Why the Economy has Fallen off its Tracks

by Craig Harrington on February 3, 2010 - 3:08pm

Economist and former Vice Presidential candidate Pat Choate discusses his new book Saving Capitalism: Keeping America Strong and outlines the problems facing the United States with potential solutions to solve them.

Submitted by John on February 4, 2010 - 5:37am. #

Pat is too political to see past the Presidents. The problem exploded as the WW2 generation retired and stuck their hands out for the benefits they where promised and there was no actual trust fund full of real money to pay them or political will in either party to raise taxes enough to pay them and save money to pay retirement benefits to the coming waves of people retiring.

The 90's was a fluke created by increased productivety because of computers along with small Generation X entering the labor force so wages got bid up and a good stock market also helped increase tax revenue, it couldn't last.

Looking past the names Reagan, Clinton ,Bush an at what was going on outside the control of any president will tell the real story.
If the dems where in power in the 80's the republicans in the 90's and the dems the last decade the outsome would have been about the same.

Submitted by Anonymous on February 3, 2010 - 5:48pm. #

great info