (Nelson).
• Federal money for ACORN, the left-wing activist group connected to phony voter registration lists (Sen. Roland Burris of Illinois).
• Medicaid payments of $600 million for Vermont. (Patrick Leahy).
• More than $10 billion for government health centers (Bernie Sanders of Vermont - a self proclaimed socialist).
• Florida seniors get to keep extra Medicare benefits that the elderly in other states will lose (Bill Nelson).
• Higher Medicare payments for hospitals in North Dakota (Byron Dorgan and Kent Conrad).
• Extend Medicare benefits to a small group of miners in Montana sickened by asbestos (Max Baucus).
• ObamaCare waivers for high end restaurants in San Fransisco (Pelosi)
If ObamaCare were so great why would any business want to get a waiver from that? in liberal San Fransisco?
Hence, there is no prospect whatsoever that the nation's government would undertake such an endeaver.
Of course there is no prospect what so ever ... they are political prostitutes!
They sold themselves out and nailed us with the bill!
That's exactly why a credible fiscal consolidation program is needed.
A credible fiscal consolidation program be made is less likely than a Chevrolet Ranchero being made :roll:
