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Economy
See other Economy Articles

Title: The Money Hole
Source: HE
URL Source: http://www.humanevents.com/article.php?id=44188
Published: Jun 18, 2011
Author: John Stossel
Post Date: 2011-06-18 09:17:52 by CZ82
Keywords: None
Views: 124946
Comments: 157

The Money Hole

by John Stossel, 06/15/2011

America is falling deeper into debt. We're long past the point where drastic action is needed. We're near Greek levels of debt. What's going to happen?

Maybe riots -- like we've seen in Greece?

We need to make cuts now.

Some governors have shown the way. You know about Chris Christie, Scott Walker, Rick Scott, John Kasich, etc. But you probably don't know about Luis Fortuno.

Fortuno is governor of Puerto Rico. Two years ago, he fired 17,000 government workers. No state governor did anything like that. He cut spending much more than Walker did in Wisconsin. In return, thousands of union members demonstrated against Fortuno for days. They clashed with police. They called him a fascist

Fortuno said he had to make the cuts because Puerto Rico's economy was a mess.

"Not just a mess. We didn't have enough money to meet our first payroll."

Fortuno's predecessors had grown Puerto Rico's government to the point that the state employed one out of every three workers. By the time he was elected, Puerto Rico was broke. So the new conservative majority, the first in Puerto Rico in 40 years, shrank the government.

What was cut?

"Everything. I started with my own salary."

The protesters said he should raise taxes instead of cutting spending.

"Our taxes were as high as they could be, actually much higher than most of the country. So what we've done is the opposite." Fortuno reduced corporate taxes from 35 percent to 25 percent. He reduced individual income taxes. He privatized entire government agencies.

"Bring in the private sector," Fortuno said. "They will do a better job. They will do it cheaper."

Fortuno's advice for leaders who want to shrink the state: "Do what you need to do quickly, swiftly, like when you take off a Band-Aid. Just do it. And move on to better things."

Canada did that years ago.

When I think Canada, I think big government. I'm embarrassed that I didn't know that in the mid-'90s, Canada shrank its government. It had to. Its debt level was as bad as ours is today, almost 70 percent of the economy. Canada's finance minister said: "We are in debt up to our eyeballs. That can't be sustained."

Economist David Henderson, a Canadian who left Canada for the United States, remembers when The Wall Street Journal called the Canadian dollar "the peso of the north." It was worth just 72 American cents. "Moody's put the Canadian federal debt on a credit watch," Henderson said.

The problem, he added, was that Canada had a government safety net that was more like a hammock.

"When I was growing up in Canada, people who went on unemployment insurance were said to go in the 'pogie.' You could work as little as eight weeks, taking the rest of the year off."

So in 1995 Canadian leaders cut unemployment benefits and other programs. It happened quietly because it was a liberal government, and liberals didn't want to criticize their own. The result was that Canada's debt stopped increasing. As the government ran budget surpluses, the debt went down.

"The economy boomed," Henderson said. "Think about what government does. Government wastes most of what it spends, and so just cutting government and having that money in the hands of people means it's going to be used more valuably."

Canada fired government workers, but unemployment didn't increase. In fact, it fell from 12 percent to 6 percent. Canadian unemployment is still well below ours. And the Canadian dollar rose from just 72 American cents to $1.02 today.

Canada also raised some taxes. But the spending cuts were much bigger, six to one: agriculture was cut 22 percent; fisheries, 27 percent; natural resources, almost 50 percent.

"We should learn from Canada's experience that you can cut government substantially," Henderson said. "It is so wasteful. There's so much to cut, without causing much real pain -- not causing pain, but helping your economy grow, helping people become better off."

Henderson added, "We need to move more quickly than the Canadians did. Unfortunately, we're moving more slowly than the Canadians did."

If we're moving at all.

While Canada thrives, we pour more money down the hole.


Poster Comment:

Now we know why Obozo went to Puerto Rico, can't have an American "territory" doing just the exact opposite of what the Great Leader is doing.....

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#88. To: A K A Stone (#84)

Because he came to Ohio and like about NAFTA.

That and other things.

So that's why lazy people don't work?

