Posted by
Compassionate Conservative on Thursday, June 04, 2009 10:37:50 AM
Another letter to the Patriot-News Editor:
"It seems Paul Krugman is concerned about what he terms an "explosion of debt" over the last quarter century, which he contends set the stage for the latest international financial crisis. Although he never explains how they're related, Krugman is certain that, somehow, the crisis began when the Reagan Administration both ran up public debt while deregulating the banking industry, which caused a concomitant explosion of private debt.
Liberal need to quit harping on the so-called "Reagan deficit" and the so-called "Clinton surplus" because, in accordance with Article 8 of the U.S. Constitution, Congress legislates budgets. The President only executes them, and the deficit of the 1980s occurred when big-spending Democrats controlled Congress, which the surplus of the 1990s occurred under the Republican Party.
As for private debt, no one in government ever held a gun to the head of investors to force them to make bad investments, either in overpriced houses or under performing stocks. People need to take ownership of their own bad decisions and stop expecting government to bail them out all the time, and that goes for individuals as much as it applies to corporations. So please, people, stop crying about your bad luck and start taking responsibility by voting for a return to constitutional government. We'll all be better off for it in the long run."