Friday, February 27, 2009  Too late! Debt terrorists have gotten
to Obama  "In the midst of abundance we preach privation."
-Warren Mosler  It's unfortunate that Obama subscribes to the
views of the "deficit terrorists," who believe that the
government's means are limited. He raises taxes and "scours the
budget for savings" in the false belief that spending is somehow
constrained by tax revenues or a surplus of on-hand gov't
savings.  In the meantime the wealth producing resources and
capital (including human capital) of the nation sit idle,
raising the likelihood of a permanent decline in America's
standard of living relative to the rest of the world.  The true
legacy that we leave to our children and grandchildren is not
the debt, so long as that debt resulted in a rise in output,
employment and wealth. It's the latter that we pass along and
exactly the reason why the debt our grandparents ran up during
the 1940s left the current generation richer, not poorer.  No
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