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Laughing Out Loud at Obama

Chris from Kalifornia Wrote: Dec 02, 2012 6:43 AM
It's easy to raise GDP. All you have to do is print more money and spend it. What a crock. All government spending should be taken out of the accounting of GDP. Government spending doesn't "produce" anything. Instead it takes dollars away from people and jobs that do produce a real product.
GOOD OL' BAD GUY Wrote: Dec 02, 2012 11:33 AM

Hey Chris, government does produce quite a bit. The problem is it produces nothing of tangible value. Who needs the excessive regulations that are smothering the economy? My answer to that is they do, how else could they justify their existence.

“Ancient Rome declined because it had a Senate; now what's going to happen to us with both a Senate and a House? “ Will Rogers

johnm h Wrote: Dec 02, 2012 6:55 AM
Agreed, it's like adding increases in corporate overhead to sales figures. Unless they add to production or cut costs, increases in overhead don't add to sales. But even that fix would be misleading. GDP figures are aggregates, averages and tell us little about what is actually happening and nothing about where we are going. As Hayek said, aggregates don't act on other aggregates, only individuals make economic decisions and this information is unknown and unknowable because it's all, always based on expectations about the future.
I read that Senator Mitch McConnell burst into laughter upon hearing Treasury Secretary Tim Geithner lay out President Obama's "Fiscal Cliff" plan. Here's the rub:

> $1.6 trillion in revenue
> $50.0 billion stimulus
> $400.0 billion in Medicare cuts

Unlike Susan Rice, who was sent in to fall on the administration's sword during the Benghazi cover up, Geithner isn't looking for his next government job. It makes him the perfect foil. He can actually go in with a straight face with a proposal so absurd that an old reserved guy like McConnell doubles over in hysterical disbelief. Some say this is how you begin...
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