Re: Question regarding the budget deficit

HON. RON PAUL OF TEXAS
BEFORE THE US HOUSE OF REPRESENTATIVES
September 15, 2005

The Coming Category 5 Financial Hurricane
http://www.house.gov/paul/congrec/congrec2005/cr091505.htm








"Howard Beale" <howardbeal1@xxxxxxxxx> wrote in message
news:oq7tv2x2sm.ln2@xxxxxxxxxxxxxxxx
> And as long as I am asking I'd like to know about the trade deficit.
>
> Can somebody tell me if there is any cause for alarm regarding these two
> deficits? I ask now because of the current *flap* over how to pay for
> Katrina. President Bush apparently wants to pay the costs out of
> discretionary spending reductions. No tax increases. Paul Krugman (NYT
> columnist and safe to say a liberal) has been in a state of near hysteria
> regarding the deficits before this and I imagine this will give him
> apoplexy.
>
> OTOH, I watch the cable financial shows and some of the talking heads say
> these deficits are unsupportable and others say it's not that big a
> percentage of GDP, some say they'll go up and some say down. Regarding
> the trade deficits America has gone from the world's largest creditor
> nation to the world's largest debtor (by far) nation in my lifetime. If
> it weren't for the Chinese buying our treasury paper we'd be in big
> trouble, or so I've read.
>
> I don't know much about these topics but it's always seemed to me that you
> can't spend your way into oblivion without running into the wall sooner or
> later, but, disaster hasn't struck yet and it's been quite a while now.
> I've been reading that there's going to be a dollar crisis sooner rather
> than later but I don't know where these commentators are *coming from*.
>
> Excuse me for asking here but I've always found that a group of poker
> players can answer almost any question intelligently and I can certainly
> expect the entire political spectrum to be represented.
>
>
>
> Howard Beale
>
> "I'm mad as hell and I'm not going to take it anymore!"
>
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>


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