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Thread: GOP on Defensive as Analysts Question Party's Fiscal Policy

  1. #1
    Havakasha is offline
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    GOP on Defensive as Analysts Question Party's Fiscal Policy

    http://www.nytimes.com/2011/08/13/bu...ng-louder.html

    ECONOMIC MEMO
    G.O.P. on Defensive as Analysts Question Party’s Fiscal Policy
    By JACKIE CALMES
    Published: August 12, 2011


    WASHINGTON — The boasts of Congressional Republicans about their cost-cutting victories are ringing hollow to some well-known economists, financial analysts and corporate leaders, including some Republicans, who are expressing increasing alarm over Washington’s new austerity.

    Their critiques have grown sharper since last week, when President Obama signed his deficit reduction deal with Republicans and, a few days later, when Standard & Poor’s subsequently downgraded the credit rating of the United States.
    But even before that, macroeconomists and private sector forecasters were warning that the direction in which the new House Republican majority had pushed the White House and Congress this year — for immediate spending cuts, no further stimulus measures and no tax increases, ever — was the wrong one for addressing the nation’s two main ills, a weak economy now and projections of unsustainably high federal debt in coming years.

    Instead, these critics say, Washington should be focusing on stimulating the economy in the near term to induce people to spend money and create jobs, while simultaneously settling on a long-term plan for spending reductions and tax increases to take effect only after the economy recovers.

    These critics include onetime standard-bearers of Republican economic philosophy like Martin Feldstein, an adviser to President Ronald Reagan, and Henry M. Paulson Jr., Treasury secretary to President George W. Bush, underscoring the deepening divide between party establishment figures and the Tea Party-inspired Republicans in Congress and running for the White House.

    “I think the U.S. has every chance of having a good year next year, but the politicians are doing their damnedest to prevent it from happening — the Republicans are — and the Democrats to my eternal bafflement have not stood their ground,” Ian C. Shepherdson, chief United States economist for High Frequency Economics, a research firm, said in an interview.

    As for the longer term, Ethan Harris, co-head of global economics research at Bank of America, wrote this week that “Given the scale of the debt problem, a credible plan requires both revenue enhancement measures and entitlement reform. Washington’s recent debt deal did not include either.”

  2. #2
    Havakasha is offline
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    S&L is much too rigid an ideologue to read this article and comprehend just how far to the right his point of view on the economy (much like Peter Schiff his favorite economist) is, and how
    misguided it is in helping improve our economic situation.
    Last edited by Havakasha; 08-13-2011 at 12:24 AM.

  3. #3
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    This article is more proof of why Siriusly long and Peter Schiff are wrong about their approach to the economy.
    Peter Schiff was in favor of letting the U.S. default on the debt which have caused huge damage to the world's economy.

  4. #4
    SiriuslyLong is offline
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    Quote Originally Posted by Havakasha View Post
    Peter Schiff was in favor of letting the U.S. default on the debt which have caused huge damage to the world's economy.
    What would have happened Mr. Expert?

  5. #5
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    Did you favor Mr. Schiff's prescription for letting the U.S. default?
    I think we have a right to know if you agreed or disagreed with him (since he is a favorite economist
    of yours) on this matter?

    Peter Morici, former director of the U.S. International Trade Commission's Office of Economics, said a genuine default, in which the United States is unable to honor all its debts for that day, though unlikely, would have grave repercussions, even outside the United States.

    "The consequences would be very large if there was an absolute, genuine default," Morici, an economist and business professor at the University of Maryland, said. "It might cause the global financial system to go into disarray like in 2008 ... which will be virtually impossible for the Treasury, IMF [International Monetary Fund] or anyone else to stop."

    Do you want more information about the consequences of the U.S. defaulting on the debt??
    Last edited by Havakasha; 08-14-2011 at 12:29 PM.

  6. #6
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    Hey Niagra,
    What do you think of the criticism of the Tea Party economic prescription by some of
    these mainstream Republican economists and policy analysts?

  7. #7
    SiriuslyLong is offline
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    In the Liberal mind, your freedom is their oppression.

  8. #8
    SiriuslyLong is offline
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    Liberals are obsessed with demonstrating their putative "moral superiority." Thus even though they live their lives without really helping anyone, the political activism they engage in is dedicated to convincing themselves that they are truly good people. Liberals are driven by the need to validate the unspoken assertion that "I care more than you do," which is ironic in the extreme since none of the government programs liberals have designed can be shown to have an overall positive influence in our society.

  9. #9
    Havakasha is offline
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    Ok so now i am an oppressor. Siriusl long are you sure you havent come a wee bit unhinged?
    Your saying some rather extreme things of late. Do you really believe those of us of the Liberal persuasion are "Socialists, Communists, and Dicatators"?

    Do you believe that my grandparents who ran away from oppressive dictators (my grandparents by the way know WAY more than you about what OPPRESSION REALLY is like) and are supporters of the Democratic Party and a liberal point of view, actually are in favor of oppression and dictators here in this country? That is ****ing nuts and insulting to say the list. They all worked WAY harder than you in their lifetimes so HAVE A LITTLE DECENCY AND A LITTLE RESPECT.
    Last edited by Havakasha; 08-15-2011 at 01:25 PM.

  10. #10
    SiriuslyLong is offline
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    Because collectivist politics is their only morality, Liberals have no problem with deceit, oppression, or violence in their pursuit of collectivism.

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