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January 27, 2010

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(1) 90% of economists will disagree with you saying that we must cut government spending during a recession.

(2) Is government spending actually growing? When one includes all the states as well as the Feds. The states are cutting back drastically.

(3) The safest cuts would be cuts in military spending,where there is the most waste, especially on unneeded weapons systems, where planes cost a billion dollars each and then can't fly.

(4) Tax hikes on the very wealthy would hurt the economy the least. I.e., take the caps off Medicare/social security taxes.

Jan: (1) Economists long for economics to be considered a "science," when it is in fact an ongoing philosophical debate. Most of them never thought we were in a housing bubble, and before that didn't think we were in an Internet bubble. And I doubt many of the economists thought it was a good idea to cut government spending when we weren't in recession.

(2) Government spending has exploded, and has been for some time (pre-Obama). Keep in mind, plenty of stuff is "off budget."

(3) I'm all for a non-interventionist foreign policy, which would reduce our military spending greatly. But military spending as measured by GDP is nowhere near as high as, say, during the JFK administration in the Cold War.

(4) Heck, just take every penny the very wealthy have and you couldn't run the government more than a few weeks. Sorry, the "very wealthy" dog won't hunt. The big things are Social Security, Medicare and Medicaid. And they're going broke. GWB got his Republican congress to add a hugely expensive Medicare prescription drug plan, and that irresponsible act is surpassed only by Obamacare, which hopefully is dead.

I don't think it is only up to Obama to restore everything. The senate and the house need to be able to re-adjust if we are to fix anything.

sfgirl: I don't think John Ellis, who I linked to, believes it is up to Obama to restore everything. I certainly don't. I do think John Ellis' constructive criticism is spot-on. Thanks for reading and commenting.

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