The Greater Than Great Depression Depression?
The President now knows discretionary spending is out of control; time to reign in the purse strings.
But if the lawmakers don’t actually stick to the changes proposed, it will all be for naught.
Moreover, cutting Medicare is only one entitlement reform required to avert the pending long-term budgetary crisis.
If people don’t think the mighty USA can never become bankrupt, I’d remind them of the 10 year Great Depression of 1929-1939.
Only the next full-fledge depression, which I believe is only a matter of time, will make the Great Depression look like a Sunday picnic!
And what will historians call the next fullfledged depression, The Greater Than Great Depression Depression?
The Great Depression
America’s Great Depressionaasdf
Slouching Towards Utopia?: The Economic History of the Twentieth Century -XIV. The Great Crash and the Great Slump-
J. Bradford DeLong
University of California at Berkeley and NBER
New Deal Network
With federal spending, it’s long-term reform that matters. Spending is too high today, but it’s set to explode in just a few years. Reforming entitlements must be the priority. Despite many worthwhile ideas, entitlement reform is not the priority in the President’s just-released FY 2007 budget proposal, concludes budget expert Brian Riedl.
Bush’s budget holds the line on discretionary spending while eliminating or reducing funding for 141 failed, wasteful, or outdated programs. That’s a good step. Slowing the growth of Medicare is also a good fiscal idea.
Bush’s budget lays out a good framework for 2007. But will the President hold Congress to it?
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