This page was last updated on August 3, 2011.
No joke; Editorial; Beaver County Times; August 3, 2011.
Below is a critique of an excerpt of the subject editorial.
“Want to hear something even less funny? If history is any guide — and history does not necessarily repeat itself — the debt-ceiling bill will slow down the already weak recovery from the Great Recession, and it has the potential to push the economy into another recession.
That’s because this is the time the federal government should be pumping money into the economy, not shrinking it. As Mohamed El-Erian, chief executive of the bond investment firm PIMCO said Sunday on ABC, ‘We have a weak economy, so withdrawing more spending at this stage will make it even weaker.’”
[RWC] This critique will be short. For BCT credibility on this topic, please read my critique of “Handling the truth.” The remainder of the critique is the following quotes.
“Those who cannot remember the past are condemned to fulfill it.” – George Santayana (philosopher) in The Life of Reason (1905).
“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises … I say after eight years of this Administration we have just as much unemployment as when we started … And an enormous debt to boot.” - Henry Morgenthau, FDR’s Treasury Secretary during the Great Depression, testifying before the House Ways and Means Committee in May 1939.
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