Conserative economists critical of Bush's fiscal policies

I <3 Abraham

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http://www-news.uchicago.edu/citations/05/051225.bush-ct.html

Here's a tidbit

"By the time he leaves office, Bush may have accumulated more debt than all previous presidents combined--minus his father. This administration's single biggest economic policy will be to dramatically shift the burden of our spending onto our kids."http://www-news.uchicago.edu/citations/05/051225.bush-ct.html

Where is the doctrine of personal responsibility now? Fiscal responsibility? I am a worker who entered the worforce only 2 years ago, I will be paying for this for the rest of my life. Bush has failed (quite literally given an F by Goolsbee) in his policies regarding spending and the deficit.
 

Donkeytron

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MichaelFJF said:
Unemployment low; discretionary income up; housing starts up; taxes lower; federal income tax revenues up; interest rates low; first time home owners at a reconrd high.

Yeah, it's terrible out there.

Yield curve thinking of inverting. Homeowner equity lowest it's ever been. Double digit growth in current account and federal defecits. Economics isn't about cherry picking the top-line numbers that support your political beliefs.
 
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Jacob4Jesus

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Maybe I am wrong, but I think the point is that no matter how good or bad things are right now, they are going to be worse for coming generations because of this incredible debt they will have to be paying off. So, there may be a few pluses and negatives right now, but the sheer undeniable fact is that as long as the national debt keeps growing, it's more than future generations will have to pay off.
 
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Donkeytron

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MichaelFJF said:
You live in your pessimistic "the sky is falling" world and I'll live in reality.

I have a better idea. How about I live in the degree in economics having world, and you stay in the hooray for whatever statistics say prez bush is great reality.
 
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fragmentsofdreams

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revolutio said:
We all remember the Tech Bubble of the 90s. Methinks this debt bubble may pop one day and we are gonna find ourselvelves solidly under China. I haven't heard any long term plans for how the heck we are supposed to pay off all this debt.

We've been following the same plan for decades now: let the next guy fix it.
 
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ClaireZ

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Yep, eventually you have to pay the piper.

For the first time in decades, Americans have a negative savings rate. They are spending the equity in thier homes.

Up to half of those buying a home are buying using Arms financing, and interest only loans. If the values of these homes go down, as most of the economists are predicting, these people will be walking away from these homes and defaulting on thier loans when the rates readjust and they have to start paying the principle.

The price of gold is soaring, and the yield curve has inverted, both signs of a coming recession.

The Stock market actually lost money this year, it had a negative return on equity. Profits were being made overseas, in foreign stocks.

All this debt and the higher cost of energy, plus the continuing raising of the interest rates by the Fed, are all weighing heavily on our economy.

This could be the beginning of a very rough cycle.
 
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CaligulaNero

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"For decades? Doesn't that mean that maybe.......oh nevermind."

Actually, we haven't been following the same for decades. Reagan did reckless spending (not to Bush Jr.'s level), and George I and Clinton helped reverse that dangerous trend, now Bush Jr. has taken it to an altogether ridiculous level.
 
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