Obama supports increasing deficit spending
As anyone with TV probably already knows:
The United States government should not worry about deficits over the next two years while spending money to jumpstart the ailing economy, President-elect Barack Obama said in a television interview that aired on Sunday. (Reuters, by Jeff Mason)
The Audacity of Hope?!
More like The Audacity of Failing to Recognize the Significance of the Double Whammy of Grossly Negligient Monetary Policy and Exacerbating Egregiously Irresponsible Fiscal Policy.
While President-elect Obama continues to ignore the advice of the founder of his party (Andrew Jackson), he intends to create an even bigger problem by following FDRonomics and increase deficit spending. And while I totally disagree with that approach, I add that America and the US dollar are in a much more precarious situation than in 1933.
Measured by any economic metric of which I'm aware, there's little similarity between 2008 and 75 years ago. We're already in way over our heads:
Tim White
1 comment:
add to that increased union militancy , the public sector bailing everything out and a luddite energy policy and , hmm, we have the pre-Thatcher UK.
I suggest that if the "middle class tax cut" materializes it might be just enough to relive that era by buying some old Elvis Costello CD's
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