We have one real problem in the economy....UNEMPLOYMENT. If the unemployment rate drops and the telecom/IT layoff people find new work, PROBLEM SOLVED, and BUSH RE-ELECTED. Tax cuts WORK, as has been proven over and over again all over the world, and a large tax cut plan is going to get passed. WON'T THAT PISS EVERYONE OFF ? LOL! NOTHING WOULD PISS OFF THE LEFT WING WHACKOS MORE THAN LOWER TAXES AND A GOOD ECONOMY !
America for the second straight year has mentioned that it may default on its national debt unless Congress raises the govt.'s borrowing authority. Sec. Paul O'neill mentioned it last year and it recently came up again. The question is how long can America keep borrowing money, cut taxes and increase spending on war activities before it goes belly up ?? It'd be nice if the money spent on idiotic war games and other wasted activities were redirected back into my pocket.....good grief, if the true original Americans, the tea dumpers back in 1776, were alive today, they would certainly "dump the tea" once they saw how overtaxed and wasteful this govt is...hell they may even call this country a complete utter disaster and a disgrace. Stop with the idiotic spending, cut taxes and reduce govt size before its too late.
They said america would default on its debt due to all the deficit spending of the 80's. It didn't happen. Why ? -Lower tax rates allowed the economy to get stronger. Even Clinton understood this, and taxes remained moderate under him. -inflation ate away at the prinicipal of the debt. This is very important and cannot be underestimated. This is one of the reasons a little inflation is a good thing and deflation is a very bad thing. -The boom economy of the late 90's generated surpluses, and the debt actually shrank for the first time since WWII.
The same will happen again if its allowed to happen. 1. drop taxes, allow deficits to occur 2. economic slowdown ends 3. economy and inflation pickup 4. deficits end and good economy for a few years 5. Recession comes again inevitably 6. Repeat the whole thing over. There are two things that will derail this: 1. Increase in total tax burden as percentage of GDP, regardless of any good intentions. 2. Massive increase in the total size of government during good times. The good times are the time for efficient government and running a surplus for a few years. Currently, only the worst left wingers are in favor of higher taxes, it looks like the tax cut will pass. We are looking A LOT like the late 80's/early 90's economically and politically, and look how good the 90's turned out to be.