One word. Reagan.
Reagan’s economic theology with all its utopian promises is not working. Families are spending more than they earn. Wage incomes are stagnant or falling. Under Bush, who will probably be the Goat for the under performing economy, one in six manufacturing jobs has been lost. The economy does not produce enough to pay for what it needs or wants. The “conservatives” make up the difference by borrowing. In five years Bush has added $2.5 trillion to the federal debt. Tax burdens have been shifted downwards to the middle class tax payers. Working class wages have been suppressed.Liberals “sin” was tax and spend. Conservatives “sin” is borrow and spend. Since Reagan the “borrow and spend sin” the federal debt has surpassed $8 trillion! It is time for a change in our economic policies.
My home is paid, my vehicle is paid, the kids have college money in the bank, I have a good job. I am on my own, no rich uncle, parents long deceased and I've never won the lottery. Without sounding overly dogmatic, my guess is that I've been fiscally responsible and, dare I say it - fiscally conservative - all my life. Reagan had nothing to do with it, neither did Clinton.Stocks are up again, I noticed, we are in the midst of a housing boom and we control gobs of oil and its production in Iraq. I don't see where it's time for change.
whos fault is it that families are spending more than they earn?
10:58 - Families who overspend are responsible for their own debts. They can be sued and are subject to bankruptcy. However, government can overspend with impunity. It is our Congress who likes to pass out benefits with no thought of paying for them. For the past 12 years the Republicans have controlled congress. They have presided over the greatest expansion in our nation's debt ever. Our children and grandchildren will have a huge burden because of this.
Anon 8:05, If Reagan or Clinton have nothing to do with the economy, why is Bush getting slammed by liberals for the nations woes? They blame him for everything. They can't face facts that the economy is booming.
Or 1981, for that matter. Reagan didn't keep us from collapsing, he pushed us toward the brink.
think, and we all died and lived happily everafter. The brink of what? I don't remember Reagan telling us how terrible things were like Jimmuh Carter did. Reagan was optimistic and drove down interest rates and cut taxes. Wake up people. Doom and gloom does not become you.
Because there were young idiots like myself buying stuff with 18% interest--and we were happy because it was a fixed rate! I still laugh about that costly life lesson. We didn't have a clue. We just knew we could cover the payment.
The key is who is in charge of the Fed. Reserve not who is president. Carter found out the hard way that if the Fed don't like ya the economy will suffer. Interest rates are controlled by the the federal reserve--therefore they also control the economy to a great extent. The Chairman of the federal reserve IS the most powerful man in the world. And George W. just got to pick a new one...I just hope for this position he actually looked at credentials rather than how much they had donated to the party. Greenspan's shoes will be hard to fill. He is the man to thank for the strong economy. However he did warn them that the size and rate of growth of the national debt would cause problems that even the Fed would not be able to control...and they ignored him.
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