With the GDP figure at 0.1% and the obviously failed economic policies of the current administration and it’s supporters this is no surprise. Yet we continue to hear that we don’t have a spending problem. To the tune of $1,000,000,000,000 a year in added debt, no budgets, no cuts, no accountability. Insanity reigns and it’s only getting worse. Capitalism has been the fuel that fires this great engine of democracy and super power. Socialism is part of the dust bin of history of failed nations and grandiose ideology that simply doesn’t work. It has proven it doesn’t work (pun intended) and never will. In fact it basically enslaves us to the goverment’s will. Yet we supported this very notion with the re-election of Obama who has been taking us down this road to socialism. In liberal reasoning the state knows what’s best for you in every facet of your life. What is wrong with this picture? Did we forget that the government and politicians work for us? ~ CO
Art Laffer: ‘Whole Economy is Shrinking’
Economist Art Laffer Wednesday called the contraction in the U.S. economy “catastrophic” and predicted that it would continue to shrink without spending restraints and lower business tax rates.
Laffer was responding to reports Wednesday that the U.S. economy contracted 0.1 percent in the last quarter of 2012, marking the worst quarter performance since the recovery began more than two years ago.
Recalling his years as one of Reagan’s top economic advisers, Laffer said Reagan actually cut the highest tax rates. He said “we made a mistake” by phasing in the cuts, which he said caused the 1981-82 recession. But he said the economy took off in 1983 when the cuts went into full effect.
Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Newsfront/shrinking-output-contraction/2013/01/31/id/488250#ixzz2JaeJKEdh
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