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Glenn Hubbard Makes Good Suggestions That Of Course Will Never Be Used in America
Old 09-28-2010, 12:07 PM   #1
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Glenn Hubbard Makes Good Suggestions That Of Course Will Never Be Used in America

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"America is very close to a destructive tipping point," co-authors Glenn Hubbard and Peter Navarro warn in their new book Seeds of Destruction. "We must change how we conduct our politics and economics...or we will inevitably go the way of all once-great nations and suffer an irreversible decline."
Hubbard, dean of Columbia Business School, joined Dan Gross and I to discuss the "major structural imbalances" facing America, chief among them being the government's profligate spending.
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Old 09-28-2010, 01:41 PM   #2
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My first step would be to eliminate all government transfer payments and subsidies to people who complain about government spending.
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Old 09-28-2010, 02:18 PM   #3
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Originally Posted by haha View Post
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"America is very close to a destructive tipping point," co-authors Glenn Hubbard and Peter Navarro warn in their new book Seeds of Destruction. "We must change how we conduct our politics and economics...or we will inevitably go the way of all once-great nations and suffer an irreversible decline."
Hubbard, dean of Columbia Business School, joined Dan Gross and I to discuss the "major structural imbalances" facing America, chief among them being the government's profligate spending.
I don't know what more evidence than our current debt and deficits we to show we are past the tipping point - we've tipped.

I do like his idea of resetting all troubled mortgages to 30 years and the current interest rate.
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Old 09-28-2010, 02:29 PM   #4
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"Dan Gross and me"
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Old 09-28-2010, 03:05 PM   #5
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Uh oh, somebody called the grammar police...
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Old 09-28-2010, 03:57 PM   #6
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Uh oh, somebody called the grammar police...
I welcome their return. One of the highlights of the late lamented "old board" was Al's grammar help.

Ha
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Old 09-28-2010, 04:11 PM   #7
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I welcome their return. One of the highlights of the late lamented "old board" was Al's grammar help.

Ha
He's such a cunning linguist.
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Old 09-28-2010, 04:47 PM   #8
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He's such a cunning linguist.
Maybe that is the secret to the Mona Lisa smile?

Ha
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Old 09-28-2010, 05:33 PM   #9
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My first step would be to eliminate all government transfer payments and subsidies to people who complain about government spending.
Okay. And an equally fair and just as rational corollary: Impound and transfer to the Treasury the entire personal wealth of anyone who says taxes should be higher.

It's not at all hypocritical to urge a change in government policy while living according to the rules currently in existence.
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Old 09-28-2010, 08:52 PM   #10
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My first step would be to eliminate all government transfer payments and subsidies to people who complain about government spending.
I wish I had that offer 35 yrs ago when they started taking money out of my paycheck.
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Old 09-28-2010, 08:55 PM   #11
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I wish I had that offer 35 yrs ago when they started taking money out of my paycheck.
Now consider it from the perspective of someone 35 years younger.
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Old 09-28-2010, 09:36 PM   #12
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Now consider it from the perspective of someone 35 years younger.
They have my sincere condolences.
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Old 09-29-2010, 03:05 AM   #13
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Hello Al

Thank you for correcting grammar. Please bear in mind, however, that some of the people posting on this website (including me) do speak English as their native language. While we make every effort to be as clear as possible, sometimes we may make an occasional typo / mistake. Thank you for your understanding.

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"Dan Gross and me"
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Old 09-29-2010, 04:18 AM   #14
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We can trim back the near $ 1 Trillion spending (already spent) to track down those weapons of mass destruction in Iraq. It has taken almost 10 years but we finally found it... a Nuclear Debt Bomb!
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Old 09-29-2010, 08:13 AM   #15
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Ha, people can't resist tinkering, especially when they can use someone elses' money. Especially the public-spirited types who want to Do Something and get into government. How can we fight human nature?
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Old 09-29-2010, 09:00 AM   #16
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They have my sincere condolences.
And, in no time at all, we come full circle to the very comment you responded to.

We're all in favor of cutting spending, drastically, for programs that benefit other people. But hands off the checks that are coming my way!

Once people start putting their own benefits on the chopping block, then I'll know they are serious about finding a solution, instead of just being part of the problem. And not a moment before.
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Old 09-29-2010, 10:21 AM   #17
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We're all in favor of cutting spending, drastically, for programs that benefit other people. But hands off the checks that are coming my way!
I take offense in that broad-brush statement. If it applies to you, then make it a personal statement, rather than attaching others to it as you do. If you look up the $ amounts that US citizens have personally and freely donated to causes like the Tsunami, or to Haiti, etc, you have clear evidence against your stance. And even for those who get a tax deduction, it is still money out-of-pocket. I see that as a (an oft-repeated) misrepresentation of what many of us are saying.

Some of us are not in favor of cutting the benefits that we were forced to pay into for many years. I think it is more helpful to phrase it as - would you take the opportunity to eliminate the payments and accept the elimination of the benefits? It's not the same. Obviously.

It has been explained so many times, yet still repeated so often that I must wonder if there is an agenda behind the repetition.

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Old 09-29-2010, 10:42 AM   #18
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Concerning the grammar, note that I was correcting the author of the article who should have known better. How can you become a professional journalist and write "Hubbard joined Dan Gross and I to discuss..."?

For me, when I read that, I find it just as jarring as it would have been had he written "Hubbard joined I to discuss..."

So sometimes I just have to say something. Also, realize that I've just returned from two weeks of driving and seeing signs like "Fer Sale..." and "Sweet Cron" and "DO NOT ENTER" with the "N" backwards.
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Old 09-29-2010, 11:09 AM   #19
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Some of us are not in favor of cutting the benefits that we were forced to pay into for many years.
Young people have the same claim against cutting future benefits (actually their claim is greater, because they are paying more). So who's benefits get cut?
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Old 09-29-2010, 11:33 AM   #20
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And, in no time at all, we come full circle to the very comment you responded to.

We're all in favor of cutting spending, drastically, for programs that benefit other people. But hands off the checks that are coming my way!

Once people start putting their own benefits on the chopping block, then I'll know they are serious about finding a solution, instead of just being part of the problem. And not a moment before.

Since at this time I get very little direct benefits from the US gvmt, I am willing to give up on some of what is being spent. One of the ones I would like to see dropped are ALL farm subsidies... I will pay the higher price (if there really is one, probably will lower the price). I am willing for them to get rid of the Education dept completely... I will pay the higher local taxes. I am willing for them to reduce SS by say 15% when I start to get it... I am willing for them to get out of the wars that seem to drag on forever.... (I was willing to pay for them at the beginning... but heck, win the dang thing and get out... stop this nation building stuff).... I am willing to pay the full cost of college for my kids... (and probably will have to)..


What are YOU willing to give up so this huge debt does not get passed down to our children and grandchildren??
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