Well below the record deficit set by Reagan in 1983 at 6% of GDP. We all know what happened after 1983: we grew by leaps and bounds. Despite the record deficit.
The $700 billion dollar fund we now need to bail out the banks as a result of the Fannie Mae Financial Fiasco will add to the current deficit - but we can afford it over the next couple of years.
We can and will survive this financial debacle and thrive in the years ahead.
- The single greatest thing we can do to increase our prosperity and grow the economy is LOWER OUR ENERGY COSTS.
- WE MUST DRILL HERE AND DRILL NOW.
- AND HERE INCLUDES ANWR.
- The Democrats in Congress are blocking this.
3 comments:
I agree, and I'm glad you posted this.
This morning, I went to Starbuck's to pick up the LA Times, and the front page said, "Bailout will cost
$700,000,000,000
My reaction was, "That's all? For God's sake, from listening to the news this week, I thought we were on the verge of Financial Armageddon."
Thing is, people think because they as individuals can't fathom $700 billion, that it must be an outlandish figure.
It isn't. Not at all.
To put it in perspective, friggin' Bill Gates could pay about 1/10 of that himself.
The Iraq War, which is not going to achieve its stated mission of a free country in the Islamic world, is going to cost us $1 trillion, or more.
As you rightly point out, the debt as a percentage of the total budget is relatively small given historical perspective.
Debt/credit is something people carry to prepare for a rainy day, and to invest/bet on their future, when things are a bit hard.
This whole media-created panic attack over the recent crisis is completely ridiculous.
I'm guessing most every American is carrying more than 3% debt in relation to their annual income.
If the median income is $40K, or thereabout, then a 3% debt ratio would be $1,200 debt.
And, we're friggin' going on valium about this?
Give the media a gun, and let them shoot themselves in the head, for God's sake. Get it over with.
glad u agree.
so we need none of the hysteria.
the msm LIKES hysteria.
especially now that iraq has been won.
the sad thing is, socialism is what got us into this mess.
bush and mccain tried to right the ship in 2003 and 2005 and were blocked by the dems.
so this TRILLION of OUR money need not have been spent by THEM on THIS.
in that sense it's wasted.
time to move forward and defeat lefism before they do to healthcare what they did to mortgages.
BTW: social security is gonna do the same thing.
Here we have an unpopular war and now an economic recesssion, and McCain is only down 2% in the nationwide polls. The conventional wisdom holds that the Republicans should lose the election. Perhaps McCain has done a better job than most of us thought of disassociating himself from the Bush admin. McCain has to run against the permanent bureaucracy in DC that go us into this mess. Obama and the Dems are closely conected to the failed Fanne Mae and Freddie Mac.
Post a Comment