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	Name:	water_watcher -
	Subject:	Whatever
	Date:	4/7/2010 7:41:17 AM

Hound,

All you have to do is Google or BING projected deficits and it should scare the heck out of you. Obama wants to talk about the deficit he inherited ... but keep in mind who controls the purse strings (congress).

Then look at the worse deficit under Bush, even with two wars. Then look at the projections by the Obama administration and CBO out until 2019. The bars are so big it makes the deficits during Bush look like pocket change.

We also know that social programs normally cost much more than projected.

Now since government does not create revenue, they can only tax and create a drain on the economy .... how do you think deficits of $1 trillion a year will be paid for?

If your answer is more taxes, I agree. Now higher taxes either slow economic growth because businesses and individuals have less to spend to expand and create jobs .... or it creates inflation which is even more harmful since it reduces spending power and the federal reserve reduces money supply and raises interest rates to bring inflation in check.

You do not have to believe me or call me chicken little ... this is simple economics. All you have to do is look back at history and how economic cycles work. The difference this time is that it is 4 to 5 times worse than it has EVER beeen in history.

And lastly ... why don't you go read about the collapse of Argentina and I think it would be hard to say we are not repeating the same mistakes. They were a very wealthy and successful country until the government started adding more and more social programs and "redistributing wealth", the government taking on more and more debt, then raise taxes to deal with the debt until the country could not meet it obligations and the people lost everything.