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Posted by Martin McPhillips on 03/23/07 20:07
"Useful Info" <useful_inf@yahoo.com> wrote in message
news:1174647792.159583.222060@n59g2000hsh.googlegroups.com...
> Congress Sets New Federal Debt Limit: $9 Trillion
>
> Full story here:
> http://muvy.org/
You could also say that "Bush has added
(app.) $75 trillion to the GDP," which
irons that debt out to about 4% of GDP,
nothing remarkable.
As Milton Friedman pointed out, "politically
tolerable deficits" (which increase the
total debt) are preferable to balanced
budgets because they discourage more
entitlements.
Bush's worst blunder came with his failure
to offer a radically new version of Social
Security (aka Socialist Insecurity). He
ran on it, but then blew his opportunity
when it came time to get it done.
Social Security and Medicare are the two serious
threats to fiscal stability, not the debt,
which is actually a barrier to further disasters
like SS and Medicare.
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