06/23/2002 Archived Entry: "State Blues will lead to a greater National Debt"

Thanks to the readers/posters for bringing up the fact that we now have over 40 states facing deficits, and the effect is spilling over into rising costs. State budget shortfalls trigger escalating tuition:

With at least 41 states face budget deficits... In the last national economic downturn, a decade ago, only half as many states were facing red ink... Nor is it likely to improve any time soon. Most campus and state officials interviewed for this article expect 2003 to be worse than this year. Even if the national economy recovers, it will be 12 to 18 months before the benefits are felt in the states, they believe.

And yet, there the ever-supply-siders are, giving more to the few that already have more than enough; Opening A Trillion- Dollar Hole. Now comes the post that explains to me the alternate history I just don't get-- i.e., how Reagan's tax-cuts and deficit-spending was inducive for the 90's boom, while Clinton's revenue-raising and deficit-reduction was inducive of the 00's impending recessionary double-W-dip. Let's call this refrain the Ode to be a Laggard! It must be In Their Genes.

Replies: 2 comments

"And the Republican responses were:

"The banks will fail. Clinton's plans will only worsen the recession."
--- Dick Armey, Degree in Economics

"Clinton's pie-in-the-sky fantasies will crash our economy."
-- Phil Gramm, Degree in Economics

"A guaranteed disaster, without a doubt."
-- Newt Gingrich"

And the Republican response to the Clinton Budget Surplus is:

Mitch Daniels....no degree in Economics.

Paul O'Neil...knows nothing about economics and hangs out with Bono.

Lawrence Lindsey....the court jester...knows something but not much.

"It was because of St. Ronald of Reagan!

"This is Reagan's recovery!"
-- Dick Armey, Degree in Economics

"Reagan laid the groundwork, but Bill Clinton is trying to claim all the credit."
-- Phil Gramm, Degree in Economics

"Bill Clinton did not contribute anything to this recovery."
-- Newt Gringrich"

For a recovery the Bushies need:

Anne Krueger...Economics PhD

Gary Becker...Professor at University of Chicago and a Nobel Laureate

and...

Rober Barro...Professor of Economics at Harvard.

Posted by G.C. Raj @ 06/23/2002 05:55 PM PST

This news report may be of interest.

http://www.freep.com/news/politics/gov22_20020622.htm

Posted by G.C. Raj @ 06/23/2002 05:58 PM PST