Katrina Ushers in Return of Big Government
We have a larger govt now (people working for the govt) than we have ever had. We have now the Patriot Act, overseeing much of our activities. We have intelligence agencies doing lord knows what domestically, and security checks etc. Now we learn that Big govt is back? Where had it been before the storm?
posted by Postroad
on Sep 15, 2005 -
I.M.F. Report Says U.S. Deficits Threaten World Economy
With its rising budget deficit and ballooning trade imbalance, the United States is running up a foreign debt of such record-breaking proportions that it threatens the financial stability of the global economy, according to a report released Wednesday by the International Monetary Fund. Prepared by a team of I.M.F. economists, the report sounded a loud alarm about the shaky fiscal foundation of the United States, questioning the wisdom of the Bush administration's tax cuts and warning that large budget deficits pose "significant risks" not just for the United States but for the rest of the world. The report warns that the United States' net financial obligations to the rest of the world could be equal to 40 percent of its total economy within a few years--"an unprecedented level of external debt for a large industrial country," according to the fund, that could play havoc with the value of the dollar and international exchange rates.
From The Brookings Institute: Sustained Budget Deficits: Longer-Run U.S. Economic Performance and the Risk of Financial and Fiscal Disarray
(Full Report PDF
posted by y2karl
on Jan 8, 2004 -
Drowning the government in a bathtub
- "My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub."
Thus spoke Grover Norquist, of Americans for Tax Reform
. "The lunatics are now in charge of the asylum"
, quipped the conservative UK Financial Times
. Hardly, says Paul Krugman
. The strategy?: "Instead of challenging popular liberal programs directly, the Republicans are creating fiscal conditions that make those programs unsustainable." [lead post, Am. Prospect]. In other words, the 400 billion dollar deficit
, coupled with the Bush tax cuts, is designed to shift the obligations of the Fed onto the States
and, later, to cause a fiscal train wreck after Bush is out of office.
posted by troutfishing
on Jun 12, 2003 -