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Monday, August 15, 2011

Economic Journal Article #4

 My apologies for not posting yesterday. I'll be posting two of these today as a result. In any case, here is economic journal entry #4, written for ECON 202: Macroeconomics at Dutchess Community College in Summer 2011. These have been reprinted with permission of Professor Noreen Van Valkenburgh.

Topic: Obama gives a speech on the debt ceiling crisis
Source: TV 
Date: July 11
Summary: President Obama gave a speech today discussing the approaching of the debt ceiling. He said that he would not sign a short-term solution. Also, the Republicans are not cooperating without significant cuts and no tax increase.


This is ridiculous. The government defaulting on their loans would be a disaster, but we can't keep spending like this. And the so-called $45 billion cuts are a joke. We would still be running a huge deficit and the debt would keep rising. The cuts should not just be limited to Medicare. We also need to cut our massive defense budget. We could cut it by 90% and it would still be the world's largest. The Republicans need to start cutting their own spending, not just the Democrats'. And they need to cut a lot of it. Most of our spending is wasteful. There is the pyramid scheme that is medicare, but there is also NCLB, and the huge military, and three unnecessary wars. Republicans' programs are not immune from their cuts. No program is immune. I don't want to see the government default, but we need to cut spending significantly. Earlier this year, Citizens Against Government Waste (CAGW) ran the "Chinese Professor" TV ad, which has been compared to such legendary political ads as "Daisy Girl" and"Morning in America". It featured a professor at Beijing University in 2030 giving a lecture to a history class. He discusses the fall of "great empires" - the Greeks, the British Empire, and … the United States! He explains how they all "turned away from the principles that made them great" and describes America's financial failures - stimulus spending, universal healthcare, the list goes on and on. He then concludes his lecture about the USA by saying "now, they work for us." If this possibility isn't enough to send shivers down any American's spine, I don't know what is. Cut spending now!

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