Take a brief look at the charts presented in 'What Forced President Obama to the Deficit Cutting Table?'—at a glimpse you can see the different approaches to the deficit issue. There's a big difference between the President's 'tax them until they don't bleed any more' and the other options, none of them goes far enough.
The timing of the President's rhetoric (it can hardly be called a plan yet), tardy as it was, could cynically be looked as arriving just before Standard & Poor's devaluation of America's spendthrift ways. S&P's devaluated the Bush-Obama administration of American finances, but inevitably Bush-Obama are devaluing our assets to PØØR—it's not just that America's worsening credit rating will result in losing the US dollar's privileged position as the world's currency, cause increased borrowing interest rates to pay off ballooning debt payments, and lead to flight of investment funds from American enterprises to other countries; but the increased taxes and rising inflation will inevitable pinch the budget of ordinary Americans (especially since the Government does not acknowledge that an inflationary spiral is well under-way.)
As Daniel Hannan puts it—''You cannot spend your way out of a recession; you cannot borrow your way out of debt' ... 'Everyone can see that you are the devalued [President] of a devalued Government!'
Also refer to Robert P. Murphy's 'Uncle Sam: Busted' article—the train wreck is not being adequately addressed by either the Left of the Right.
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