"Those who do not learn from history and condemned to relive it".
"There are those who will debate the necessity of wilderness, I will not, either you know it in your bones or you are very very old". Aldo Leopold - Sand County Almanac
I don't believe there's any reasonable way the nation can immediately eliminate its entire annual budget deficits at once. Full-fledged austerity would lead to a recession. In turn, the recession would lead to a dampening of tax revenue. Additional savings would need to be found for the lost revenue and those savings would have their own adverse macroeconomic impact. The nation would experience a near self-reinforcing cycle of austerity-economic pain-need for additional austerity. The outcome would be a much deeper and longer recession than would have been necessary. Greece is currently caught in that kind of long-duration austerity trap. Such an approach would be an inferior means of achieving the same kind of savings that could be realized over time by a credible fiscal consolidation strategy that includes discretionary savings, parametric reforms, and some tax hikes over a reasonable transitional period.
If the voters keep things the same in the mid's then there is NO hope at all. If this country was an individual, it wouldn't be allowed to borrow a nickle from anyone, period, and THAT's what people need to understand to comphrehend just how bad our situation really is.
“When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
“Socialism is great until you run out of someone elses money” Margaret Thatcher
No more extensions. These guys have had all year to deal with this. There was no magical barrier preventing them from working on this before the election. The incumbency rate was, what, like 90%? It's not even really a lame-duck congress. Do your freaking jobs, you freaking children.
If I had a year to come up with an agreement on something, and failed to do so, you know what my boss would do?
Last edited by Deuce; 11-27-12 at 06:22 PM.
One of you will end up here next!