
2/22/12 9:30 am BET U MISSED MOST OF THIS…..





RICH DOING FINE; AVERAGE CITIZEN DOING WORSE. BASIC ECONOMICS: GOVERNMENT SPENDS MORE=YOU HAVE MORE; GOVERNMENT SPENDS LESS=YOU GET LESS. WATCH YOUR GOVERNMENT.~mackie
(highlights cited from source below)
Firing teachers, cops and government clerks will, for sure, reduce public spending. The full economic story begins with this principle taught to every economics student: spending equals income and income equals spending. Cut spending and incomes must fall; cut incomes and spending must fall….
When private spending shrinks, then either government spending must grow to make up for it or the other side of the equation, income, must shrink….By definition, no sovereign government can ever go broke in its own currency…….
NO TO AUSTERITY
The United States government, which has a monopoly on its currency, is $15.2 trillion in debt, roughly the same as the entire output of the economy for a year……. The country was much deeper in debt, relative to the size of the economy, in 1946 than it is today and yet what followed was decades of prosperity. The 1946 debt remains and, after six decades of growth, it is inconsequential.
In Japan, government debt is roughly twice annual economic output and yet the country continues to function because real interest rates are at or below zero….
Austerity budgets, by reducing government spending, will only make incomes fall more. The only way to make incomes rise is to make spending rise, which in the short run means more borrowing by governments to enable more public sector spending…
The people who steered our financial ship into dangerous waters in the first place were at the very top of this group. We should listen more to those will suffer from austerity budgets: children who only get one chance at an education, the sick and disabled unable to support themselves and seniors too old to work.
For much more and a short video click on:
http://blogs.reuters.com/david-cay-johnston/2012/01/27/the-siren-call-of-austerity/



Republican presidential candidate Mitt Romney said if he had the opportunity to appoint a Supreme Court justice he or she would be in the mold of Antonin Scalia, Clarence Thomas, Samuel Alito and Chief Justice John Roberts.“Their approach is the approach I would encourage,” he said. “I would try to find those who would follow the Constitution.For other reasons on how you could be affected click on:Other sources important to you:

