http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=0Where you quote TERESA TRITCH's July 23, 2011 comments:
"
How the Deficit Got This Big"
With President Obama and Republican leaders calling for cutting the budget by trillions over the next 10 years, it is worth asking how we got here — from healthy surpluses at the end of the Clinton era, and the promise of future surpluses, to nine straight years of deficits, including the $1.3 trillion shortfall in 2010. The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions"
I agree. In fact four years earlier than her, I was asking all to remember to call the coming depression: "GWB's Depression" for the reasons she lists plus two others GWB is responsible for and one Hitler is responsible for:
GWB1: As head of the SEC later testified before Congressional investigating committee: "GWB keep the SEC on a tight leash" So not only did Lehman get way over extended but Maddoff's Ponzi was not stopped several years earlier when 23 separate and well documented pieces of evidence were provide to the Boston Office of the SEC, by the guy and his firm who later was recognized as the real hero of that sad Ponzi.
GWB2: The tax reductions on the very wealthy, had to be made up, either by more borrowing or from the middle class (both sources were tapped). This drove up cost of opening new businesses, slowing job creations, and reducing buying power of Joe American, who was at least 2/3 of the US economy's driver. So of course the US sank into GWB's second recession near the end of his time as POTUS.
Hitler: The main cause of WWII, which took a lot of GIs away from their US wives so they were very "Horney" with it ended. That make the current wave of "Baby Boomers" now retiring at rate of about 10,000 per day. I. e. switching from being at peak of the earnings and tax paying to be collectors of Social Security with their SS checks coming from the SS trust fund. - It was growing and lending money to the government for covering expenses, but now is one more growing government expense.
BTW, the current baby boomer retirement rate was known back when GWB still had two years more as POTUS, so that was the main factor that let me set the date I predicted back then for the run on the dollar, as in October 2014. (October has a record of being the month of great financial troubles - probably at least weakly related to winter's approach and shorter days effects on human psychology.) I choose "Halloween" as the final day of when the run would start ("on or before Halloween 2014.") as it is a scary date at end of a month (pay roles to meet, etc.). I bet we "kick the can down the road to "solve" this October's financial problems. If done for a 1 year delay that would make my + or - 7% tolerance on the timing unneeded. (7% on time from prediction is more than + or - 7 months.)
With the current troubled October, and my record of frequent success in long range predictions, perhaps some will start to take seriously my four or five year old prediction that if the US has not already collapsed economically under the weight of its growing and un-payable debts, then China will send US & EU into deep long lasting depression WHEN IT IS READY TO, by backing RMB bonds for IMF and other central banks with gold. Thus getting the advantage US has had for a couple o decades of paying for its imports with printed paper AND with US and EU too broke to be buying much in competition with China, the price of Chinese imports will be lower.
China imports~14,000 tonnes of gold at the current rate and produces ~400 tonnes in 2013. Photo is why.
US's problems go much deeper than stupid right wing Republicans. Fundamentally, the poorly educated voters, that local funding of schools produces, make it relatively easy to "buy" their contra-self interest votes with TV sound bites, but more rapidly happening than foreseen in 1832, with unlimited production of "thin-air" fiat money (more than 1 trillion per year rate, now).
You gotta love it! The rats are jumping ship.