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:16:16 ET  Reply   Trace   Private Reply  


#89. To: lucysmom (#86)

The method you describe is fitting for totalitarian state.

So people keeping what they earn is totalitarian? lol. Thanks for the laugh.

A K A Stone  posted on  2011-06-18   13:17:28 ET  Reply   Trace   Private Reply  


#90. To: jwpegler (#87)

I suppose we should definitely outlaw thrift stores and garage sales because they exploit poor people. ROTLMAO.

You have become totally unhinged from reality.

If that's how you read it, then you, sir, are unhinged.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:17:32 ET  Reply   Trace   Private Reply  


#91. To: lucysmom (#85)

When I upgraded my color televisions over the years - in fine working order - I gave them to those in need.

Fred Mertz  posted on  2011-06-18   13:17:49 ET  Reply   Trace   Private Reply  


#92. To: lucysmom (#88)

So that's why lazy people don't work?

They don't work because they are happy to suck the government tit.

A K A Stone  posted on  2011-06-18   13:18:03 ET  Reply   Trace   Private Reply  


#93. To: Fred Mertz (#91)

When I upgraded my color televisions over the years - in fine working order - I gave them to those in need.

You're a fine man Fred. I take back everything bad I ever said about you.

A K A Stone  posted on  2011-06-18   13:18:44 ET  Reply   Trace   Private Reply  


#94. To: A K A Stone (#89)

So people keeping what they earn is totalitarian? lol.

No, government taking stuff away from poor people that the government decides the people are too poor to own.

Thanks for the laugh.

Back attcha!

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:19:58 ET  Reply   Trace   Private Reply  


#95. To: lucysmom (#94)

No, government taking stuff away from poor people that the government decides the people are too poor to own.

So the "poor" are entitled to other peoples money. And don't ask any questions. If they say they want welfare you better pay it to them.

I worked for a pair of liberals for 5 years.

Here is a couple of things they said.

Welfare is good because that way I don't have to work with them.

Bush fucked up so bad that the country went out and elected a nigger.

A K A Stone  posted on  2011-06-18   13:22:30 ET  Reply   Trace   Private Reply  


#96. To: Fred Mertz (#91)

When I upgraded my color televisions over the years - in fine working order - I gave them to those in need.

LF posters would deny you that right. Stone would insist government control what you do with your old TV.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:24:18 ET  Reply   Trace   Private Reply  


#97. To: A K A Stone (#92)

They don't work because they are happy to suck the government tit.

So then Obama has nothing to do with the unemployment rate. A bunch of people just spontaneously decide not to work.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:26:43 ET  Reply   Trace   Private Reply  


#98. To: lucysmom (#97) (Edited)

So then Obama has nothing to do with the unemployment rate. A bunch of people just spontaneously decide not to work.

There's plenty of good paying jobs too, but the commute's a bitch.

mininggold  posted on  2011-06-18   13:28:15 ET  Reply   Trace   Private Reply  


#99. To: lucysmom (#97)

So then Obama has nothing to do with the unemployment rate. A bunch of people just spontaneously decide not to work.

Your brain is malfunctioning again.

Obama supports these programs that are like magnets. When Republicans try to do the right thing and scale them back and cut them. The demon party screams you hate old people, while at the same time murdering little precious babies.

A K A Stone  posted on  2011-06-18   13:30:19 ET  Reply   Trace   Private Reply  


#100. To: mininggold (#98)

There's plenty of good paying jobs too, but the commute's a bitch.

If taxes weren't so high. Then people would have more money.

A K A Stone  posted on  2011-06-18   13:31:07 ET  Reply   Trace   Private Reply  


#101. To: A K A Stone (#95)

Bush fucked up so bad that the country went out and elected a nigger.

I learned a lot about racism from people I went to college with; most of them were from Ohio.

Why do you hate black people? Can I use this is a tagline?

Fred Mertz  posted on  2011-06-18   13:31:51 ET  Reply   Trace   Private Reply  


#102. To: lucysmom (#96)

LF posters would deny you that right. Stone would insist government control what you do with your old TV.

I try to be nice to you folks. But that is something a complete nutcase would say.

Why do you say such nonsense?

