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Fortuno is governor of Puerto Rico. Two years ago, he fired 17,000 government workers. No state governor did anything like that. He cut spending much more than Walker did in Wisconsin. In return, thousands of union members demonstrated against Fortuno for days. They clashed with police. They called him a fascist
Fortuno said he had to make the cuts because Puerto Rico's economy was a mess.
When I think Canada, I think big government. I'm embarrassed that I didn't know that in the mid-'90s, Canada shrank its government. It had to. Its debt level was as bad as ours is today, almost 70 percent of the economy. Canada's finance minister said: "We are in debt up to our eyeballs.
So in 1995 Canadian leaders cut unemployment benefits and other programs. It happened quietly because it was a liberal government, and liberals didn't want to criticize their own. The result was that Canada's debt stopped increasing. As the government ran budget surpluses, the debt went down.
"The economy boomed," Henderson said. "Think about what government does. Government wastes most of what it spends, and so just cutting government and having that money in the hands of people means it's going to be used more valuably."
We can make cuts and have a better America.
Japan and Canada demonstrate that. Japan applied the Keynesian prescription in the 90's. Budget deficits ranged between 6 and 9 percent of GDP. Their debt went from 11 percent of GDP to 80 percent. And the policy failed to stimulate. Oops.
So in 1995 Canadian leaders cut unemployment benefits and other programs. It happened quietly because it was a liberal government, and liberals didn't want to criticize their own. The result was that Canada's debt stopped increasing. As the government ran budget surpluses, the debt went down.
"The economy boomed," Henderson said. "Think about what government does. Government wastes most of what it spends, and so just cutting government and having that money in the hands of people means it's going to be used more valuably."
Originally posted by ModernAcademia
I think that it's insane to think that during a time where the U.S.'s credit rating is getting so bad it makes sense to expand govt. thereby increasing costs while lowering quality, what sense does it make?
It's fiscal insanity
There's still time though, but something needs to be done fast and I don't know why common sense is taking so long to show it's head
Originally posted by The Old American
To various others: A good portion of "the rich" earned their money by decades of hard work, dedication, and sacrifice to get where they are today. They played by the rules and succeeded. Some of us haven't. Get over it and worry about yourselves. Bunch of jealous whiners.
/TOA
Originally posted by Chadwickus
That's a very capitalist attitude isn't it?
I can agree a lot of government welfare systems don't work, but many do too, it's a matter of finding the right balance.
Originally posted by origamiandurbanism
Originally posted by The Old American
To various others: A good portion of "the rich" earned their money by decades of hard work, dedication, and sacrifice to get where they are today. They played by the rules and succeeded. Some of us haven't. Get over it and worry about yourselves. Bunch of jealous whiners.
/TOA
Again, I just shake my head.
news.yahoo.com...
Here's a quote from the article -
"The chart jibes with other data, which show that since the 1980s, income for the richest 1 percent of Americans has exploded, while hardly budging at all for everyone else."
Well, it's official, only the top 1% are working hard I guess!
What a sad state of affairs, let's all make sacrifices except for the rich. What a great country this is turning into.
Here's something else to think about - if the majority were actually being paid fairly, less would need government assistance, but that sure as hell isn't happening.
Workers’ share of national income plummets to record low
Originally posted by SG-17
We need to cut military spending and stop spending so much money on pointless drug prohibition is what we need to do. The social programs are fine (though Social Security does need a major overhaul).