Well said and Right on the nail head..
all of it..
And one the few but greatest disappointments in Bush myself.
Quote:
Originally Posted by camaraderie
No Rick...we've been down this path before. Bush's Tax cuts increased revenues to all time highs. That didn't reduce the deficits because spending increased FASTER than the revenues...and Republicans ARE to blame for this just in case you think I'm trying to dodge that one! THAT is Bush's really terrible legacy...that he allowed a Republican controlled Congress to act like Democrats and spent us into deficit hell with his signatures. That is why they lost control of Congress in 2006...and contributed greatly to the continuing dissatisfaction in 2008.
Nevertheless...the lowered tax rates and business incentives spurred the economy and increased tax revenues.
We need to make some hard decisions as we simply cannot afford to continue the way we are and that means both dicretionaey and non-discretionary spending needs to be cut...and obviously there will be plenty of pain.
But nothing like the pain a real depression will bring
We can minimize the pain that we must go through as a citizenry by expanding the economy only. The government can do that though interest rates...(tried that!) .... and through tax policy. We cannot deficit spend our way to recovery...it will just make a depression inevitable...which is what I think we are seeing continue to develop. On this I think we agree. We need to stop doing stupid stuff like Cap and Trade and Adding another trillion to the debt (with many trillions to come later) with health care when we are facing an economic crisis that is potentially much worse than we had in the 1930's .
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