According to the NYT; "THE American economy is once again tilting toward danger. Despite an aggressive regimen of treatments from the conventional to the exotic — more than $800 billion in federal spending, and trillions of dollars worth of credit from the Federal Reserve — fears of a second recession are growing, along with worries that the country may face several more years of lean prospects."
Read it all here.
And they are right: the current Obama administration has tried everything THEY know how to do!!!!!!!
But folks we have been here before: it was called Jimmy Carter!
In 1979 we had high inflation, no growth, no jobs, high interest rates, and a demoralized country that was being told from the White House that "this may be as good as it gets".
Ronald Reagen came to office, let a wrenching economic correction take its course to wring out the inflation monster and then slashed marginal tax rates which unleashed the largest economic expansion in modern history. Oh, and by the way, he defeated the Soviet empire in his spare time!
But do not dispare......the current crowd is not out of ideas yet! They are going to let the Bush tax cuts expire at the end of the year. They still want ObamaCare to go forward, they still want Cap & Trade, and don't forget their debt commission that will no doubt call for a National VAT tax. Won't all those things do such great good for our economy??????
If we do not start major surgery this November, a couple years down the road we may look back at 2010 as a time of unparalleled prosperity!
Wouldn't that be a pathetic thing!
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