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  • flyingzorbaman flyingzorbaman Nov 2, 2011 12:05 PM Flag

    Some are wise, some are otherwise. WW III coming?

    Long, why do you place our debt burden only on Pres. Obama. It's true that the administration has led a Keynesian response to our recession, but the recent addition of trillions to our national debt can be attributed to the supply-side economics and warmongering of the past administration. (Of course, we had a big debt load before Bush.)

    But under Bush: $1.5 Trillion for his tax cuts, which fueled the recent bubble; $450 Billion for Medicare Part D, which allowed Big Pharma to get its asking price for new drugs; and then the Iraq War, which has already cost over $1 Trillion and some say will end up costing over $2T by the time we finish paying for clean-up and veterans' medical costs.

    So, when the markets fell and the credit crisis ensued, Bush admin bailed out the financial institutions to the tune of $780 Billion, which was necessary in my opinion, but kicked the can down the road when it came time to enact real policies. Obama has put about $1.5 Trillion into stimulus efforts and would like another $500 Billion. This is Keynesian, meaning that the government is trying to create demand in the economy to stimulate it. Did it work? Well, Obama would say that it did because it could have been much worse. But it's hard to prove a negative.

    But we can't let ourselves believe that our current debt load is a product of Obama policies. His admin took over in crisis and reacted with a philosophy they believe in. The Bush admin believed in its supply-side policies too, but they just can't believe that the recession is a product of that failed economic theory.

    Trivia: Did you know that the national debt tripled under Ronald Reagan's presidency?

    Best,


    Zorba

 
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