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Originally posted by beezzer
reply to post by tothetenthpower
My standard responses tend to go ignored, but I'll repeat;
Austerity measure, NOW!
The American "concept" cannot maintain it's current level of spending if it wants to survive. Taxes are not the answer. Cut spending. Cut entitlements. Cut benefits.
People are going to have to fend for themselves and not rely on government to take care of them. If we don't do Sequestration now, if we don't make serious cuts now, then what we are seeing is the last decade of America.
In my humble opinion.
John Maynard Keynes said in 1937: “The boom, not the slump, is the right time for austerity at the Treasury.” Contemporary Keynesian economists argue that budget deficits are appropriate when an economy is in recession, to reduce unemployment and help spur GDP growth.
Economist Paul Krugman explained that a government is not like a household. Across an economy, one person's spending is another person's income. If everyone is trying to reduce their spending, the economy can be trapped in what economists call the paradox of thrift, worsening the recession as GDP falls. If the private sector is unable or unwilling to consume at a level that increases GDP and employment sufficiently, he argued the government should be spending more.