Fiscal Resilience Quotes
A minority group of very conservative members of the House of Representatives had decided to hold America’s full faith and credit and the economy hostage to implementing their minority proposal to reduce government spending more than the majority wanted shortly after the 2012 election where the voters had rejected the conservative position. None the less, they were threatening to force the government to default and not pay for the items that the Congress had previously already approved by not approving a debt ceiling increase. The President was determined not to negotiate with “hostage takers” and making sure that America paid its bills for the money spent as authorized by Congress.
Bloomberg was one of the few people who say the meltdown of 2008 coming. His principle of saving a surplus for spending in the downturns, which served New York so well goes against most Democrat and Republican politicians. If there is a surplus, the Democrats want to spend it. The Republicans want to cut taxes and return the surplus. Neither is prepared for an economic slowdown.
Prince de Benévant. Alexander Hamilton had devised a system of bonds to assume the revolutionary war debt, and, despite the objection of many other politicians like Jefferson, assumed a national debt. But the Untied States was growing and Hamilton’s bonds were so well implemented, that even the sophisticated leaders of Europe were openly admitting that U. S. Bonds were excellent investments and Europeans and other foreigners have been buying American debt ever since.
In 1992 Colorado passed a Taxpayer's Bill of Rights, known as TABOR that requires that spending increases get voter approval and the state refunds surpluses through a series of tax cuts. So the state ended up with the problem that Zelinski described.
