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**NaMbessemab** · 02-08-2006, 05:16 PM

The Greater Than Great Depression Depression?

The President's 2007 Budget is good to be sure, but not good enough.

The President now knows discretionary spending is out of control; time to reign in the purse strings.

Might the 'right time' for reigning in the purse strings on discretionary spending have been BEFORE President Bush oversaw the largest increase in discretionary spending in history? Lets just say President Bush's credibility on the issue is somewhat suspect.

Moreover, cutting Medicare is only one entitlement reform required to avert the pending long-term budgetary crisis.

Really? You do realise that President Bush's Medicare Bill massively increased entitlements in this respect? That Medicare Bill also almost doubled the total amount of subsidies going out to private corporations (from around $100 billion previously to over $200 billion per year now).

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!

Really? On what basis do you make this prediction? All previous analysis of the topic have suggested the opposite conclusion - that is to say, that many of the elements that 'caused' the Great Depression (or made it worse) have been addressed. Indeed, the single greatest political mistake of the period was (Republican President) Hoover's tight money policy and high tariff policy adopted in the early stages of the 'downturn'.

In other words, as long as you don't have an idiot ordering the wrong medicine at a time of crisis, the effects of the Great Depression are very unlikely to recreate.

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.

Yes, spending is too high and is set to rise exponentially over the next 20-30 years. One wonders why taxes have been falling steadily for 15 years? Indeed, the problem is a serious fiscal imbalance, not necessarily a problem with spending.

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budget holds the line on discretionary spending while eliminating or reducing funding for 141 failed, wasteful, or outdated programs.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.

This is priceless 'double-speak'. Discretionary spending is rising as fast as ever before - this present fiscal year only reduces the rate at which discretionary spending has been rising lately. It is still rising.

And as noted above, Bush's Medicare Bill massively increases the entitlement spending on Medicare (open-ended of course, with significant benefits now going to corporate benefactors of the Republican party rather than actual sick people).

Read: The President's Budget: Strong on Short-Term Spending, But Long-Term Challenges Remain by Brian M. Riedl

Translation out of Republican Beltway-speak: Same crap - rising spending, never ending deficits, more pork for the faithful and more debt for the grandchildren.

02-08-2006, 05:16 PM	#15
NaMbessemab Join Date Oct 2005 Posts 433 Senior Member	The Greater Than Great Depression Depression? The President's 2007 Budget is good to be sure, but not good enough. The President now knows discretionary spending is out of control; time to reign in the purse strings. Might the 'right time' for reigning in the purse strings on discretionary spending have been BEFORE President Bush oversaw the largest increase in discretionary spending in history? Lets just say President Bush's credibility on the issue is somewhat suspect. Moreover, cutting Medicare is only one entitlement reform required to avert the pending long-term budgetary crisis. Really? You do realise that President Bush's Medicare Bill massively increased entitlements in this respect? That Medicare Bill also almost doubled the total amount of subsidies going out to private corporations (from around $100 billion previously to over $200 billion per year now). 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! Really? On what basis do you make this prediction? All previous analysis of the topic have suggested the opposite conclusion - that is to say, that many of the elements that 'caused' the Great Depression (or made it worse) have been addressed. Indeed, the single greatest political mistake of the period was (Republican President) Hoover's tight money policy and high tariff policy adopted in the early stages of the 'downturn'. In other words, as long as you don't have an idiot ordering the wrong medicine at a time of crisis, the effects of the Great Depression are very unlikely to recreate. 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. Yes, spending is too high and is set to rise exponentially over the next 20-30 years. One wonders why taxes have been falling steadily for 15 years? Indeed, the problem is a serious fiscal imbalance, not necessarily a problem with spending. 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. This is priceless 'double-speak'. Discretionary spending is rising as fast as ever before - this present fiscal year only reduces the rate at which discretionary spending has been rising lately. It is still rising. And as noted above, Bush's Medicare Bill massively increases the entitlement spending on Medicare (open-ended of course, with significant benefits now going to corporate benefactors of the Republican party rather than actual sick people). Read: The President's Budget: Strong on Short-Term Spending, But Long-Term Challenges Remain by Brian M. Riedl Translation out of Republican Beltway-speak: Same crap - rising spending, never ending deficits, more pork for the faithful and more debt for the grandchildren.
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