Paul talks about middle class getting wiped out. We are in the middle of a recession, for a lot of people. Monetary system and excess spending. Financing foregin policy that is out of control. Debasement of currency.
McCain tells Paul to read “Wealth of Nations.”
Talks of entitlement programs. Need to get wasteful spending under control. Is the system fair? Sure it’s fair. We should fix our tax code.
Matthews asks Huckabee about his fair tax. Nothing will discourage Americans from spending money. It untaxes productivity. Ends the underground economy. The economy is doing terrifically well, but not for all. A fair tax lifts up everybody.
Really a stupid thing to say on the same day the DOW will post it highest close EVER.
Guess someone better point out to Paulbots that we just had the 49th month of Job GROWTH in this economy. That is the longest period of economic GROWTH this country has ever seen. A Recession is:
In macroeconomics, a recession is a decline in any country's Gross Domestic Product (GDP), or negative real economic growth, for two or more successive quarters of a year. However, this definition is not universally accepted. The National Bureau of Economic Research defines a recession more ambiguously as "a significant decline in economic activity spread across the economy, lasting more than a few months." A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation. A severe or long recession is referred to as an economic depression. A devastating breakdown of an economy is called economic collapse. Market-oriented economies are characterized by economic cycles, but actual recessions (declines in economic activity) do not always result. There is much debate as to whether government intervention smooths the cycle (see Keynesianism), exaggerates it (see Real business cycle theory), or even creates it (see monetarism).
Hunter is a proponent of the fair tax. Talks of jobs going to Red China. Security issue. We’ve fractured the great industrial trade. You’ve all voted for MFN status for China causing these offshore movings.
Thompson responds to Chinese trade. Good for jobs. Restrictions on Chinese. Have not done enough; devalued their currency. We can’t turn our back on “free trade.”
“Debasement of currency.”
this is certainly true, but no pol talks about it.