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The 7 - Current Events & Politics - What Would Newt Say? Register and log in to post!
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spf
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#1 Posted on 15.7.03 1145.47
Reposted on: 15.7.10 1148.21
As I recall the visual of Newt Gingrich holding up his Congressional Voting Card and proclaiming it "the world's biggest credit card." and then sweeping Republicans to victory on the Contract With America, I wonder what happened internally in the GOP to go from wishing to amend the Constitution to forbid budget deficits to now using their control of Congress to end up with the largest budget deficit in US history, some $475 Billion (story.news.yahoo.com)

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godking
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#2 Posted on 15.7.03 1155.24
Reposted on: 15.7.10 1158.52
What's really impressive is that the $475 billion figure doesn't count the cost of Iraq and Afgahanistan. Count those in, and this year's deficit is well over half a trillion dollars - and, as a percentage of GDP, a point higher than the deficits the United States carried during the 89-93 recession which both parties agreed were untenable.
PalpatineW
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#3 Posted on 15.7.03 1257.08
Reposted on: 15.7.10 1258.10
Right on, spf. I know you didn't mean it this way, but I too yearn for the political spirit of Newt Gingrich. Bush is only half a conservative, in my mind. Too much damn spending.
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#4 Posted on 15.7.03 1315.17
Reposted on: 15.7.10 1315.24
I gotta concur as well. Spending needs to be cut DRASTICALLY. Cutting taxes is only one part of the puzzle. You have to do both.

I don't understand the inability of politicians on both sides of the aisle to spend responsibily. Like kids in a damned candy store with my money...
spf
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#5 Posted on 15.7.03 1337.43
Reposted on: 15.7.10 1338.10
FWIW Palp, I respected Gingrich a hell of a lot more than most of the current lot of folks. I always had the sense he meant what he said, even if I disagreed with it. He struck me as an ideologue, but not as much of a liar. I'll take the former any day of the week, since at least then you know what you're dealing with and can choose whether to support or oppose accordingly.
Corajudo
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#6 Posted on 16.7.03 1656.12
Reposted on: 16.7.10 1659.01

    Originally posted by godking
    What's really impressive is that the $475 billion figure doesn't count the cost of Iraq and Afgahanistan. Count those in, and this year's deficit is well over half a trillion dollars - and, as a percentage of GDP, a point higher than the deficits the United States carried during the 89-93 recession which both parties agreed were untenable.


Actually, this isn't true. As a percent of GDP, the budget deficits were 4.8, 5.4, 5.5, and 4.6 percent in years 1990-93, respectively compared to the current deficit 0f 4.2 percent (and, in six of the past 20 years, the deficit has been higher--all times in which the economy was recovering from recession). Furthermore, it is a tenet of sound macroeconomic theory to run a deficit during a time of economic weakness (especially when conducting a war at the same time).

Lastly, who really cares what Congress deems as 'untenable' budget deficits. If Congress really felt the deficit was 'untenable' then they would do something about it since they do have *some* degree of power over the budget (it's called revealed preference).
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