Thursday, January 06, 2011

Who should you take seriously in 2011?

If the Republicans in Congress vote to raise the debt ceiling, it's time to stop taking them seriously as fiscal conservatives.

If Democrats continue to push for more government spending as a cure for economic woes, it's time to stop taking them seriously on economic matters. If the recession isn't over by now, it's time for a different strategy. On the other hand, if you want to think that the recession is over, then there is no need for further stimulus.

1 comment:

Michael Enders said...

I predict that most Republicans in Congress (Ron Paul and Rand Paul being probable exceptions) will vote to raise the debt ceiling after extracting promises to control spending from the Democrats - promises that will be broken so that business will go on as usual until it can't go on any more. The reasons they will vote that way is that it may shut down the government and cause it to default on its bonds. As Sen. Rand Paul pointed out on TV recently, however, even with the debt ceiling frozen, the federal government still takes in tax revenue, so it wouldn't be shut down altogether, but just have to make hard choices about what its priorities should be. Since already a third of revenues goes just to pay interest on the debt and 40 percent of what the government spends is borrowed money, it is only a matter of time before the government will have to default anyway, unless radical changes are made soon. If it is going to default at some time anyway, I think it best to do it now, restructure, and start over with a balanced budget amendment to keep it from happening again.

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