Economist Gary Shilling says the middle class needs a reality check now that the ability to borrow is in systemic decline. Realistic adjustments to spending and our sense of necessities as well as career retraining are the way to recovery.
“This could actually benefit the President, if the Republicans insist all or none,” says Tax Notes columnist and Pulitzer-Prize winning journalist David Cay Johnston.
There have only been 4 balanced budget years in the US over the last 50 years. It's not that deficit spending is inherently bad, it is always a question of what the spending is aimed to stimulate. The best bang for the stimulus buck does not come from artifically propping up asset prices and bank balance sheets. Intelligent stimulus has to be an investment in the real economy now that will benefit the future, ie., infastructure, education, research, innovation.
This clip has gone viral on the internet the past week, nearly 2 million hits. I can see why…
