An editorial cartoon by Gary Varvel appeared on the Jacksonville Observer website on June 19, 2009. It depicts future taxpayers being burdened by a big government. I agree with the cartoon with a few modifications. The big government ship also should include the wars in Iraq and Afghanistan started by President George W. Bush, the fiscally irresponsible but popular prescription drug benefit pushed through by the Republican-controlled Congress in 2003, and the thousands of other government programs. And instead of just Barack Obama on the ship's bow, it also should include Ronald Reagan, George W. Bush, and most of the other politicians in Washington since 1981. That is when our culture of fiscal irresponsibility was established under the disguise of supply-side economic theory. See the "U.S. Public Debt Since 1940 - Adjusted for Inflation." Baby Boomers have been burdening future generations for decades.
Joseph Schumpeter's Business Cycles
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Business Cycles
The link above takes you to a pdf file of Joseph Schumpeter's book.
14 years ago
The retirement age will have to be increased.
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