His summary paragraphs are more motivational, like the Bluto and Henry V links:
There’s no reason a country with vast natural resources, tended by a bold and innovative people, should suffer double-digit unemployment and capital flight. A compassionate nation, whose daily industry has done more for the downtrodden than every utopian scheme combined, has no reason to lower its head in shame, and tolerate the extraction of “charity” at gunpoint. The veterans of bloody wars against lawless tyranny should not accept a system that makes fools of the industrious. A great people, who live in reverence of equality, require no lists of class and racial enemies from opportunistic politicians.I bolded the section that liberals just cannot understand.
This is the hour for passion and reason, not anger and disgust. The strength to restore our prosperity lies in the muscle and imagination of citizens who have been programmed to think of themselves as sheep, by those who seek power as their shepherds. The time for averting a painful disaster is short… but the most amazing chapters of American history were written in the last seconds before midnight.
It’s time for us to be amazing again. I hope you find that as invigorating as I do.
So, we keep this up, we keep proselytizing, we go to the Tea Parties, and hopefully, get enough people to see sense, before changing things throught the legal process becomes impossible. I think it can be done.
There is no doubt that eventually the current system will collapse due to the laws of economics and the "invisible hand". "The problem with socialism is that you eventually run out of other people's money to spend." It can not be maintained forever. I do believe that America is either extremely close or right up to the point of not having the power to decide the direction the country is going. Internal and external events will force certain choice upon a people that are prepared to accept more government in the event of crises. The only way to avoid the impending collapse is for a complete and unprecedented change within the next couple of years in the fiscal direction the country and the world are both headed, although according to one report even in the event that the economy is booming again America will still face a debt driven criss. If not, the people will respond to this impending world economic downturn by demanding more government intervention and action to avoid a very painful downturn--look at the Weimar, the GD, the recent depression to name a few and look at how the unpopular and impossible it has been for politicans to cut entitlement programs. And at the same time I think that even if the people do decide to shrink the government in the event of this downturn, I do not think that the governments will not allow a reversal of government intervention--look at tarp, health care, and Greece--not getting a bail out by the EU and IMF as opposed to allowing the necessary collapse--that were both shoved down America's throat, of course Greece asked for it. I would like to see some evidence that in the event of this downturn people will accept economic deprivation, and any evidence that the governments will just decide to reverse its level of involvement in the private sector or an overall long term reversal of government growth.
ReplyDeleteI think there are a few conservative politicians that can save us and they intend on doing so. I hope our next president can fool the liberals in to voting for him so he can abolish the government power as quickly as Obama created it. Still though, I feel like we can never fully get back what we used to have or what we are supposed to have.
ReplyDeletePoliticians can not save us. They are not the cause. A change must occur in the electorate.
ReplyDeleteI found this fact very interesting. Even when the economy recovers, the debt will remain at unsustainable levels that are comparable to that of Greece's level of debt.
"President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected,{even obama's projections are not good} and raise the federal debt to 90 percent of the nation's economic output by 2020,[...]That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.[...]The CBO and the administration expect the deficit for fiscal 2010, which ends Sept. 30, to approximate $1.5 trillion and exceed 10 percent of GDP, the first time that threshold will have been reached since World War II.[...]But they generally agree that budget deficits should proceed along a consistent, downward path as the expansion matures. Most economists, therefore, fear the prospect of rising deficits in the latter part of this decade, long after steady economic growth has returned and unemployment has plunged. [...]For the 2016-20 period, CBO estimates that deficits will average more than 5 percent of GDP, even while assuming the economy will be near full employment, with an average jobless rate of 5 percent during that same five-year period.[...]Deficits in the, let's say, 5 percent of GDP range would lead to rising debt-to-GDP ratios in a manner that would ultimately not be sustainable,'"
http://www.washingtontimes.com/news/2010/mar/26/cbos-2020-vision-debt-will-rise-to-90-of-gdp/?page=2
The only way to avoid this coming debt crises and the great change that it will bring is for a major cut in government. This would take a massive cut in government greater than Reagan's policies.
Is the CBO's estimates wrong or are they leaving anything out? According to hotair the level of debt will be worse due to having to pay people more to buy our debt..
'Don’t expect that debt to come cheap, either. We’re already seeing signs that our interest rates will have to go up in order to sell more paper, which will cause the deficit projections here to actually fall short of reality. We could be looking at a collapse scenario where we can’t borrow enough to keep up with our interest payments by the time this decade concludes.'"
http://hotair.com/archives/2010/03/27/cbo-debt-level-will-rise-to-90-of-gdp-in-nine-years/
This stuff is very hard to believe and I somehow can not bring myself to believe that the debt will really be this bad. I know the CBO is always revising its numbers on these issues. The only way for them to get rosier is for a massive reduction in government. If not, then things will not look good a decade or two down the road.
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ReplyDelete"Testing social cohesion."
ReplyDeleteAmerica is is danger of loosing its triple a credit rating from Moody's investor service. This high rating is important to maintain the confidence of investors that buy our debt. If we lose this, America will have to pay higher interest rates. See hotair above. Moody's says to to keep this high credit would test social cohesion.
"'Growth alone will not resolve an increasingly complicated debt equation,” Moody’s said. 'Preserving debt affordability' — the ratio of interest payments to government revenue — 'at levels consistent with Aaa ratings will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion.' The United States, Britain, France and Germany have always been rated triple-A by Moody’s, with the United States first rated in 1949."
http://www.nytimes.com/2010/03/16/business/global/16rating.html
Will politicians and Americans be able and willing to make such drastic cuts that would test social cohesion to prevent some major economic problems?
I really like this Paul Ryan guy. I think he is making a good name for himself and I like everything that he has said so far. He is not afraid to say things too.
ReplyDelete