DO WORRY ABOUT THE DEFICIT

Medicare’s $35 trillion unfunded liability

by John Stossel

Excerpt
Obama must realize that government has no wealth of its own and that commandeering scarce resources from the private sector only stifles the economy. Deficit spending does this two ways. When the Treasury borrows money, it outbids private borrowers who would have put the money to productive use. When the Fed creates money, it depreciates the dollar, shifts purchasing power from the people to special interests, and — by tampering with the price signals — creates an unsustainable recovery that will collapse and throw people out of work when the inflation stops.

The 2009 deficit is projected to be $438 billion. Obama’s “stimulus” could take it up to a trillion and beyond. That’s just the beginning since the Democratic Congress’s spending wish list and Medicare’s $35 trillion unfunded liability loom.
DO WORRY ABOUT THE DEFICIT

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One Response to DO WORRY ABOUT THE DEFICIT

  1. Reverend Manny says:

    what i wanna know is, where were all these people when reagan and dubya were running up our deficit spending? It’s amazing how many of these pundits have no criticism to offer when it’s their own party that’s doing the shilling…

    deficit spending was at the spine of Reaganism… Dubya was perhaps the worst abuser of this precarious fiscal technique.

    This piece is disingenuous.

    The economics that underlie its argument are butchered.

    Good post though. Keep the convo going.

    One Love,
    –Reverend Manny

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