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	<title>Comments on: How Trillion-Dollar Deficits Were Created</title>
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	<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/</link>
	<description>Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media</description>
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		<title>By: David Merkel</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-183238</link>
		<dc:creator>David Merkel</dc:creator>
		<pubDate>Mon, 15 Jun 2009 16:07:46 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-183238</guid>
		<description>One simple point -- Obama has the option to change Bush policies.  Mostly he hasn&#039;t.  People voted for change, and got Bush-plus instead.

http://alephblog.com/2009/03/13/they-voted-for-change-they-got-bush-plus/

It&#039;s kind of like if you inherit a portfolio to manage, you get a free pass for the first month -- after that, it is your responsibility.</description>
		<content:encoded><![CDATA[<p>One simple point &#8212; Obama has the option to change Bush policies.  Mostly he hasn&#8217;t.  People voted for change, and got Bush-plus instead.</p>
<p><a href="http://alephblog.com/2009/03/13/they-voted-for-change-they-got-bush-plus/" rel="nofollow">http://alephblog.com/2009/03/13/they-voted-for-change-they-got-bush-plus/</a></p>
<p>It&#8217;s kind of like if you inherit a portfolio to manage, you get a free pass for the first month &#8212; after that, it is your responsibility.</p>
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		<title>By: Sus Anoo</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181835</link>
		<dc:creator>Sus Anoo</dc:creator>
		<pubDate>Thu, 11 Jun 2009 08:32:03 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181835</guid>
		<description>I can understand why people (especially well off libertarian types) confuse luck with will/self determination/their own personal awesomeness. It is very tempting to tell yourself I am better off or in better shape than most folks because of my efforts. But just because it is tempting to do doesn&#039;t make it true. 

It takes luck not to have a mother who was overly stressed or used substances during pregnancy. It takes luck to be born without complications in the delivery (heck even when the umbilical cord is cut might affect autism rates if you have the wrong genes). It takes luck not to have the wrong genes. It takes luck not to have a learning disability or have a low IQ (and half the population have IQ&#039;s below 100). It takes luck not be born with a physical disability. It takes luck to have parents who have the time to read and talk with you. It takes luck to be able to delay gratification. It takes luck to have parents who were raised well enough by their parents to know how to parent you successfully. It takes luck to not have parents with addictions or mental health issues. It takes luck to grow up in area where hard work and education are valued by the adults around you. It takes luck to be able to go to a school where you can safely learn. It takes luck not have family and friends who are into crime and drugs. It take luck not to have an mental illness (especially common ones like anxiety or depression).  Heck it takes luck to be born in a country not at war, or with a rule of law, or educational or economic opportunities. 

