Posted by Tina
In terms of economic policy, from our founding to the current administrastion the song remains the same:
“I, however, place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared.” – Thomas Jefferson
“The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital… the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy. – John F. Kennedy
“An economy hampered by restrictive tax rates will never produce enough revenue to balance our budget, just as it will never produce enough jobs or enough profits” – John Fitzgerald Kennedy
“Government is the people’s business and every man, woman and child becomes a shareholder with the first penny of tax paid. * Public servants say, always with the best of intentions, ‘What greater service we could render if only we had a little more money and a little more power.’ But the truth is that outside of its legitimate function, government does nothing as well or as economically as the private sector. * Government does not solve problems; it subsidizes them. * Governments don’t reduce deficits by raising taxes on the people; governments reduce deficits by controlling spending and stimulating new wealth.” – Ronald Reagan
“Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth.” – Ben Bernanke, Federal Reserve Chairman
“U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can’t be solved through minor changes.” – Congressional Budget Office (CBO) Director Douglas Elmendorf
“A bad situation could become dramatically worse” – Barack Obama
Right on Mr. President! Clearly, given your own assessment, we need a dramatic change and we need it NOW! What kind? A return to that fiscal song that remains the same!