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MOSLER'S LAW: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.

Pelosi joins tea party

Posted by WARREN MOSLER on July 26th, 2011

Pelosi Statement on Proposals to Reduce the Deficit, Avoid Default

Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement on proposals announced today to reduce the deficit and avoid default:

“It is clear we must enter an era of austerity; to reduce the deficit through shared sacrifice.

“The President has called for a ‘grand bargain,’ which provides long-term deficit reduction based on shared values and sends a message of confidence to the markets.

“The latest proposal from the House Republicans is a short-term plan that burdens the middle class and seniors, and continues this debate about whether we will default in a few months from now.

“Senator Reid has put forward a responsible plan to reduce the deficit that protects the middle class, and Medicare, Social Security and Medicare beneficiaries. It also includes many proposals already supported by Republicans.

“We must come together for an agreement because our economy and middle class will suffer from a default.”

3 Responses to “Pelosi joins tea party”

  1. Clonal Antibody Says:

    Well she and her husband have set themselves up fairly well for “austerity”

    Reply

  2. Paul Palmer Says:

    Has anyone noticed how the language around govt. spending and deficits has taken on religious overtones?

    “Shared sacrifice” – it sounds like something a priest would say

    It’s like global warming, it’s something you “believe in” not something you let science decide

    Reply

    WARREN MOSLER Reply:

    i’ve called it aztec economics

    Reply

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