Skip to comments.Spending Cuts Key To Recovery: Former U.S. Comptroller
Posted on 02/03/2010 9:31:29 AM PST by WOBBLY BOB
The key to economic progress is not a revenue equation, but a spending equation, David Walker, former U.S. comptroller general told CNBC on Tuesday. What threatens our future is not the current deficit; what threatens the future is the glide path of spending and the huge gap of what people have been promised and the revenues that we have to deliver on those promises, he said. The so-called off-balance sheet obligationsthats the ice under the water that could sink the ship of state.
(Excerpt) Read more at cnbc.com ...
But Libs think we can send ourselves out of a deficit.
Spending cuts prevent fiscal doom but I don’t think it actually creates growth. To create growth you need to change incentives so that people will invest more instead of going into debt to buy something that doesn’t produce anything.
I guess that’s like someone saying you can eat your way into weight loss.
Rep. James Clyburn (D-S.C.), the House majority whip, said that trying to find greater savings in the budget, which was released by President Barack Obama this morning, wouldn't help alleviate the recession.
"We've got to make some decisions here as to what's in the best interests of our country going forward," Clyburn said during an appearance on Fox News. "And I think the best interest is to invest in education, control these deficits, while at the same time trying to get people back to work." "We're not going to save our way out of this recession," the majority whip added. "We've got to spend our way out of this recession, and I think most economists know that."
yeah..."invest in education".over half our f'n state budget here in MN is "education".
Obama and his ilk want to "fix" it so it is fixed in line with their standards.
Can you say "Cloward Piven Strategy"?
Here is the equivalent of the Obama plan for economic recovery:
First, get really drunk;
Second, get drunker;
Third, get a new bottle;
Fourth, drink more.
Now, keep this up for say, eight years of so, and next thing you know, you’ll be sober.
Government spending cuts, both people and programs will help, but government must also get out of the way of the private sector so that sector can save current businesses, start new businesses and create jobs.
Simple solution, difficult (may be impossible) to accomplish. Politicians will fight to the death to stop any spending reductions and more freedom for the private sector.
sounds like the solution to enduring obama’s presidency. wake up as soon as he’s out of office. ;^)
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