This is the change you voted for; Watch your investments go down the drain, watch your taxes go up, watch out for those little porky details that Schumer mentioned. Don't worry your hard earned lifetime savings along with any money you make in the future will be taken from you and spread to whoever ACORN feels that need it. Stimulas, stimulas my a ss. Civil war coming, prepare for it now!
The only things Clinton ever did was dirty up the oval office, have some of the highest tax increases in our history, allow the NASDAQ markets to go unchecked and become way over inflated, pass banking regulations in 1996 that allowed borrowers to receive funds that they could not afford and without proof of ability to pay, cut back our armed forces budgets and the purchase of modern equipment so we could no longer defend our country, tied the hands of our CIA and FBI so we no longer knew what our enemies were up to, and allowed our enemies to go unchecked for eight years. Recession was going full blast the last two quarters of his office. What a great President. You are correct, Clinton, and Obama a lot a like. Reminds me a lot of one other President....Jimmy Carter. You have been drinking too much Obama Kool Aid.
>>"we have had years of reckless government overspending"
Agreed. But the time to complain about that was in the years 2004 to 2006, when the business cycle was hitting its peak. That's when government is supposed to raise taxes and interest rates and get the budget balanced.
These are the proper things to do when times are good. They must be done to prevent the economy from overheating.
But the budget wasn't balanced. Taxes and interest rates were not raised, and government spending and borrowing actually increased while the business cycle was moving to its peak.
Exactly the wrong thing to do.
Our failure to follow sensible economic policy resulted in out-of-control speculation, massive inflation ($4 gas, $750k tract homes, etc.) and a financial collapse that was much bigger than it had to be.
Anyway, what's done is done. But now is not the part of the economic cycle where you cut spending and balance the budget. That would just compound the errors that were made four years ago.
If we get the business cycle back on track, we will have an opportunity to get the budget balanced in a few years.
And yes, health care is a fat target if one wants the budget balanced--it represents one of the largest sources of government spending.
Pharma will eventually realize what every other American industry already knows--they need to stop focusing on tapped-out Americans as a primary source of profits...and instead look to the fast-growing populations in emerging market countries as the untapped gold mines that they are.
>>"You do not spend your way to prosperity."
When times are good, that assertion is absolutely correct. But we're a little late for that.
The time to raise taxes and cut spending and balance the federal budget passed a few years ago, when times were good. Now is actually the time in the economic cycle where government has no choice other than to increase spending.
Here's why: the business cycle (from boom to bust) runs for about eight years.
That's why the last three recessions started around 1992, 2000, and 2008. We will have another one around 2016 or so. It's normal.
But we can prolong the business cycle if we aren't careful. It can go on for years and years--even decades--if we fail to use our common sense.
To smooth things out, governments must cut back on spending as the business cycle starts to peak, get the budget balanced, raise rates, and basically cool things off so we don't overheat the economy and suffer massive inflation.
And when the business cycle starts to bottom, government increases spending, cuts rates, and gets things going again to prevent a deflationary spiral from swallowing up all that we own.
The Republicans did the right thing at the bottom of the last business cycle, in the 2000-2002 recession. They cut taxes and increased spending, and we bounced back.
But they forgot to cool things off at the high point of the business cycle, when things really got roaring again around 2004-2006.
Instead, they added more fuel to the fire by increasing spending and government borrowing even more dramatically while keeping interest rates low!
Exactly the wrong thing to do, as you correctly pointed out.
As a result, the economy overheated, inflation got out of control (remember $4 gas and $750,000 tract homes?), the whole house of cards started to collapse, and the Republicans eventually lost the Congress, the Senate, and the White House.
Anyhow, now is not the time to make up for mistakes that were made a few years back. Now is the time to get things back on track.
We will eventually get the Federal budget back into balance. But we will do that in a few years, as the next business cycle starts its ascent.
Now is definitely not the time.
rant and rave all you want...but
when the fed Gov't tells me how much I will charge customers, how much I will make, how much I must pay employees, subject me to "on the spot" inspections, raise my personal and biz taxes, threaten me with the EPA ahhh guess what?
I am either moving off shore or just closing down.
Hell with it all. Let the Obama folks support me too.
Yeah, good luck with that plan. :)
Believe me, I've circled the entire globe. Aside from some parts of Europe, you won't find a place more business-friendly than these United States.
And if you think our regulations are onerous, I know you won't like Europe.
Sure you can move to some third-world cesspool and live out your Darwinian fantasy, but good luck trying to eke out a living in the middle of all that extreme poverty, crime, pollution, and corruption.
But go ahead and try, the only way you'll find out how good you have it here is to learn the hard way.
But you'll be back, and we'll be here for you.