Well now I feel obligated to also give a final
short summary haha
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Originally Posted by Another opinion
Yes, I agree that the deficit is a problem... i.e. how to keep health and SS costs from climbing. The issue of the justification of the high 2009 deficit (due to the various bailouts and stimulus packages) is addressed in another point.
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I don't foresee any president actually addressing this until it is too late. We have always been a country of change only when you have to. The problem with that, unlike many other crisis like Global Warming, is that you know basically when the end is and what the consequences will be. Because of this I feel it should be prioritized. Americans agree with this now but I doubt they will when the economy is rosy again.
Quote:
Originally Posted by Another opinion
Given all of the hype all over the world about fears of a second Great Depression if nothing would be done, given that all industrialized countries had some version of bailout / stimulus package, and given that a Bush administration idiologically opposed to such government intervention felt compelled to introduce it, I have every confidence that they were not all following foolish purely political decisions but decisions based on solid reasoning. So, I have full confidence that bailouts / stimulus packages of some sort were necessary. The only doubts I have is whether they were done as effectively as they could have been.
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On the second part of this we both agree. I feel if you do a stimulus you might as well do it right and there are huge doubts in my mind that we did it right. I do like how you call it "hype" as that is all it is to me. With no indication this can work I felt it was a bad way to go. People fall victim to strong language easily, such as "weapons of mass destruction", so even bi-partisan/country agreement can sometimes be way off with reality.
Quote:
Originally Posted by Another opinion
However, he will continue to get my respect as long as he makes a strong effort to cut un-necessary spending (closing down ineffective programs, making some tough choices on reducing SS and health care costs, etc.). The future will tell...
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He hasn't done this yet. I hope he does too.
Good discussion, I'll leave our audience with these two economists debating what we just did...although ours was better
How big is $9 trillion? - Paul Krugman Blog - NYTimes.com
Econbrowser: $9 trillion-- what, me worry?
09-02-2009, 04:15 PM
Hybrid Mode
