Do Fiscal Conservatives Want a Double Dip Recession?

I’m just wondering, what with all the recent clamor, and not just from the Tea Party crowd, about lowering the debt, not extending unemployment benefits because of the drop in the bucket it would add to the debt, and etc.  The United States is not Greece and the recovery is still in its infancy.  Should we worry about the debt once the economy is strong again?  Absolutely.  When the economy is strong we should pay down the debt, even get ourselves into surplus if we can.  But if we pull back too soon, and right now is almost certainly too soon, we can plunge the economy back into recession, perhaps a deep one like the 1930s.

Also while discussing economics, and I’m not sure if this paragraph will encourage or discourage my friend Brian from chiming in, but I would like to suggest to the Tea Partiers two things about the “bailout”.  1) It wasn’t Obama’s baby, but George W. Bush’s and 2) it worked.  Its easy to decry giving hard-earned taxpayer dollars to wealthy bankers and financiers.  Trust me, as a Democrat its very easy for me to decry corporate welfare!  But it was necessary.  Those large financial institutions were under the very real threat of failing, and if they failed it surely would’ve lead to another Great Depression.  But with the bailout that crises was averted and the money has been paid back.  It was the necessary thing to do, and I frankly wish more politicians of both parties that backed President Bush at the time had the courage and chutzpah to stand up and defend it now.

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