Haven’t We Seen This Movie Before?
by R Lunde
This week … the debate over the budget ceiling continues.
As to the script … time has not changed it much.
“The budget should be balanced, the treasury should be refilled, the public debt should be reduced, the arrogance of officialdom should be tempered and controlled. Assistance to foreign lands should be curtailed lest Rome become bankrupt.” Cicero Roman
“Most of this new government created credit has been taken to finance the government’s continuing deficits. The truth is that the burden is absorbing the resources. All this is highly undesirable and wholly unnecessary. it arises from one cause only and that is the unbalanced budget and the continued failure of this administration to take effective steps to balance it. If that budget had been fully and honestly balanced in 1930 as it could have been, some of the 1931 collapse would have been avoided. Even if it had been balanced in 1931 as it could have been, much of the extreme dip in 1932 would have been obviated …. Would it not be infinitely better to clear this whole subject of obscurity – to present the facts squarely to the Congress and the people of the U.S. and secure the one sound foundation of permanent economic recovery – a complete and honest balance of the Federal budget?” Franklin Delano Roosevelt Oct 19 1932 Democrat
“We will never get anywhere with our finances till we pass a law saying that every time we appropriate something we got to pass another bill along with it stating here is where the money is coming from.” Will Rogers American Political Humorist
“In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. This country’s own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous expanding economy which can bring a budget surplus.” John F. Kennedy 1962 Democrat
“Keeping a budget balanced is a lot like preserving virtue – you have to learn to say “no.” Ronald Regan Republican
Haven’t we seen this movie before? Many times. It seems like they just keep making sequels with a tweak here and there … the actors may be different, but the ending never seems to change.