Quote:
Originally Posted by acrylix
It seems we could be headed for a kamikaze landing as it is:
Reuters - "U.S. rating likely to be downgraded again" (10/23/2011)
http://www.reuters.com/article/2011/...79M2J120111023
At this point, I don't believe we have the luxury of asking whether or not something is "worthwhile." Instead, the question should be if it's absolutely necessary.  His economic proposal is not as drastic as you're making it out to be. No cuts to social security or medicare, and decreasing defense only to 2006 levels. People are fed up enough that I could see something like this actually passing Congress.
Cutting the budget does not "erase" wealth from the economy. The government doesn't have any money which was not orginally taken from the economy though taxation, borrowing, or the "printing" (devaluation) of money. It doesn't create wealth, only redistributes it. |
Radical budget cuts like that mean massive lay-offs for government workers, which means higher unemployment rates, which means less money flowing through the economy. Ron Paul would like to turn this recession into a depression based on his flawed ideaologies.
Aren't those the same credit rating agencies who gave a AAA rating to credit default swaps and CDOs? It's another lame attempt by wallstreet to bend the citizens of this country to their will and it's disgusting. Fuck those credit rating agencies.