The proposed spending cuts by the Republicans will do nothing to pull our economy out of our its dismal downward spiral. A balanced budget is not going to create jobs in America. And tax cuts will not create jobs either.
The “Bush tax cuts” could not keep us out of a recession, but they were extended a few months ago by the Republicans and Democrats. How can extending the tax cuts be expected to pull us out of our current economic decline, if the tax cuts did not keep us from sliding into a recession?
But, nothing proposed by the Democrats will give us a sustained economic recovery either. Increased stimulus spending on infrastructure, etc. will only provide a short-term source of jobs, until the spending stops. And the spending will stop, since we cannot continue to have $1.3 trillion annual deficits.
China’s economy is growing because we have sent tens of thousands of our factories and millions of our jobs to China. We have transferred our wealth and prosperity to China. China now has a booming economy, and we are left with 14 million unemployed American workers.
The only real solution to our economic decline is to stop all imports from China and bring our factories back to America. It is obvious that fiscal and monetary policies are not working.