, Srikanth_t wrote

*snip*

Au Contraire, you seem to be not listening to what Obama himself is saying. And more importantly the rhetoric coming out of Liberal echo chamber known as MSNBC. So far, Obama proposed raising the taxes on "those rich" and closing some tax loopholes (we don't know what those "some loopholes" are). All of this makes like *a dent* in his Trillion dollar per year deficits. It does make for a good talking point though...you gotta have a boogeyman and this time it's the rich.

I do listen. You didn't prove that Obama claimed his tax increase idea for income > $250,000 will balance the budget, yet you accuse him of saying so.

Nope. 1990s taxes did not balance the budget. This tells me how misinformed you are on 1990s economy. You see, as it so happened, the tax revenues of 1990s are NOT because we all got taxed slightly higher rates. It was because, Fed Reserve artificially kept interest rates lower than what the actual market would have priced them. It fueled a fake boom in DotCom companies on one hand and also (and more importantly) the stock market bubble on the other hand.

The budget was balanced. It is documented. Tricksey? Sure, it's politics. But the deficit under the Democrats is always far smaller than under Republicans. You may not promote the idea that wars started under Bush are Obama's spending ideas. You must subtract the two war costs from Obama's deficits to be honest about which party has the spending problem.

When Government manipulates the economy through it's artificial financial engineering, the three main factors of Capitalist economy, namely Labor, Resources and Capital will get grossly misallocated. We all have seen how many DotCom companies got started on the Flimsiest of business cases. So much of capital moved in to the fake boom of stock market. At one point in time, Yahoo itself was valued at more than the entire GDP of New Zealand. That's right, Newzealand with it's rich mineral, timber, tourism, agriculture, fishing, etcetra was less than Yahoo. That is one incredible fake movement of capital in to stock market. The fakeness of Clinton era boom was fully brought to bear in the subsequent crash. And then Bush, with help from Greenspan and Bernanke, engineered even bigger boom called "housing" and we all know how it turned out. Again, everybody and their grandma was a real-estate agent...lol (labor allocation).

Government doesn't declare Facebook is worth 100 billion, Wall Street does that -- and is always greedy wrong. Same with all other IPOs of ridiculousness. You want to blame government?

Government doesn't micro-manage private corporations (unless they are insolvent). Misallocations are from private company decisions going after short-term profits.