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Gary Edwards

The twilight of America - Melanie Phillips - 1 views

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    Ms. Phillips describes the three new Obama appointments and what it means to the future of America:   excerpt: "Barack Obama has now proposed filling the three positions in the US administration most concerned with the security of the nation and the defence of the free world, those at State, Defence and the CIA, by three men who have all taken up positions which can only strengthen those who threaten the security of America and the survival of the free world.  " "Hagel, Brennan and Kerry, are all examples of post-Vietnam demoralisation syndrome - the deeply pessimistic belief that America cannot and should not fight to defend its security and values anywhere in the world; that if bad people are defeated in war only worse people will ever take their place; and that therefore the best strategy for America is to buy them all off, pull up the drawbridge and retreat into a self-delusional isolation.   These are people who are the living embodiment of civilisational exhaustion and decline. In any healthy society, they would be considered marginal, third-rate figures characterised variously by moral spinelessness, stupidity and knuckle-dragging prejudice. Yet not only has Obama put such people forward to manage the security of America, at a time when Iran  is racing to build its nuclear bomb and Islamic radicals are destroying lives and freedom across the world and making headway into the west -- in part because of the policies of Obama himself; even more stunningly, the American liberal media, along with timid or ideologically partisan US Jewish leaders, remain silent about these astoundingly destructive appointments because it is Obama who is making them. "
Gary Edwards

Stephen Moore: Obamanonics vs. Reaganomics - WSJ.com - 0 views

  • In any case, what Reagan inherited was arguably a more severe financial crisis than what was dropped in Mr. Obama's lap. You don't believe it? From 1967 to 1982 stocks lost two-thirds of their value relative to inflation, according to a new report from Laffer Associates. That mass liquidation of wealth was a first-rate financial calamity. And tell me that 20% mortgage interest rates, as we saw in the 1970s, aren't indicative of a monetary-policy meltdown.
  • Fast-forward to today. Mr. Obama is running deficits of $1.3 trillion, or 8%-9% of GDP.
  • If the Reagan deficits powered the '80s expansion, the Obama deficits—twice as large—should have the U.S. sprinting at Olympic speed.
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    The two presidents have a lot in common. Both inherited an American economy in collapse. And both applied daring, expensive remedies. Mr. Reagan passed the biggest tax cut ever, combined with an agenda of deregulation, monetary restraint and spending controls. Mr. Obama, of course, has given us a $1 trillion spending stimulus. By the end of the summer of Reagan's third year in office, the economy was soaring. The GDP growth rate was 5% and racing toward 7%, even 8% growth. In 1983 and '84 output was growing so fast the biggest worry was that the economy would "overheat." In the summer of 2011 we have an economy limping along at barely 1% growth and by some indications headed toward a "double-dip" recession. By the end of Reagan's first term, it was Morning in America. Today there is gloomy talk of America in its twilight. My purpose here is not more Reagan idolatry, but to point out an incontrovertible truth: One program for recovery worked, and the other hasn't. The Reagan philosophy was to incentivize production-i.e., the "supply side" of the economy-by lowering restraints on business expansion and investment. This was done by slashing marginal income tax rates, eliminating regulatory high hurdles, and reining in inflation with a tighter monetary policy.
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