miami_thomas
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- Jan 20, 2011
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I think we have reached the point of no return. We are looking at raising taxes and cutting spending of about 503 billion dollars in January and the CBO is predicting that instead of a possible 3 percent growth we would be looking at a recession next year and shrinkage of .5 percent. Now these cuts and taxes would lower the deficit to about 900 billion but with a new recession revenues would drop and more people would join government programs and essentially increase the deficit. I think we are in a doomed economy no matter what we do. I think our nanny economy has reached the point to where we actually have to collapse and go bankrupt to come out on the other side cleaned up. This is exactly why government should not be allowed to take the place of charity. The problem is no one takes responsibility for the governments money and does not think twice about borrowing nearly as much money as it makes to pay for charity. The biggest credit bubble bursts in our history were extremely bad leading to the great depression and the other leading to the previous recession in 2008. This bubble will be far worse because there will be no one to bail the government out.
Budget office: 'Fiscal cliff' cuts, tax hikes would lead to recession | Fox News
Budget office: 'Fiscal cliff' cuts, tax hikes would lead to recession | Fox News