A K A Stone  posted on  2011-06-18   13:32:30 ET  Reply   Trace   Private Reply  


#103. To: Fred Mertz (#101)

Why do you hate black people? Can I use this is a tagline?

I didn't put it in quotes. But when I said this is what some liberals said that I used to work for. I thought that would be a clue.

You hate black people. That is why you aren't voting for Herman Cain.

A K A Stone  posted on  2011-06-18   13:33:41 ET  Reply   Trace   Private Reply  


#104. To: Fred Mertz (#101)

I learned a lot about racism from people I went to college with; most of them were from Ohio.

I certainly know people who don't like blacks.

A K A Stone  posted on  2011-06-18   13:34:45 ET  Reply   Trace   Private Reply  


#105. To: A K A Stone, Fred Mertz (#102)

I try to be nice to you folks. But that is something a complete nutcase would say.

Why do you say such nonsense?

This is what you wrote So you wouldn't object to a bill that if someone gets government assistance those items would be seized to pay back the taxpayers?

So government, not Fred, decides whether or not a poor person can have the TV Fred wants to give him.

BTW, how is government going to find out the guy has a TV?

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   13:48:12 ET  Reply   Trace   Private Reply  


#106. To: A K A Stone (#103)

You hate black people. That is why you aren't voting for Herman Cain.

How do you know he's even running?

mininggold  posted on  2011-06-18   13:50:40 ET  Reply   Trace   Private Reply  


#107. To: lucysmom (#105)

What I am saying is that we are pretty much broke as a nation.

If people need assistance the means testing should be better.

If you have a cell phone, a nice car, cable Tv, Big screen TV. My guess is that you shouldn't get government assistance.

If you can afford those items and you are hungry. Sell them and buy some food.

Why is is someone elses responsibility always.

Why should the government know how much money the rich have?

Aren't we supposed to be free from having out personal effects papers etc searched by the govt.

The IRS tax code violates that provision of the constitution.

A K A Stone  posted on  2011-06-18   13:51:53 ET  Reply   Trace   Private Reply  


#108. To: mininggold (#106)

How do you know he's even running?

That's an easy one.

He said he was and he is in the debates.

A K A Stone  posted on  2011-06-18   13:52:34 ET  Reply   Trace   Private Reply  


#109. To: A K A Stone (#108) (Edited)

That's an easy one.

He said he was and he is in the debates.

So have lots of others. If Ron Paul and Cain are both in the primaries I expect you to vote for the exbanker.

mininggold  posted on  2011-06-18   13:54:49 ET  Reply   Trace   Private Reply  


#110. To: mininggold (#109)

I voted Paul last primary.

But Cain is superior to Paul on a couple of issues.

Legalizing drugs. Gay Marriage. Abortion constitutional amendment.

Paul is better on congressional authority for war. Federal reserve audit.

I really wish Rand Paul would run. He would have a much better chance then Ron of winning the nomination.

A K A Stone  posted on  2011-06-18   13:57:35 ET  Reply   Trace   Private Reply  


#111. To: A K A Stone (#107)

Big screen TV.

What dimension determines a big screen? My dad gave me a good deal on a flat screen TV two years ago. It was one week old and it proved to be smaller than he desired. Plus, I won $750 at the track for once in my life during my visit.

Fred Mertz  posted on  2011-06-18   13:58:10 ET  Reply   Trace   Private Reply  


#112. To: mininggold (#109)

That's an easy one.

He said he was and he is in the debates.

So have lots of others.

Are you saying he is a liar just because he is black?

Just because Obama is a liar doesn't mean all blacks are liars.

A K A Stone  posted on  2011-06-18   13:58:30 ET  Reply   Trace   Private Reply  


#113. To: Fred Mertz (#111)

If it is bigger than mine it is a big screen. So don't upgrade until I do. That way you will be safe.

A K A Stone  posted on  2011-06-18   13:59:12 ET  Reply   Trace   Private Reply  


#114. To: A K A Stone (#113)

I'll bet yours is bigger. The TV screen, that is.

Fred Mertz  posted on  2011-06-18   14:00:34 ET  Reply   Trace   Private Reply  


#115. To: Fred Mertz (#114)

I have a relatively small screen. 32 inch I believe.