On and on it goes. No doubt everyone reading this blog was unlucky in some ways. And yes our efforts can overcome some of that bad luck. But very few of us posting here were unlucky in a lot of ways or unlucky in very big ways. The very rich have been very successful at taking giant amounts of income (7 cents off every dollar in 1970 went to the top 1%, 27 cents went to the top 1% in 2006). And part of that success was convincing useful idiots that success is an individual effort that governments got in the way of. But success starts with luck. It takes effort to make the most that luck, absolutely.  But for a large portion of the population who were not as lucky to start with government efforts like health care are a huge part of giving them a chance to be successful.</description>
		<content:encoded><![CDATA[<p>I can understand why people (especially well off libertarian types) confuse luck with will/self determination/their own personal awesomeness. It is very tempting to tell yourself I am better off or in better shape than most folks because of my efforts. But just because it is tempting to do doesn&#8217;t make it true. </p>
<p>It takes luck not to have a mother who was overly stressed or used substances during pregnancy. It takes luck to be born without complications in the delivery (heck even when the umbilical cord is cut might affect autism rates if you have the wrong genes). It takes luck not to have the wrong genes. It takes luck not to have a learning disability or have a low IQ (and half the population have IQ&#8217;s below 100). It takes luck not be born with a physical disability. It takes luck to have parents who have the time to read and talk with you. It takes luck to be able to delay gratification. It takes luck to have parents who were raised well enough by their parents to know how to parent you successfully. It takes luck to not have parents with addictions or mental health issues. It takes luck to grow up in area where hard work and education are valued by the adults around you. It takes luck to be able to go to a school where you can safely learn. It takes luck not have family and friends who are into crime and drugs. It take luck not to have an mental illness (especially common ones like anxiety or depression).  Heck it takes luck to be born in a country not at war, or with a rule of law, or educational or economic opportunities. </p>
<p>On and on it goes. No doubt everyone reading this blog was unlucky in some ways. And yes our efforts can overcome some of that bad luck. But very few of us posting here were unlucky in a lot of ways or unlucky in very big ways. The very rich have been very successful at taking giant amounts of income (7 cents off every dollar in 1970 went to the top 1%, 27 cents went to the top 1% in 2006). And part of that success was convincing useful idiots that success is an individual effort that governments got in the way of. But success starts with luck. It takes effort to make the most that luck, absolutely.  But for a large portion of the population who were not as lucky to start with government efforts like health care are a huge part of giving them a chance to be successful.</p>
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		<title>By: Tom K</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181809</link>
		<dc:creator>Tom K</dc:creator>
		<pubDate>Thu, 11 Jun 2009 02:56:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181809</guid>
		<description>I look forward to seeing the NYT graphic you posted in the next edition of Edward Tufte&#039;s The Visual Display of Quantitative Information as a recent example of &quot;chartjunk&quot;. Is the horizonatal depiction of time from an alternative universe?</description>
		<content:encoded><![CDATA[<p>I look forward to seeing the NYT graphic you posted in the next edition of Edward Tufte&#8217;s The Visual Display of Quantitative Information as a recent example of &#8220;chartjunk&#8221;. Is the horizonatal depiction of time from an alternative universe?</p>
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		<title>By: arogersb</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181789</link>
		<dc:creator>arogersb</dc:creator>
		<pubDate>Thu, 11 Jun 2009 02:03:43 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181789</guid>
		<description>This very pretty picture is basically trying to make the point that Obama is not as big a spender as some critics say.

But that is not true. The TARP [&lt;strong&gt;BR&lt;/strong&gt;: a George W Bush program] and the Stabilization Efforts program account for only half of the increase in the federal budget. The other half is explained by sharp spending increases in (1) Social Security, (2) Medicare, (3) Medicaid and (4) Other Social Programs (+8%, +10%, +29% and +64% respectively!). In fact, if we take away the TARP we see that the federal spending still increases by 25%!! This is unprecedented, by any measure, even when compared to other recessions. To see the evolution of spending growth please click on:
http://mitsloanblog.typepad.com/alejandro/2009/03/answer-to-three-myths-about-the-presidents-budget.html</description>
		<content:encoded><![CDATA[<p>This very pretty picture is basically trying to make the point that Obama is not as big a spender as some critics say.</p>
<p>But that is not true. The TARP [<strong>BR</strong>: a George W Bush program] and the Stabilization Efforts program account for only half of the increase in the federal budget. The other half is explained by sharp spending increases in (1) Social Security, (2) Medicare, (3) Medicaid and (4) Other Social Programs (+8%, +10%, +29% and +64% respectively!). In fact, if we take away the TARP we see that the federal spending still increases by 25%!! This is unprecedented, by any measure, even when compared to other recessions. To see the evolution of spending growth please click on:<br />
<a href="http://mitsloanblog.typepad.com/alejandro/2009/03/answer-to-three-myths-about-the-presidents-budget.html" rel="nofollow">http://mitsloanblog.typepad.com/alejandro/2009/03/answer-to-three-myths-about-the-presidents-budget.html</a></p>
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		<title>By: Wes Schott</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181780</link>
		<dc:creator>Wes Schott</dc:creator>
		<pubDate>Thu, 11 Jun 2009 00:49:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181780</guid>
		<description>pumping iron

