Political Quotes

“We believe that a stimulus package must be fast, it must be fair and it must be fiscally responsible. The Republicans ignore the tried and true logic that long-term deficits are bad for future economic and job growth. The Federal Reserve Chairman, Alan Greenspan, has repeatedly voiced his assessment that persistent budget deficits hurt economic growth over the long term because of the drain they cause on private savings that could, and should, be used for capital formation. The Thomas bill ignores the dilemma it will create when the expiration of unemployment benefits and state cuts in Medicare occur. Just as it makes no sense to down a few more drinks before hitting the road, it makes no sense for a country that is currently running a $436 billion trade deficit and depends on $474 billion in borrowing from abroad to adopt a budget that will borrow an additional $1.5 trillion over the next 10 years. Deficits do matter. Sound economic policy recognizes that sometimes deficit spending, to a certain degree, makes short and long-term sense.”