@georgeob1,
You wrote,
Quote:requires government surpluses in good times in order to preclude the growth of debt at a faster rate than GDP.
That most governments are incapable of following your thesis, it must find solutions that will correct the problems currently facing it. What the Euro countries are now facing is based on including countries whose economic products and services are not easily exported or has high enough of a demand for it to sustain it's spending.
The US economy is broad-based, and we have more options in how to correct economic problems.
The GOP's idea that cutting spending and not raising taxes as the solution is not founded in any economic theory.
The best solution is to cut spending that doesn't harm our economy, and increase revenue through taxation.
That you would state,
Quote:the economic readjustments needed to correct an economic recession include increasing national economic competitiveness in the world economy.
I agree. That's the reason cutting funding for our schools and infrastructure is the wrong way to correct our economic problems.
From the New Republic.
Quote:Throw in the fact that the Republican budget would not call for massive reductions in defense spending, and you end up with the Center on Budget’s conclusion: Most of the rest of the government would “cease to exist.”
Another way to think about this is in programmatic terms--and what that would mean neglecting. It’d mean massive cuts to all sorts of means-tested programs upon which the poor, in particular, rely. But it’d also mean substantial cuts to investments in public goods, like education and infrastructure. According to Adam Hersh and Sarah Ayres of the Center for American Progress, the end result of the Republican budget would be a 53 percent reduction in per capita spending on education and training, a 28 percent reduction in scientifically oriented research and development, and a 37 percent reduction in transportation infrastructure.
