>Hi Won,
>
> > 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:
Mr Peterson does have a great resume. But as a former NY Fed Chair and
Chairman of Blackstone, I would argue that he is better suited to speak
about monetary policy over fiscal policy. And while I hold him, and his
opinions, in high esteem they are only his opinions. Why was this
administration the most reckless in history? How was Medicare expanded
without any serious measures to control its exploding cost? Some of the
numbers are simple but the answers aren't.
As a side note, I'm a registered Democrat. I'm fiscally conservative but
socially liberal. That often puts my ethics in a struggle against my check
book. As a person, I'm intrigued by Bush. But I rarely agree with Bush
the policy maker. His fiscal policies are not conservative. And although
tax cuts are often viewed as a conservative measure, I'm going to have to
think that his tax cuts aren't because it will require more government
intervention to unwind the tax cuts when the government really needs the
money. I never agree with Bush on social issues. The only thing Bush and
his team does offer me is economic guidance. I have been impressed with
how he guided the US out of recession. I didn't think he could do it but
he proved me wrong. Perhaps his fiscal policies will have long term
negative effects. But I do know that staying in that recession would
definitely of had short term negative effects.
Pat Buchannon was on Bloomberg radio Monday night and he took the President
to task for not being conservative enough. I could never say that as I
think he is conservative enough. But it's interesting to hear from a real
conservative and what they think about Bush.
>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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