Tuesday, July 19, 2011

Thom Hartmann: The final step in Ronald Reagan's "starve the beast" economics...

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If you thought the Paul Ryan plan to privatize Medicare was bad - wait until you see what Republicans have up their sleeve today. Republicans in the House today will vote on THEIR plan to raise the debt-limit - which includes a balanced budget amendment that makes sure the government can't close loopholes on rich people in the future - and can't spend any money beyond a certain threshold - even if emergency spending is needed to fight off a recession or some other crisis.

The balanced budget amendment will require a 25% spending cut in every single government program - from Social Security - to Medicare - to Veteran's benefits - and will return government spending to it's lowest levels since 1966 - when the United States population stood at 100 million people fewer than it is today. No President has ever supported a spending cut and structural changes this massive - yet Republicans feel that with our nation in a Great Depression and real unemployment above 16% - that now is the perfect time to blockade government spending - just like Herbert Hoover did.

What we're seeing unfold in the House today is the final step in Ronald Reagan's "starve the beast" economics - and if Republicans are successful - we're all screwed.


(Do you think they will succeed? Tell us here.)

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