The Economist slams Republican budget plans

Economically illiterate and disgracefully cynical” is how they phrase it.

Henry Blodget at Business Insider adds:

The Republicans’ stance on the debt-ceiling has now gone so far, in fact, that the Republicans appear to be trying to disrupt the economy in order to improve their chances in the next elections, rather than address an economic crisis that threatens to affect millions of Americans.

This is not practical or responsible. It’s also not patriotic. It’s traitorous.

Both publications are strongly pro-business, anti-big government too.

  • DJ

    Let’s face it: neither party likes to talk about real numbers. The federal budget is a disaster, with far too much spending and not nearly enough revenue to cover services we take for granted. The feds spend 2/3 more than they take in, much like a family earning $60K but spending $100K. Every year. In ten years, that family would have racked up $400K in principle debt, which is nearly seven times their annual income. So it should be no surprise that the Obusha administrations have racked up debt equal to seven time current revenue. That’s absurd, and it should scare the crap out of us.

    Any financial adviser would tell that family they are in deep kaka, and that the first step is to start living within their means. But our juvenile Congress won’t hear of it. Both parties have kneejerk responses that ensure the gravy train will keep rolling.

    The budget needs to be balanced and that can’t be done without raising taxes. We can’t keep living on a giant credit card. That said, how much stock do I put in the opinions of those who have a vested interest in keeping open the pipeline of money from government to business? Not much.

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