Corvette Forum : DigitalCorvettes.com Corvette Forums banner

1 - 6 of 6 Posts

·
Banned
Joined
·
31,366 Posts
Discussion Starter #1
The US is going down a similar road as that taken by Greece and Portugal with regard to its budget decisions, John E. Silvia, chief economist at Wells Fargo, said on Wednesday.

"To me—being in Europe for a few days—the plot in Greece and Portugal sounds an awful lot like the same plot that's going on in the United States. But the characters have different names," he said.

As the deadline for a budget agreement looms in Congress, Silvia told CNBC that the US must recognize that the moderate economic growth forecast by most economists for the country will fail to generate the tax revenue necessary to fund long-running government entitlement spending.

"We have to make some arrangements in terms of cutting back the promises that were made by prior politicians for these entitlements," Silvia said.

"(We've had) forty years of political promises to give people certain entitlements, certain benefits. And we've now come to understand that the United States is in a very difficult position than it was in the early post-World War II period. We're not the dominant economy. And our pace of growth has moderated. Our ability to finance this is all limited."

Republicans and Democrats are at loggerheads over how to fund the federal government for the final six months of the 2011 fiscal year.

If no decision is made by midnight on Friday, a government shutdown will take place.

"It basically comes down to: Can the Democrats give a little bit in terms of spending over a longer-term time period?" said Silvia, who previously was a senior economist for the US Senate Joint Economic Committee.

http://www.cnbc.com/id/42452207
 

·
Registered
Joined
·
12,410 Posts
:agree:
The most brilliant minds in the democratic camp, Pelosi and Schumer have only one thing to say about it....it's gonna make seniors hungry. Remember...these are the braniacs that got us to where we are today.
 

·
Banned
Joined
·
9,760 Posts
:agree:
The most brilliant minds in the democratic camp, Pelosi and Schumer have only one thing to say about it....it's gonna make seniors hungry. Remember...these are the braniacs that got us to where we are today.
Do you realy think that republicans want to stop the spending either? They just want the democrats to not have control over the spending. When the pubs get back into power they will do plenty of spending....just watch. This is the same old game....just a new set of players....last time it was Clinto VS Gingrich.

And that is the real problem here. :crazy:
 

·
Registered
Joined
·
25,253 Posts
Do you realy think that republicans want to stop the spending either? They just want the democrats to not have control over the spending. When the pubs get back into power they will do plenty of spending....just watch. This is the same old game....just a new set of players....last time it was Clinto VS Gingrich.

And that is the real problem here. :crazy:
I disagree. Not that I put all that much trust in Republicans to have altruistic motives. But, let's face it, we're out of money with no realistic way to increase revenue. The time is here when we are going to have to learn to live on our means. The public knows it, the Republicans know it and the Dems are in denial.
 

·
Banned
Joined
·
9,760 Posts
I disagree. Not that I put all that much trust in Republicans to have altruistic motives. But, let's face it, we're out of money with no realistic way to increase revenue. The time is here when we are going to have to learn to live on our means. The public knows it, the Republicans know it and the Dems are in denial.
Had the republicans known it back in 2001, we would be in much better shape. But lets not forget Cheneys the deficit doesn't matter speach in 2005. It was bullshit then and it is bullshit now. I don't trust either side to do the right thing because they don't know what the problem is in the first place.
 

·
Premium Member
Joined
·
4,611 Posts
You guys are all talking about people who are in disconnect with reality.

They have no contact with the real world ...
 
1 - 6 of 6 Posts
Top