Tuesday, February 2, 2010

Reaganomics... the gift that keeps on giving.

The witty title comes from a post in the New York Times by Steven in California. The post by Steven is a comment on the New York Times article: Huge Deficits May Alter U.S. Politics and Global Power. It seems to me that our political leaders continue to disingenuously promise deficit reduction while proposing ever greater deficit spending.

The New York Times in an editorial even writes: "Mr. Obama is right that the recovery is too fragile to make deep cuts in government spending." The problem of course is that virtually every presidential administration in recent history has used that "fragility" excuse to avoid making the "hard" decisions they were elected to make. Someday the bill will come due.

As a relevant example of good sounding empty rhetoric, the Times quotes Lawrence H. Summers, Mr. Obama’s chief economic adviser, as saying before he took his current job: "How long can the world’s biggest borrower remain the world’s biggest power?

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