Quote:
Originally Posted by Greedy,Greedy,Greedy
So, at the moment, I am not frightened by deficits.
However, public debt as a percentage of GDP is now back to where it was when Clinton took office,
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Hence deficit/debt, rather than one or the other. Wasn't one impetus for Clinton reducing the debt the threats of the bond vigilantes? And I don't recall S&P/Moody's issuing downgrade warnings on T-bonds back then.
And, as to the expiration of the 01/03 taxcuts, that would be "higher taxes", which I will believe fully upon 2011 ending without any re-authorization.
Are you not sympathetic to the view that the politicians will spend 12 cents of every additional dime in taxes, thus a need to cut (even if only thru reduction in growth) before adding to the revenue side?
