U.S Economy: Barack Reagan, Barack Hoover, or Barack Delano Roosevelt?..............
“While he was in China, Barack Obama made a bizarre declaration that the US government must reduce its budget deficits in order to avoid "a double-dip recession." The remark was alarming because it suggests the president may not fully understand the country's economic predicament. Deficit spending is a cure for our troubles, not the cause. If Obama follows through and actually reduces the red ink, the Great Recession could be born again with new fury. In an interview with Fox News, the president said: "It is important to recognize if we keep on adding to the deficit, even in the midst of this recovery, that at some point people could lose confidence in the US economy in a double-dip recession." Maybe he didn't mean it. Or was merely nodding to Chinese leaders, our leading creditor, who had scolded him for profligate spending. Still, his backward logic gave me a chill. If Obama acts on it, he will be walking in the footsteps of Herbert Hoover, not Franklin Roosevelt, and I fear his presidency could be doomed as a result……...”
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