{"id":28547,"date":"2011-10-02T15:16:47","date_gmt":"2011-10-02T15:16:47","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/john_mauldin_on_the_current_economy-tough_choices_big_opportunities\/"},"modified":"2011-10-02T15:16:47","modified_gmt":"2011-10-02T15:16:47","slug":"john_mauldin_on_the_current_economy-tough_choices_big_opportunities","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=28547","title":{"rendered":"John Mauldin on the current Economy&#8211;Tough Choices, Big Opportunities"},"content":{"rendered":"<p><b>We&#8217;re just stuck?<\/b><\/p>\n<p>If we don&#8217;t deal with it \u201d\u201c if we don&#8217;t proactively say we&#8217;re going to get our deficit under control \u201d\u201clet me put it this way: My personal belief is that if we do proactively get our long-term budget issues under control, the bond market will say, &#8220;Okay, you&#8217;re credible and we will buy your bonds, because you have put yourself on a credible path \u201d\u201c whether it&#8217;s through cuts, whether it&#8217;s through tax increases, however you want to do it \u201d\u201c but you have to do it. But you have shown us a credible way to get to the place where the growth rate of your deficit is below the growth rate of nominal GDP.&#8221;<\/p>\n<p>But if we don&#8217;t do that, my wine bottle of pain becomes a jeroboam and we end up downing it all at once.<\/p>\n<p><b>That sounds ugly.<\/b><\/p>\n<p>It is. It will force budget cuts; it will force tax increases of the magnitude that no one is ready to contemplate. We&#8217;re talking cuts in Medicare, cuts in education, in defense, in spending of all kinds. That would create a depression, a true depression that would last 4-5 years, push unemployment to 20%-25%&#8230;.<\/p>\n<p><a href=\"http:\/\/www.investorsinsight.com\/blogs\/thoughts_from_the_frontline\/archive\/2011\/10\/01\/tough-choices-big-opportunities.aspx\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;re just stuck? If we don&#8217;t deal with it \u201d\u201c if we don&#8217;t proactively say we&#8217;re going to get our deficit under control \u201d\u201clet me put it this way: My personal belief is that if we do proactively get our<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=28547\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,50,460,209,201,670,582,595,592,149,200,119,600,597,675,593,673,599,587,585,596,669,584,672],"tags":[],"class_list":["post-28547","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-americau-s-a","category-asia","category-budget","category-consumerconsumer-spending","category-credit-markets","category-currency-markets","category-economy","category-europe","category-globalization","category-housingreal-estate-market","category-laborlabor-unionslabor-market","category-medicare","category-personal-finance","category-social-security","category-stock-market","category-taxes","category-the-banking-systemsector","category-the-credit-freeze-crisis-of-fall-2008the-recession-of-2007","category-the-national-deficit","category-the-u-s-government","category-the-united-states-currency-dollar-etc"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28547"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/28547\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}