increases testosterone levels

after work out =&gt; aggresive</description>
		<content:encoded><![CDATA[<p>pumping iron</p>
<p>increases testosterone levels</p>
<p>after work out =&gt; aggresive</p>
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		<title>By: Mark E Hoffer</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181736</link>
		<dc:creator>Mark E Hoffer</dc:creator>
		<pubDate>Wed, 10 Jun 2009 23:07:30 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181736</guid>
		<description>http://cryptogon.com/?p=9085

it All starts with our Foods.  with that, we should remember &quot;Not pHoods.&quot;</description>
		<content:encoded><![CDATA[<p><a href="http://cryptogon.com/?p=9085" rel="nofollow">http://cryptogon.com/?p=9085</a></p>
<p>it All starts with our Foods.  with that, we should remember &#8220;Not pHoods.&#8221;</p>
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		<title>By: call me ahab</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181725</link>
		<dc:creator>call me ahab</dc:creator>
		<pubDate>Wed, 10 Jun 2009 22:23:56 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181725</guid>
		<description>boy- this thread ended up being a hot topic


spencer @ 3:00-

that&#039;s some funny shit dude


cvienne-

dude- you sure got a few folks riled up</description>
		<content:encoded><![CDATA[<p>boy- this thread ended up being a hot topic</p>
<p>spencer @ 3:00-</p>
<p>that&#8217;s some funny shit dude</p>
<p>cvienne-</p>
<p>dude- you sure got a few folks riled up</p>
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		<title>By: kronicade</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181700</link>
		<dc:creator>kronicade</dc:creator>
		<pubDate>Wed, 10 Jun 2009 21:00:00 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181700</guid>
		<description>I think much of the budget can be attributed to three liabilities ( current and  future).  Here&#039;s what I think should be done:

Social Security: We should add a few years to the recipients and tie the benefits to life span forever. People are living too long.  Adding 5 years to people who are 30 now (I&#039;m 31) would hurt no one.

Medicare: Also Simple, add 5 years to recipients.

Defense:  Simple, end Iraq in 90 days and mandate budget and time restrictions on new projects.

Ugh:
http://en.wikipedia.org/wiki/Military_budget_of_the_United_States</description>
		<content:encoded><![CDATA[<p>I think much of the budget can be attributed to three liabilities ( current and  future).  Here&#8217;s what I think should be done:</p>
<p>Social Security: We should add a few years to the recipients and tie the benefits to life span forever. People are living too long.  Adding 5 years to people who are 30 now (I&#8217;m 31) would hurt no one.</p>
<p>Medicare: Also Simple, add 5 years to recipients.</p>
<p>Defense:  Simple, end Iraq in 90 days and mandate budget and time restrictions on new projects.</p>
<p>Ugh:<br />
<a href="http://en.wikipedia.org/wiki/Military_budget_of_the_United_States" rel="nofollow">http://en.wikipedia.org/wiki/Military_budget_of_the_United_States</a></p>
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		<title>By: horngold</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181695</link>
		<dc:creator>horngold</dc:creator>
		<pubDate>Wed, 10 Jun 2009 20:52:08 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181695</guid>
		<description>Transor Z: I&#039;m happy you have such a good one.  Stay on her good side.</description>
		<content:encoded><![CDATA[<p>Transor Z: I&#8217;m happy you have such a good one.  Stay on her good side.</p>
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		<title>By: Transor Z</title>
		<link>http://www.ritholtz.com/blog/2009/06/how-trillion-dollar-deficits-were-created/comment-page-4/#comment-181687</link>
		<dc:creator>Transor Z</dc:creator>
		<pubDate>Wed, 10 Jun 2009 20:43:17 +0000</pubDate>
		<guid isPermaLink="false">http://www.ritholtz.com/blog/?p=28654#comment-181687</guid>
		<description>@horngold:

My very non-shallow and non-plastic woman lets me take a nap sometimes. When I&#039;m sick. With a doctor&#039;s note. Original signature only.</description>
		<content:encoded><![CDATA[<p>@horngold:</p>
<p>My very non-shallow and non-plastic woman lets me take a nap sometimes. When I&#8217;m sick. With a doctor&#8217;s note. Original signature only.</p>
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