CNN Host Schools Bobby Jindal For Spouting Misleading Nonsense
Posted in the Minneapolis Forum
#1 Feb 26, 2013
CNN Host Schools Bobby Jindal For Spouting Misleading Economic Nonsense
By Igor Volsky posted from ThinkProgress Economy on Feb 25, 2013 at 3:30 pm
CNN business correspondent Ali Velshi slammed Gov. Bobby Jindal (R-LA) for likening the federal budget to family spending and suggesting that the Obama administration should not spend more than the government takes in.
Every family has to balance their budget, isnt allowed to spend more than they need, every business is more efficient, tighten their belt. The reality is it can be done, Jindal said in remarks outside of the White House on Monday, following a meeting between the National Governors Association and President Obama. He added that the administration can implement the automatic across-the-borad sequestration cuts that are likely to go into effect on March 1 without jeopardizing the economy or critical services by focusing on wasteful spending.
Velshi rejected Jindals comparison as misleadingnonsense and pointed out that businesses and families routinely borrow money to invest in their futures, reasoning that an investment made today in college education or a new equipment can lead to greater returns down the road:
VELSHI: Its 3% of a small part of the federal budget which makes it a very big part of some major agencies. Its misleading stuff Bobby Jindal is saying, number one. Number two when he says families understand they have to live within their budget. I dont know a lot of families who buy a house with cash. Buying a house on a mortgage, is that living within your budget or not living within your budget? You would have to be 80 years old to be able to buy a house with cash. We have an understanding in our society, it may be flawed, that we borrow money based on our future earnings potential. All people do that, companies do that and governments do that. Theres a point at which you can say, weve gone too far with that or were too much of a risk of not paying back so well end up paying a higher interest rate. When you borrow too much money, your personal interest rate goes up, credit cards go up. But to suggest within your means and balanced budget nonsense is just misleading. That is not how families live. Its not how businesses conduct themselves. It is certainly not since the history of time the way governments run themselves. Bobby Jindal is a smart guy. He runs a state. He needs to not talk like this and its become common to hear this stuff coming out in these press conferences.
Watch it @ link~
The federal economy is fundamentally different from household budgets and economic data and history suggest that the government should be spending more, not less given the current economic circumstances. After all, overall government spending has plateaued under Obama after rising sharply under George W. Bush and the resulting fiscal contraction has resulted in a lower recovery.
#2 Feb 27, 2013
Don't all Republicans spout Misleading Economic Nonsense?
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