Eric too busy figuring out Tom Waits seems vaporous. Baxter and Terry trying to put everyone who is successful into the "lucky sperm club". But they may represent the best of L/P/S thinking.
The Tea Party? They are holding to their word, as promised to their electorate, to not waste any more money. That is all. We are heading towards a horrible outcome regarding our debt and the L/P/S act like nothing is wrong. At least they did, until the Tea Party activists held everyone's feet to the fire. Even Crazy Rich recently wrote, "cut spending, raise taxes". The Tea Party, (and Jim G) don't believe any spending will be cut if taxes are raised, so we want the spending cuts first. Yes! We shout, we know it will be hard. Yes, we shout, we think (and hope) that most Americans will understand that their is no free lunch. Terry, you recent (nice in terms of describing the hard work of your father) but incredibly stupid post really says it all...which is denial.
You wasted our money on a ridiculous stimulus (ridiculous in that the issue was not deflation rather the nearness to insolvency, the over commitments to entitlements, now including health care).
You did this to us leaving the depression, you tried to do this to us in the 60's and you used the (ginned) up anger against the war to do it again.
You are again trying to destroy our country. No Eric? Listen to Pelosi, the Republicans are trying to balance the budget on the back of our seniors! Really? Remember "draconian cuts" describing proposals to limit the GROWTH of spending? That crap isn't funny anymore, it has lead to our near economic destruction. It was never the tax collections, it has always been spending and the relentless growth of government.
So, you have left us kinda screwed. We are out of money, we are losing our economic position, the successful REMAIN SITTING ON THEIR HANDS IN FEAR AND ANGER, and you protest (with disdain) a movements desire for our government to live within our means.
And Baxter, the recession presented your guy with an opportunity, others understood, he blew it.
WE SHOULD BE OUT OF THIS MESS BY NOW!
The GDP revisions—done every year by the federal Bureau of Economic Analysis—also show that the recession was deeper than first thought. Output fell 8.9% in the fourth quarter of 2008, and 6.7% in the first quarter of 2009. This means the Obama Administration had to climb out of a deeper hole, but paradoxically it also means that the recovery should be far more rapid.
The historical pattern is that the deeper the recession, the more robust the recovery. This is precisely what happened after the deep 1982 recession, as the nearby table shows. Growth was 4.5% in 1983, 7.2% in 1984, and it averaged nearly 4% for the five years after that through 1989. That is what a healthy recovery is supposed to look like, which is in marked contrast to the anemic eight quarters of this recovery.
This tale of two recoveries is an object lesson in economic policy. Taking office in 2009, President Obama embarked on one of the greatest reflation bets in history. He deployed the entire arsenal of neo-Keynesian policies to lift domestic demand, much as former White House economist Larry Summers still instructs at Harvard and most of the media still recommend.
So Congress deployed nearly a $1 trillion in stimulus, plus a battalion of temporary and targeted programs: cash for clunkers, cash for caulkers, tax credits for home buyers, 99 weeks of jobless benefits, "clean energy" grants, subsidies to states, and so much more. We were told that every $1 of this spending would conjure $1.50 in new economic output. The Federal Reserve has also more than cooperated by keeping interest rates near-zero for 31 months.
So how is that hope and change working for everybody!