A return to people-centered investment can motivate the flow of private capital As I go back and look over what was being written about the economy, and the federal budget, the lost Clinton surpluses, falling wages, and the property bubble, throughout George W. Bush’s second term in office, it is clear the signs were there throughout that … Continue reading Financial Collapse was Foreseeable, More People-centered Investment Needed
Among the numerous scathing criticisms leveled against the record $3.1 trillion federal budget proposal —which will be the last of the George W. Bush White House— are fiscal irresponsibility, near record deficits, and plans to cut or eliminate fully 151 federal programs, in an effort to save just $18 billion, while base Defense Dept. spending increases by 8%.
Economists worry that spending priorities laid out in the budget will only exacerbate current economic slowdown. Democrats in Congress have vowed the budget “will not be the model” for the legislation they will put forth to govern spending for 2009. But the White House insists the budget is fiscally responsible and will in fact reduce spending.