"F. George McDuffee" wrote in message
...
On Wed, 30 Mar 2011 07:47:27 -0400, "Stormin Mormon"
wrote:
snip
I'm not sure the Zero administration has any plans to reduce
the deficit, or the debt. That will be left to later admin.
snip
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It has been observed that life is what occurs while you are
making other plans...

Current news is that the true Republicans and financial
conservatives are refusing to even consider additional
continuing resolutions so the federal government is
scheduled to begin shutting down 08 April until a new budget
can be enacted.

Even more critical in the slightly longer term is not only
the refusal of the true Republicans and the new tea-party
affiliated members of Congress to vote for any increase in
the national debt, but their avowed intentions to "spike"
[prevent] even the consideration of such increase in either
house.

It should be crystal clear the politicians at every level of
government in the US will spend every cent they can get
their hands on, and the only way to prevent financial/fiscal
disaster is to chop the money tree down, i.e. no increase in
the debt limit. To be sure this will cause great hardship
and upheaval for many people, but nothing approaching the
universal catastrophe of a fiscal crisis with sovereign debt
default that is sure to occur in a few years if the US
national debt limit is again increased or, god forbid,
removed.

Nonsense, George. The "great hardship" includes the fact that the confidence
in US Treasury securities will go down the toilet, raising interest rates
until servicing debt really IS a problem. It's a minor one right now but it
quickly would become a major one.

The sovereign debt of the US CANNOT default. I'm sure you realize why.

The Teabaggers are idiots who are playing games with the future of our
economy. They believe nonsense like that which Chris posted in his last
couple of messages. Call it "economics without numbers," which is to say,
economics without any knowledge of what's really going on. It's pure
ideology and there is no evidence to back it up.

If you need some analysis of the difference between stimulative effects of
cutting taxes, versus the stimulus that results from short-term (less than
four or five years) deficit spending, there's an abundant supply. Remember,
Reagan stimulated the economy with VAST amounts of deficit spending. He's
the one who put us on that big credit card in the sky.

Do you need references? Just ask.

--
Ed Huntress