And when I bring it up with die-hard republicans, it often gets awkward and silent. Here is my confusion; the republicans are supposed to be the “capitalists” and the democrats more like Canadians, with a socialist leaning. If that is the case, why is it the Republicans who have zero fiscal sense and restraint?
Consider the article Obama spending binge never happened.
Now I understand the Republican philosophy of low taxes for the rich. After all, many Republicans are rich white people. But why is it that the Republican “capitalists”, who you would think are well versed on reading a P/L, are the ones who have been spending the US into bankruptcy?
In Democracy’s Debt Dilemma HBR runs through the developing world – it is a problem that many countries face (including Canada):
Nearly every major democracy is now struggling with public debt. According to The Economist, the world’s governments currently hold debts of approximately $45 trillion (relative to a world GDP of $65 trillion). And many of the world’s top debt holders are its largest and most powerful democracies. The following table, based on IMF projections, is a list of the top 20 global economic powers (by GDP):
I think the world needs to hire Paul Martin.