It's time to trim down America. Back to the factories we go making stuff for China as their reign of terror begins and ours end. Back to living within our means. All of us.
It turns out the author of this hit piece was totally owned on C-SPAN. Coy admitted that, according to his own charts, SS has a $22TRILLION SURPLUS
There's a link to the video of his pwing at the link I postedWhen Peter Coy, the Bloomberg Businessweek Economics Editor, appeared this morning on "Washington Journal," he brought along a chart for his discussion of the magazine's cover article, "Why the Debt Crisis is Even Worse Than You Think." But, the chart, purported to show a national fiscal gap, did not match Coy's talking points. As Coy concluded commenting that cuts would be needed to Social Security and other entitlements, C-SPAN moderator Susan Swain pointed out that Coy's chart showed a long-term surplus for Social Security of $22 trillion. Coy confirmed as accurate her interpretation of the chart and, after some stumbling, admitted that, "The trust fund is not the crucial issue." Indeed, his own figures show that it is not an issue at all. So, why did he continue to insist that Social Security cuts are needed?
We cut spending before and this happened:
Recession of 1937
Congress' proposed spending cuts could weaken U.S. economy - Politics Wires - MiamiHerald.com
States that Cut Spending in Wake of Recession Worse Off Today | The Keystone Research Center"I think the idea is a very serious policy error," he said. "This would be the fodder for another recession. The economy may be able to digest $25-30 billion more (in federal spending cuts) ... but $100 billion, I don't think it could digest that."
Zandi, who's frequently cited by Republicans and Democrats alike, favors spending cuts "when the economy is off and running," but he cautions that "to add more fiscal restraint in the latter part of 2011 and 2012 would be a mistake."
Now all you people who think less spending is good for the economy post your sources. History backs me up. Companies are not hiring because of demand. There is plenty of supply.
Last edited by Flyersfan314; 07-30-11 at 03:57 PM.
In addition we should reduce some regulations. Which specific ones do you guys have in mind? Government spending is not drag on the economy. Debt dd not cause this economic collapse.