I know democrats want to blame Bush and say budget hawks are hypocrites, and republicans want to act like obama created the entire mess. Let's be bipartisan and say both sides have some valid points.
The problem however is that it is not an academic or even political exercise. It is a financial disaster in the making. We are running an enormous deficit. We have no credible plans to cut it back, much less eliminate it. In fact, pretty much everything congress or Obama propose will increase it by truly frightening amounts. Please, no one post talking points about how obama will eliminate the deficit. We all know those plans are fairy tales.
A budget deficit will not cure itself, particularly when the government keeps coming up with more ways to waste truly large sums of money. Once it reaches a tipping point, eg Greece, everything you try to do to cut it back will end up making it worse because it creates a recession or worse.
The problem however is that it is not an academic or even political exercise. It is a financial disaster in the making. We are running an enormous deficit. We have no credible plans to cut it back, much less eliminate it. In fact, pretty much everything congress or Obama propose will increase it by truly frightening amounts. Please, no one post talking points about how obama will eliminate the deficit. We all know those plans are fairy tales.
A budget deficit will not cure itself, particularly when the government keeps coming up with more ways to waste truly large sums of money. Once it reaches a tipping point, eg Greece, everything you try to do to cut it back will end up making it worse because it creates a recession or worse.