I'm going to get a bigger one soon.

After I get a new computer, get more ahead on my bills, pay the kids school for next year and last payment this year, and rent a building. Then I'll be getting a bigger one.

A K A Stone  posted on  2011-06-18   14:02:12 ET  Reply   Trace   Private Reply  


#116. To: All (#115)

Oh and build a deck.

A K A Stone  posted on  2011-06-18   14:02:48 ET  Reply   Trace   Private Reply  


#117. To: A K A Stone (#115)

I have a relatively small screen. 32 inch I believe.

My dad sold me a 26 inch one and he found the 32 inch one more desirable for that part of his home. He's got money and TVs all over the house.

Fred Mertz  posted on  2011-06-18   14:06:11 ET  Reply   Trace   Private Reply  


#118. To: A K A Stone (#112)

Are you saying he is a liar just because he is black?

Just because Obama is a liar doesn't mean all blacks are liars.

I'm saying he's a politician and you really need to stop worshipping them.

mininggold  posted on  2011-06-18   14:18:40 ET  Reply   Trace   Private Reply  


#119. To: mininggold (#118)

Worhip. It is the democrats who worship Obama. He tells them it is ok to kill little kids.

Lets put some money on Herman Cain being on the ballot.

You name the amount.

A K A Stone  posted on  2011-06-18   14:25:21 ET  Reply   Trace   Private Reply  


#120. To: A K A Stone (#119) (Edited)

Worhip. It is the democrats who worship Obama. He tells them it is ok to kill little kids.

Lets put some money on Herman Cain being on the ballot.

You name the amount

Send your bet to him, you can call it a tithe.

mininggold  posted on  2011-06-18   14:40:03 ET  Reply   Trace   Private Reply  


#121. To: A K A Stone (#112)

Just because Obama is a liar doesn't mean all blacks are liars.

Obama isn't black, he's a Faux black!!!!

"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning

CZ82  posted on  2011-06-18   17:38:00 ET  Reply   Trace   Private Reply  


#122. To: A K A Stone (#107)

Aren't we supposed to be free from having out personal effects papers etc searched by the govt.

And yet you would have the government do just that to the man who happens at the moment to be poor and need help.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   18:11:54 ET  Reply   Trace   Private Reply  


#123. To: lucysmom (#122)

And yet you would have the government do just that to the man who happens at the moment to be poor and need help.

You are for legalized theft. Why do people who covet other peoples money think they are entitled to it just because they are "poor"?

A K A Stone  posted on  2011-06-18   20:39:32 ET  Reply   Trace   Private Reply  


#124. To: A K A Stone (#123)

You are for legalized theft. Why do people who covet other peoples money think they are entitled to it just because they are "poor"?

Why do you think you're entitled to the blessing of living in a country where you are able to provide for yourself and your family without paying your dues?

The Bible says the poor are entitled to care and as a fortunate man of God you are obligated to give that care.

If you extend your soul to the hungry And satisfy the afflicted soul, Then your light shall dawn in the darkness, And your darkness shall be as the noonday. The LORD will guide you continually, And satisfy your soul in drought, And strengthen your bones; You shall be like a watered garden, And like a spring of water, whose waters do not fail.

Isaiah 58:10,11 If you believed that, you wouldn't be so grumpy

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-06-18   23:18:56 ET  Reply   Trace   Private Reply  


#125. To: lucysmom (#124)

Why do you think you're entitled to the blessing of living in a country where you are able to provide for yourself and your family without paying your dues?

Because I owe no man anything.

A K A Stone  posted on  2011-06-18   23:22:32 ET  Reply   Trace   Private Reply  


#126. To: lucysmom (#124)

The Bible says...

Oh, crap. I'm going to bed now.

Fred Mertz  posted on  2011-06-18   23:22:40 ET  Reply   Trace   Private Reply  


#127. To: lucysmom (#124)

The Bible says the poor are

Then why does the government steal most of our money so that we can't help people as well as we would be able to?

A K A Stone  posted on  2011-06-18   23:23:45 ET  Reply   Trace   Private Reply  



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