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Friday, February 5, 2010
The Good Ol' Days
Seem pretty much like the bad present days. Maybe it is all W's fault, or Bubba's, or HW's, or Ronnie's, or Jimmy's, or Gerry's, or Dick's. We know it's not O's fault.
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If you are looking for something to blog about, far left kook Krugman provides some material.
ReplyDeleteIn yesterday's column, "Fiscal Scare Tactics", he argues the deficit is nothing to worry about. (It's about 11% of GDP). The article is here:
http://www.nytimes.com/2010/02/05/opinion/05krugman.html
But when you compare what he said yesterday to what he said in a column he wrote in March 2003, titled "Fiscal Train Wreck", he was in total freak out mode that Bush's deficits (about 3% of GDP) threatened the solvency of the federal government.
http://www.nytimes.com/2003/03/11/opinion/11KRUG.html
In his world, when a Republican is in office and deficits are 3% of GDP it threatens the Repubic, But when a Democrat runs them up to 11% of GDP, he says people who are worried about the deficit are employing scare tactics for political reasons.
I have an idea how we should run the budget. I think Paul Ryan's "road map" pays down the debt over time. I think that's unnecessary. We only need to keep the debt from growing faster than the economy. My proposal is to completely balance the budget not including defense spending. Pay for defense completely with deficient spending, i.e. borrowing. I think this makes sense because it's largely believed a 3% of GDP deficit is sustainable. It's also believed that 3% of GDP is a good base amount to spend on defense. Then, if we are fighting wars we can spend 1-2% more on GDP (or more) as needed without too much long term trouble, but we can keep the everyday defense spending at 3%. I just feel these numbers work out nicely. We use Paul Ryan's ideas, but we don't have to pay down the debt which would really not get us anywhere anyway. Anytime we have a surplus it just means taxes are too high.
ReplyDeleteSpeaking of Katrina, just for one example of the lies told about Bush...
ReplyDeletehttp://www.popularmechanics.com/science/earth/2315076.html?page=2
Bush was blamed for all the problems Dems caused, but not for the things he really did screw up on. It's pretty sad when we can say, so what if it isn't true, it's funny.