Reasons not to follow the rights austerity plan...... (Congress, Clinton, Barack Obama)

[geeoro]

Originally Posted by evilnewbie

Your opinion is useless, wrong, and egocentric... I laugh when common people like you who have ZERO knowledge about national economics and finance claim to know better than someone who has done more than you could ever attempt... I just find it funny that a liberal thinks they know better about situations as well as other foreign country dynamics, rather than admit that they know nothing and instead, they complain about the people who studied it their entire lives... Instead of letting liberal politics guide your so-called knowledge, why don't you leave politics aside when trying to argue things...

"Yawn"
Pity the facts contradict you.

[whogo]

Originally Posted by geeoro

America was also in huge debt when the recession hit and could quite easily have gone the way of Greece.

And we could still go the way of Greece. Everyone agrees our current deficits are unsustainable. At what point do you stop the stimulus?

[shorebaby]

Originally Posted by whogo

And we could still go the way of Greece. Everyone agrees our current deficits are unsustainable. At what point do you stop the stimulus?

I think a super place to stop would be after spending trillions and not producing very much.

[knowledgeiskey]

Originally Posted by shorebaby

Lol, certainly not true. It worked brilliantly in Germany.

What?

Even Germany isn’t good at German-style austerity - The Washington Post

[knowledgeiskey]

Originally Posted by whogo

And we could still go the way of Greece. Everyone agrees our current deficits are unsustainable. At what point do you stop the stimulus?

The US can't default on its debt. Greece is not in charge of its monetary policy. Big difference

[texdav]

Originally Posted by geeoro

There are two trains of thought about how America should come out of the recent recession.
The right wants to cut cut cut cut spending and use austerity measures and President Obama has used a stimulus package.
In Europe they have chosen the Austerity route and this has caused the recovery in Europe to stall and cause huge problems with Greece and other Countries. The recovery in Europe is far far slower than in the USA.
The USA has used stimulus to recover from the recession and even though slow, is recovering 10 times faster than Europe. If the jobs bill etc. had been passedthe recovery would be faster here.
The Economy is recovering in the USA and economists agree that it is moving forward. Industry is improving in the USA and all indicators show a upward trend.
Is there anyone here who still believes that the eonomy is not growing and still believes that the present tax system is OK when it is denying revenue from the top earners?
Will be interesting to see if austerity measures are still looked at as a solution when it has been shown by other Countries who adopted it that it isn't working..... what do you think?

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The problem in europe is it has reach a crisis stage. That is why they have gone that route. The problem with US is that we are headed in that direction quickly and without cutting spending we could soon be in same position.When looking at the euro zone one has to realise that the countries like germany who actually are doing well cut spending in the 90's. No one actually thinks we can not make deep cuts and do it by raising tax or continued borrowing.If taxes were really would not endanger growth then surely Obama and democrats would put their money where their mouth is and have let the Bush cuts expire.What they have long wanted to do is continue wealth sharing we been on since the mid 60's by raisng tax on investment class.Its the tax and spend policy they have wanted for years;nothing new.That is how central control of the economy get done in socialism.With control of wealth goes control of voters as more become dependent.Just loking at the growth i the big 3;mediare;SS and mediaid growth estimates shows unsustainable spending and the path to beig greece. Actaulyl lokig at euroep and even Greece they not actaully implemented any of the cuts so far. What is bring their bondrates higher is conitued borrowing.no growth under present spending polciy still happening.Actauly few think that Greece eventually will now have to leave the iro and default on its debts but hopefully the others like Spain and Italy will be corraled agisnt contasion. Grece is ony 3% of the euro. Just lookig at FED test of banks show that they are also lookig at that or worse if it spreads.

[whogo]

Originally Posted by shorebaby

I think a super place to stop would be after spending trillions and not producing very much.

We agree...trying to get an answer from a deficit dove.

Deficit doves, at what point do you stop the stimulus?

Even Geither has stated we are on an unsustainable path.

[shorebaby]

Originally Posted by knowledgeiskey

What?

Even Germany isn’t good at German-style austerity - The Washington Post

Lol, you critcize Germany for not hitting its spending cut targets, yet increasing our spending by trillions is fine? Answer me this, did Germany cut spending? Did we? Germany instituted an austerity plan, they cut spending and their economy is performing splendidly.

[shorebaby]

Originally Posted by knowledgeiskey

The US can't default on its debt. Greece is not in charge of its monetary policy. Big difference

Of course the US can default on its debt.

[Mircea]

Originally Posted by geeoro

There are two trains of thought about how America should come out of the recent recession.
The right wants to cut cut cut cut spending and use austerity measures and President Obama has used a stimulus package.In Europe they have chosen the Austerity route and this has caused the recovery in Europe to stall and cause huge problems with Greece and other Countries.

Wow, what a complete display of absolute ignorance on the subject matter.

Just a hint: The national debt of the EU does not exceed its GDP. The National Debt of the US is greater than its GDP and will be so until austerity measures are put into place.

Another hint: What Greece owes is a mere $400 Billion and the GDP of the EU is $17.960 TRILLION (which is $2+ TRILLION more than your GDP) and which is what...?

....2.23% of the whole EU GDP.

There is a price to pay for owing more money than your country could every possibly repay, and that price will cost you, your country, your society, your government, your standard of living and your quality of life dearly.

You will learn that soon enough, and I suspect that you will be one of the first here posting on C-D in about 8 years whining and crying, "Why didn't someone do something in 2012 to prevent the disaster occurring now?

Originally Posted by geeoro

The recovery in Europe is far far slower than in the USA. The USA has used stimulus to recover from the recession and even though slow, is recovering 10 times faster than Europe.

Says who? You? You don't even know what you're talking about.

Technically you recovered in 2009, but you have flip-flopped and waffled from your previous positions on recovery.

If you want to benchmark your recovery, then you will be fully 100% recovered when your unemployment is 5% and your labor participation rate is >66.5%.

Originally Posted by geeoro

Is there anyone here who still believes that the eonomy is not growing and still believes that the present tax system is OK when it is denying revenue from the top earners?

No one said the economy is not growing. As I have repeatedly said, your GDP has constantly increased, but the jobs are not there, which is one indication that GDP as measured is of no value.

Originally Posted by geeoro

Will be interesting to see if austerity measures are still looked at as a solution when it has been shown by other Countries who adopted it that it isn't working..... what do you think?

I think you have no understanding of the situation.

Austerity measures are in place for Greece, not the EU. Learn and understand the difference.

Like those typical of your generation, you think everything is a video game. Economics is not a video game; if you thought Greece would implement austerity measures and the problems will be fixed in 1-3 months, then you are sadly mistaken (and it only proves further that you're incompetent in economic matters.

It will take years for austerity measures in Greece (and all PIIGS nation-States) to work.

When you are finally forced to implement austerity measures, and you will be forced because you don't have the courage to do it voluntarily now, you will find that it will take years for them to work, so don't fly off the handle and start posting nonsense after they've only been in place for a few months.

Economically...

Mircea