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Spending and Tax Cuts Are the Only Solution to the Deepening Global Recession

By: Steve Johnson

6/10/2010 - 31 Comments

As the U.S. GDP moves towards 100% in the next 18 months and is perhaps already at 130% if you include the unfunded liability of Freddie Mac and Fanny Mae, major cuts are inevitable.

Without a doubt, major austerity measures are coming to the U.S., which are likely to produce riots because of the massive amounts of social entitlements that have been promised over the past several decades.  

The question that remains is will Obama begin to face the recession or will he try to keep printing money and avoiding the big cuts until after his term? 

And if the conservative Republicans take control of the house and the senate in November as projected, they will most likely make the decision for Obama and start cutting government spending.

Or perhaps the crafty politicians will find a way to begin cutting spending while convincing the public that they are instead trying to stimulating the economy?  Perhaps they will do this by passing a few new stimulus bills while passing deeper spending cuts at the same time.

Here is an excellent video by Max Keiser about the subject:

In the end, cutting spending is the only solution and the longer we wait to start cutting the deeper the cuts are going to be.  As a political leader in the U.K. put it, “spending cuts now, or poverty later.”

If spending cuts are the solution and Democrats are incapable of cutting spending, then it doesn’t really matter what else they stand for, they are not electable as we are seeing in the primary elections. 

Because of this, embolden Democrat voters will be unable to vote for either party in November causing the voter turnout to drop by as much as 15 percent.

But then who will get the blame for the deepening recession and increase in unemployment that is sure to follow the spending cuts?  Will it be the leadership in Congress or the President? 

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