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Posted by Martin McPhillips on 03/23/07 20:21
"Martin McPhillips" <nospam@nospam.com> wrote in message
news:46043366$0$1385$4c368faf@roadrunner.com...
> "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.
Make that $68 trillion to the GDP and
debt that's about 4.5% of that.
>
> 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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