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Greenspan Urges Caution on Social Security


Well-known member
Feb 19, 2005
Reaction score
in the middle of America
Political Leaning
Pacridge said:
I have no doubt the Democrats were wrong when they said the cuts wouldn't produce jobs. And for the most part I'm aware of the reference sites you listed. In fact, I note on Friday the Commerce Dept. released it's Oct-Dec. qtr. report. They're reporting an improvement to the economy greater than expected. They attribute that increased growth, in part, to businesses spending on capitals and inventory goods. I think the GDP grew at 3.8 and was expected to grow at 3.1.

So I'm not saying that these tax cuts aren't doing positive things for the economy. My concern is the cuts have a cost. And that cost is getting huge. Seems to me the original plan was to cut taxes- spur the economy and that would help bring down the deficit. And at some point hopefully the debt. Isn't that how you understood the plan? Well we're not bringing any of that down are we? In fact it's getting bigger. Some day that bills going to come due. I'm looking for somewhere to compare the effect of the tax cuts on the economy. What effect that has on our deficit. Then what longterm effect it's all going to have on our economy. I mean I could live like a king for a few months maybe a year or so, but my credit cards going to stop working someday, if I don't pay it down.

Plus, these countries that are loaning us money are going to start wanting to dictate more and more of the international trade rules if they hold all the purse strings. It could all have a very negative effect.

In all fairness, not all Democrats subscribed to the one size fits all that the heads of the party may want everyone to believe. President Bush wouldn't be President if not for many Democrats nor would his tax cuts be in place. We the People! Great idea.

I know we will disagree on this one but, I don't put as much importance on a National Deficit as many do. I will note that Alan Greenspan mentions it but doesn't emphasise it in his testimony or announcements from the Fed Chair. The reason? (as I see it of course). Local or County governments must stay within a budget with real money to back it because they have to buy direct and pay with dollars they have in hand. State government has more leeway to run at deficit spending but, as California has shown, credit concerns such as bond rating will be affected. The current Governor has shown that even the threat to take it to the people can help a state's credit rating.

As for the National Debt? Other countries will not kill the last chicken, they love the eggs too much. We hold sway in this world not only because of our economy. You will note that even though our National Debt is large and growing, interest rates remain low and will for the foreseeable future. The Federal Government has much more leeway in deficit spending than do local, county or even state governments. And remember, the tax cuts may have been what the Administration wanted but, those cuts and all spending is controlled by Congress and if you delve into what they are buying for you and me back at home, you will find pork, pork, pork! Remember, the modern politician wants reelection more than anything, even above doing what is right in many cases!

And as for other countries dictating to us on trade or anything else - relax - that's why we have Bush as President. Dictating has already been tried by some of the best and it hasn't worked and any new ploys won't either. Our position in the world is strong and will stay that way :duel ~~~
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