stock_creeper's  Instablog

OMG no budget! cry me a river lol we're spending too much wah wha whahh . Future generations will inherit the debt wah whah

The liberals are waging their war on debt, again. This includes credit card debt, student loan debt, and the national debt.

No one owns the debt but the debt holders. No one is expected to pay the principle, but only the tiny interest payments. That's how debt works.

Stocks are surging, profits & earnings keep getting better and better. People are getting richer than ever on wall St. and in the Silicon Valley due to Web 2.0. Oh, and the 10-year yield remains at 'crisis levels', so why do we need for a budget? This entire debate is just political posturing. Libs want more $ for social safetynets and job creation programs and reduced spending for defense and tax cuts. Republicans want more defense, more tax cuts and reduced spending on useless social safety nets. The republicans are right. Tax cuts for the rich, defense, homeland security, and bailouts creates growth. Dollar for dollar, bailouts are the most efficacious form of government spending. Furthermore, liberals are more ardent about deficit reduction because they want the economy to fail so they can get re-elected on economic issues, and to spread the wealth. Deficit reduction would cause the stock market to fall, and this is what the left wants. This endless debate by congress, the blogs, and the media about the deficit creates the impression of progress, and this is good enough. The stock market and bond market is saying that we shouldn't try to solve a problem that doesn't need fixing.

A common rebuttal is that republicans, not liberals are the real economic gloomers. Or that republicans are the most preoccupied with the national debt. These are both false.

What does Paul Krugman, Robert Reich, Roubini, Matt Taibbi, and Karl Denninger have in common? Not only did they vote for Obama in 2008, but have been forecasting economic doom and gloom ever since this bull market began in 2009. They are opposed the fed because the fed is creating wealth via QE and permanently low interest rates and the goal of liberalism is to force equality, and one way this is achieved is through fiscal restraint and increased regulation.

Robert Reich and Krugman are more tolerant of the fed and the deficit, but still insist the economy is weak because we haven't achieved full employment. This is economically detrimental and unrealistic. One of the reason why America has such a strong economy, especially compared to its peers, is because of the dynamic, flexible American labor market that allows companies to make abrupt adjustments to their employee roster as the external macro conditions change. Forcing companies to hire slow, redundant people under long -term contractual timetables is best left to the likes of Europe and Japan.

The plurality of economic doom and gloomers voted for Obama in 2008, they are presently spreading lies about the economy being weak or about the debt binge being unsustainable, have vigorously opposed pro-growth GOP policy of defense spending and tax cuts for rich, and are sympathetic to wealth spreading groups like OWS.

No 2 budget. yes 2 spending, yes 2 growth