“Our standard of living needs to come down to the point where it can be supported by organic output,” says Schiff. “It’s brutal, but it’s called capitalism, and it works. The alternative is called socialism, and it doesn’t work.”
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They say that borrowing more money to finance a stimulus package will pass a crushing and possibly permanent debt load on to the next generation. “The question is,” says Chris Edwards, the director of tax policy studies at Cato, “is this morally proper?”
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The most noticeable impact is that housing prices are coming down to a more sustainable level. For first-time buyers, this is reopening a path to homeownership that had been all but blocked by hyper-inflated prices.
Finally being able to clean out my blog fodder file.