White House National Council Director Lawrence Summers said this week that the US must continue to "prime the pump"of the US Economy through deficit spending. Longer term, he said, the administration will work to get the economy and spending "on a sustainable basis" to keep foreign investors confident.
If I understand this correctly, our plan is to spend and print trillions of dollars irresponsibly now and at some indefinite point in time in the future become fiscally responsible. This logic is about as sound as Doc Emmit Brown in "Back to Future" trying to run the flux-capacitor on an empty beer can and a banana peel. Apparently, "where we're going we don't need roads...."
Summers goes on to say, "Our problems were not made in a day, or a month or a year, and they will not be solved quickly."
Too true Larry, too true (he's Dr. Watson to Sherlock Obama). Still I wonder if these problems were so long in the making, why is it necessary according to most of these Repulicrats to immediately spend and print trillions of dollars without any reflection or real analysis? Their usual pitch seems to be because "it's the end of the world as we know it". Earth to Congress- world still here (two years into this) albeit with less purchasing power.
One thing we know for certain; their behavior has managed to unnerve the most important player in this crazytrain of increasing debt to solve a debt crises- China.
