But where are the tax increases? There are cuts but not much yet in the military. Didn't Obama just extend a tax break for employers and of course he earlier agreed to extend cuts for the richest Americans. Seems that Obama has taken old Uncle Milton to hear. Friedman noted that deficits were not necessarily bad. They provided golden opportunities to forces cuts in government programs.
Cheers, ken ----- Original Message ----- From: Doug Henwood <[email protected]> To: Progressive Economics <[email protected]> Cc: Sent: Sunday, August 7, 2011 4:59 PM Subject: Re: [Pen-l] downgrade On Aug 7, 2011, at 5:56 PM, Jim Devine wrote: > I think I know what the downgrade means: in effect, Wall Street is > telling Obama (and by extension, the US government as a whole) who's > boss. But it's telling Obama to do just what he wants to do: a combination of tax increases and "entitlement" cuts totaling about $4 trillion. Doug _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
