5% growth?

"Earlier this month, Tim Pawlenty, the former governor of Minnesota, promised that his package of tax cuts, spending cuts and regulatory reforms would boost real gross domestic product growth to 5 percent annually for 10 years, cutting the deficit almost in half along the way. Sounds good, right? But why is Pawlenty setting his sights so low?

Economists, of course, think his opening bid already places him in fantasyland. “The trend growth rate is not going to be 5 percent in the United States,” Douglas Holtz-Eakin, a top Republican economic adviser and former director of the Congressional Budget Office, told Talking Points Memo. “The market just doesn’t support that.”

Alan Blinder, a former Clinton administration economist and Federal Reserve vice chairman, had a cheekier take.

“Trend growth is 3 percent or so,” he wrote in an e-mail to me. “Five percent growth would be 2 percentage points higher, which should cut the unemployment rate by about one percentage point per year. So after 10 years, it will have fallen from 9 percent to minus-one percent. Nice trick!”

Pawlenty wasn’t impressed by such defeatist math. “Is this aggressive and bold?” he responded on Fox News. “Absolutely. But I don’t buy into the declinist view and attitude of President Obama that we’re going to settle for anemic growth or average growth or that America’s going to be a laggard.” "
http://www.bloomberg.com/news/2011-...e-magic-beans-for-white-house-ezra-klein.html
---what a douche

 

It's very easy to get this country back on track. Take out your allegiance to the left & unions, and find some balls.

 

I don't have allegiance to the left. You really like to oversimplify things don't you? I suppose you have a simple mind.

I am a lifetime Republican that hates the current crop of idiot Republicans. Obama is doing a damn good job in my book. I don't like the idea of big government in general, but when the economy is struggling I think that's what we need. History seems to bear that out.

I have no home in either party right now, and I think that's how most people should view politics. Take off the tinted glasses and stop viewing every freakin' issue as 'right v. left', 'right v wrong' 'us v them' smart v stupid'

 

hahaha. Omg. Literally rofl. "Defeatist math"!!!

 

The public sector can keep on treating the private sector like they were ugly stepchildren until there isn't any more tax monies to beg, borrow, and steal from them... a child is born nowadays owing more in taxes than an honest man could ever repay and the unions and all the people sucking money out of the system are rioting because somebody mentions some belt tightening!!

 

5% is more than possible. But we'd need lox taxes, a stable currency, and heavy industry. Fat chance.

 

deemphasize inflation and 5% real growth is doable. 7% being nirvana

 

IMO America has to take care of its addiction to credit before it starts growing again. Growth based on credit is fake and it will create a bubble and the bubble will pop. When it does pop the environment is ripe for the top dogs to run off with all the wealth while distracting everybody with a bad economy.