> People will moan about deficit but no one has told me concretely why deficit is bad.
Please read Pete Peterson's book, "Running On Empty". It will explain
it in vivid detail. Peterson, a Republican, is Nixon's former
Commerce Secretary, Chairman of the Blackstone Group (a PEG), Member
of the Council on Foreign Relations, Founder of the Concord Coalition,
a Former New York Federal Reserve Chairman, et. al.
The bottom line is - he's got a great resume to be critical (mostly of
fiscal policy). Here's a sample from the introduction:
In sum this administration and the Republican Congress have presided
over the biggest, most reckless deterioration of America's finances in
history. It includes a feast of pork, inequitable and profligate tax
cuts, and a major new expansion of Medicare that is unaccompanied by
any serious measures to control its exploding cost. Even before the
new prescription drug benefit, Medicare accounted for 3/4 of America's
stunning multi-trillion-dollar unfunded liabilities. It's almost as
if today's Republicans have decided that a legitmate goal of
supply-side economics is to increase the supply of government.
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