Wednesday, May 27, 2009
Ron Paul To Obama: Cut Spending!
Time to stop spending
"We're out of money."
Those words - not from his Republican detractors, but from President Obama himself, during a holiday interview on C-Span.
The president has been spending our taxpayer money like it's water in the hopes of stimulating the economy. Texas Republican Congressman Ron Paul, a failed candidate for his party's nomination for president last year, says the only solution now is to cut spending.
In an interview on CNN this morning, Paul suggested that the government can't raise taxes. The American people can't afford that. So the president has to do what he probably anticipated that he'd inevitably have to do. Reduce government spending.
It may be time to do just that. A group of leading economists is saying today that we're seeing the light at the end of the tunnel - that the recession is winding to an end. They predict moderate growth in the second half of the year. One major counter indicator - the unemployment rate continues to rise.
If taxpayer spending continues out-of-control, one sector that will surely add to the unemployment rate may be the government. It may have to follow the lead of the private sector. Lots of companies that are still solvent but less profitable are taking prudent steps by cutting staff. And they aren't out of money like the government.
We talk about issues like this and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com