This is absolutely great, Jeff.
Professor Dick Armey, Newt's very own majority leader and supply-side guru, is the guy we should listen to about what to do about a tanking economy? Are you serious? He's a tax-cutter!
Come on, "trickle-down" "supply side" tax-cut "voodoo" economics has TWICE been an abject failure when times were far less dangerous than they are right now. First from 1981-1993, then from 2000-2009. They don't work when times are good; they sure as *censored* don't work when times are awful. Ask Herbert Hoover.
Or ask Nobel economics prize winner and Princeton prof Paul Krugman (who also holds Reagan responsible for the beginning of the deindustrialization of the US):http://krugman.blogs.nytimes.com/2008/01/17/reagan-and-revenue/
So, Jeff, are you seriously arguing that we can tax-cut our way out of this, or are you just stockpiling coal for the long economic winter? And some pencils to sell?
So borrowing money from Communist China and devaluing the dollar is your answer?
Japan had the "Lost Decade" due to zero interest rate policy and banks heavily leveraged into over valued real estate. Sound familiar? But somehow the USA is immune to economic realities?
Yes, I'm saying tax cuts are the answer. Now, whether or not Congress allows them to be TRUE tax cuts remains a question. Tax cuts without spending cuts is merely deficit spending.
You don't think you can spend your money better than the government? Why not give the government 100% of your money? You won't because it's foolish.
I hold Reagan responsible for the beginning of the deindustrialization of the US too. He started NAFTA. GHWB advanced it, WJC passed it, and GWB expanded it with CAFTA. What's your point? Mine is that government is NEVER your friend. They don't care about your well being and should NEVER be trusted or relied upon to do the right thing.
But you seem to think that government is ready, willing, and able to fix the problem despite any evidence to support that.
We've been following your Keynesian policy for decades and look where it got us. I don't understand the theory of "some is bad but more is better"? It makes no sense.