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Old November 10th, 2009, 08:03 PM
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Default Re: Hawaii's Economy - Tuff Days Ahead?

Quote:
Originally Posted by Bobinator View Post
Try saying, "N-E-W W-O-R-L-D O-R-D-E-R"!
Well, you could say "new world order", but if you look at the history, it is interesting to note when it started.

The US had an essentially balanced budget through the end of the Carter Administration. In other words, the US economy lived within its means, the national income covered the national debt.

That changed with the Reagan Administration. The US government started spending more than the revenue it generated. We, the US economy started living off a national credit card.

That trend continued during the administration of Bush 1, who increased the debt that Reagan had started.

Wild Bill Clinton was able to stem the tide during his administration. He didn't reduce the national debt, but he didn't increase it either. He ran his administration on a balanced budget that neither increased nor decreased the national debt.

And then along came Bush 2. During his 8 year reign, he increased the national debt three fold. He really put the economy on the credit card (with China primarily holding the debt).

Obama has done the right thing with his stimulus package to keep the US economy out of bankruptcy. My biggest fear is that he has not spent enough on the stimulus. I think we may need to spend more in order to reverse the trend by establishing the economy on firm footing. It is too early in the Obama Administration to blame him for a continuation of the "new world order" established by the last three Repub Administrations. He hasn't even completed one year of tenure and it is too soon to draw conclusions. I am adopting a wait and see attitude.

I am not quoting from or referring to any website. These are my own thoughts and my own words. I know that Rimbarf likes to refer to the "new world order" on his program, but let's see if anyone on HT has any original thoughts if you wish to disagree.
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