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Ya, we went thru tax cut mania here in OK during the boom.
Now they are cutting meals for the indigent elderly.
Talk about "death panels", that's what my state legislature has become. smurfing republicans.

The indigent elderly should be out there working and making money. Perhaps granny can earn an extra few if she takes her teeth out first.

years of tax cuts combined with more spending under Ms Napolitano had left its budget out of balance when Mrs Brewer took over

Brewer did inherit a lot of the problems too though to be fair.

JakeTheTall wrote:

mo' ron wrote:

years of tax cuts combined with more spending under Ms Napolitano had left its budget out of balance when Mrs Brewer took over

Brewer did inherit a lot of the problems too though to be fair.

Inherited problems created by the Republican-controlled state legislature, which apparently ramped up spending during a boom?  That's incredibly fiscally irresponsible.

And a fiscally responsible Rep Governor is trying to fix the budget.

You're right.  They should chuck them all out of office and let the budget fester while forcing the government to pay for a massive election campaign to replace them.

JakeTheTall wrote:

Farmerkev wrote:

JakeTheTall wrote:

Inherited problems created by the Republican-controlled state legislature, which apparently ramped up spending during a boom?  That's incredibly fiscally irresponsible.

And a fiscally responsible Rep Governor is trying to fix the budget.

Sure, we'll just ignore the 17 state senators and 36 state representatives that together aren't fiscally responsible.

You are correctly identifying a problem with elected officials pandering to voters but incorrectly assigning blame to a political party.
For other examples you could look to my state of IL, Dem owned and operated and horribly mismanaged.
The Fed isn't exactly showing any respectable fiscal policy under the Dems right now either.

Many state governments are looking into unusual measures as they're all feeling the fiscal strain of the recession. AZ was looking to sell some of its government building then lease them back. Unfortunately most state revenue comes from income taxes and/or sales tax. As a consequence, when a recession hits and people are unemployed, revenue takes a huge nosedive. You can have a "responsible" budget, but when revenues don't meet the target, you have to make last-minute changes. It happens in the private sector too. Many companies are laying off workers and cutting back because sales have plummeted. Some companies have huge cash reserves to fall back on, but many don't. SF had a rainy day fund, but it's almost gone. Whenever the government tries to save, we get calls for more tax cuts. It's pretty clear though that cutting taxes without reducing spending doesn't work. Cutting taxes doesn't lead to increased revenues. George HW Bush called Reagonmics what it is: Voodoo Ecomomics. The whole Laffer Curve, trickle-down nonsense is bunk.

Farmerkev wrote:

JakeTheTall wrote:

Farmerkev wrote:

And a fiscally responsible Rep Governor is trying to fix the budget.

Sure, we'll just ignore the 17 state senators and 36 state representatives that together aren't fiscally responsible.

You are correctly identifying a problem with elected officials pandering to voters but incorrectly assigning blame to a political party.
For other examples you could look to my state of IL, Dem owned and operated and horribly mismanaged.
The Fed isn't exactly showing any respectable fiscal policy under the Dems right now either.

The Federal Reserve is an independent government entity in control of monetary policy.

Saving banks is also saving the economy from a much worse recession.

There's no threat of inflation in the next couple of years.

Jokotai wrote:

JakeTheTall wrote:

There's no threat of inflation in the next couple of years.

You know, I'm not very good at economics.  However, if that statement is true, you get the silver lining award of the month.

It's not a silver lining. Without the pumping of cash into the system, severe deflation was very likely.

I assumed that you were referring to the Federal Reserve as well. That's what "The Fed" is.

I have heard the Federal Government referred to as the "The Feds," though.

I was always taught that "the Fed" meant the Federal Reserve.