Robert J. Samuelson: Truth about economy will haunt whoever wins

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  • JoeCapitalist2 Orem, UT
    Oct. 2, 2012 10:58 a.m.

    Kent, Yes, forgiving all debt every seven years sounds great if you borrow money. It doesn't sound too great if you lend it. Can I borrow some money from you in six years? Good luck trying to get a mortgage or other loan for longer than 7 years.

    Just like raising the minimum wage sounds great for people who currently don't add more than $7.25 per hour in value to their job until they are layed off by their employer who can't pay them $10 for the same work.

    Free health care sounds great for those who receive it, not so for those who pay for it.
    Etc., etc., etc....

  • Kent C. DeForrest Provo, UT
    Oct. 2, 2012 10:23 a.m.

    My devious hope is that Rmoney wins and the Tea Party agenda prevails in both houses. That way we will finally see the disastrous effects of their economic proposals and they will be forever relegated to the dustbin of political history.

    If Obama wins, we'll continue our tepid economic recovery until the next inevitable downswing. If the economy holds together for another four years, the ultra-right would then still be able to make the case that their program should be tried, simply because it hasn't been tried, regardless of how irrational and suicidal it is.

    But things look bleak economically no matter who wins. We need to raise taxes to their post-WWII levels, cut defense spending, and do some serious means-testing with Social Security and Medicare. We can't do any of this suddenly, though, or the economy will contract immediately and throw us into a death spiral. We truly are in a tight spot. Maybe we should just do as the Law of Moses requires and forgive all debt every seven years.

  • SEY Sandy, UT
    Oct. 2, 2012 9:58 a.m.

    The truth is even worse than Samuelson describes it. He doesn't even hint at the $222 trillion in off-budget and unfunded liabilities hanging over the economy. There is a government default in our future regardless of what we do. The politicians elected in November will be blamed, so it might be wise to vote for the party you dislike most.

    That's why I hope the Keynesians get their way to spend like we're at war with alien invaders (that's what the "brilliant" Nobel Prize-winning economist Paul Krugman recommends). That way, their philosophy will be so thoroughly discredited that it will go the way of Marxist economics into the dustbin of history.

  • KDave Moab, UT
    Oct. 2, 2012 9:29 a.m.

    It is sad. We want to be told the truth, but usually elect the best liar.

  • Twin Lights Louisville, KY
    Oct. 2, 2012 6:58 a.m.

    Truth sounds a whole lot like that other word our politicians have a problem with - compromise.