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American People the Big Losers in the Budget Deal
Howard Richman, 4/11/2011

Dick Morris has a pretty clear assessment of what happened. He wrote (It's no deal, it's a sellout):

John Boehner has just given away the Republican victory of 2010 at the bargaining table. Like the proverbial Uncle Sam who always wins the war but loses the peace, he has unilaterally disarmed the Republican Party by showing that he will not shut down the government and will, instead, willingly give way on even the most modest of cuts in order to avoid it. He now has no arrows left in his quiver....

Certainly the Republican Party is a big loser. It has proven its phoniness on the budget deficit issue. But the biggest loser is the American people. The best that we can hope for is that foreign governments will continue to fund our budget deficits in order to steal our industries. The eventual outcome will be a future combination of high interest rates, high inflation, and dollar collapse.

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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]