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Monday, August 15, 2011

Economic Journal Article #5http://www.blogger.com/post-create.g?blogID=6144408548910691939

Here is the fifth installment of my economic journal articles for ECO 202 - Macroeconomics at Dutchess Community College. This has been reprinted with the permission of Professor Noreen Van Valkenburgh. I was supposed to publish one a day but forgot to upload one yesterday, so this is the second one for today. Unfortunately, for some reason there is no date on this one.

Subject: Republican proposals for debt cuts
Source: Various


Some Republicans in Congress are proposing $45 billion in welfare spending cuts in exchange to raise the debt ceiling. Other Republicans refuse to even do that. And some Democrats aren't willing to make the cuts. So it looks like disaster

My opinion:

We wouldn't be in this mess in the first place if the government didn't spend so much. We need to cut spending by a lot more than $45 billion. And yes, some areas will have to go. You can privatize, eliminate, or reduce almost every government agency. If something really is important and useful to the population, the private sector can handle it and be funded by those who want it. This would also have the added benefit of reducing taxes. I am a libertarian and do not feel that most government spending projects are proper. With the exception of law enforcement (which would not prosecute victimless crimes as they do now), courts, and maybe a few other agencies, I would cut everything ideally. But that is ideally. In this case, at the very least, you have to cut more than $45 billion.


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