The Republican party is once again talking about cutting taxes as a means of stimulating the economy. They are beginning to extol the virtues of Ronald Reagan’s trickle down economic theory. This would be good if it had worked. It did not. The growth it produced was fuelled by debt and asset inflation. Deficits grew year by year. In 1979 the deficit for the year was $40 billion in the twilight of the Carter presidency. From the arrival of Reagan, through his two terms and then one term of Bush senior, the annual deficits grew and grew until by 1992 the figure reached a staggering (for then) $290 billion.
That cost Bush senior the top job in the renowned read my lips campaign. Under Clinton, the Democrat, the deficits fell year on year until the budget went into surplus in 1998, where it stayed until the arrival of Bush 2. As soon the Republicans were back with their crazy economics, back came the annual deficits rising to a juicy £377 billion by 2003 and $459 billion by 2008. Obama was then faced with failed banks, a collapsing economy and the real prospect, much nearer than most Americans were willing to face, of complete economic meltdown.
This was the greatest threat to the cohesion of the American state since the outbreak of the Civil War in 1860. Obama took the only option probably open by then and went for massive fiscal stimulus. Already near $ .5 trillion in deficit, the budget plunged to $ 1.4 trillion in the red, before beginning very slowly to recover. The Republican are right to state the obvious that these figures are unsustainable and the nation’s books have to be brought back into balance.
However, the Republicans are wrong not to own up to the fact that this is a mess of their making, prepared during their Presidencies, founded in one very simple truth; you cannot spend what you do not earn. If you want to spend more on defence than any other nation by the biggest margin in history and fulfil the social responsibilities of a civilised and inclusive society, you have to raise the revenue to pay for it. Tax cuts for the rich will not do this. They have not done so in the past and the reason the current financial chaos exists is because some people, Republicans, thought, wrongly, that they would.
Thanks so much for giving everyone an extremely spectacular opportunity to discover important secrets from this blog. It’s usually so enjoyable and packed with amusement for me and my office friends to visit the blog more than 3 times every week to read the fresh stuff you have. And definitely, I’m just certainly happy with all the amazing concepts served by you. Certain 4 ideas in this post are in truth the most beneficial we’ve ever had.
It’s a shame you don’t have a donate button! I’d definitely donate to this brilliant blog! I suppose for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to fresh updates and will talk about this website with my Facebook group. Talk soon!
I just wanted to make a quick word to appreciate you for some of the fantastic hints you are sharing here. My rather long internet research has now been compensated with extremely good details to write about with my visitors. I ‘d state that that most of us site visitors actually are truly blessed to live in a decent site with very many brilliant individuals with insightful ideas. I feel quite grateful to have come across your webpage and look forward to so many more entertaining moments reading here. Thanks a lot once more for a lot of things.
seo link building…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
I wanted to start making some money off of my blog, how would I go about doing so? What about google adsense or other programs like it?.
Keyword Density…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
Acesulfame Potassium infomation…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
Developer…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
Link Checker…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
Goliath…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…
very good news,your are good boy!
I’m really enjoying the design and layout of your blog. It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you hire out a designer to create your theme? Outstanding work!
Hello There. I found your blog the use of msn. This is a very neatly written article. I will be sure to bookmark it and return to read more of your useful info. Thank you for the post. I will definitely comeback.
unitagged…
[…]USA: The Fiscal Cliff « Malcolm Blair Robinson[…]…