Federal Budget Questions

Tuesday, March 26th, 2013

A number of viewers and listeners weighed in with their comments during Monday’s “Kentucky Tonight” discussion on the federal budget. One of those watching sent in an email that we  received too late to be included in the program; here’s Steve’s email:

“Most of you assume that we can control our destiny through policies both fiscal and monetary. I would propose that economies are ultimately controlled by people and their collective sentiment

Markets don’t accurately reflect people and their sentiment. We know that they often are irrational.

Consumer sentiment was over 110 in 2000, then it maxed out at 95 in 2007 and recently it maxed out at 80 in late 2012.

Debts are a problem because people don’t like them. That is why we reach a limit.”

–Steve Mitchell
Marion, IL

That last sentence sums up the 1-hour conversation that my guests and I had on the federal  budget; “Debts are a problem because people don’t like them” –how true, no matter what side of the aisle you sit on or if you happen to be in the middle of the aisle.

The discussion on “Kentucky Tonight” by Jason Bailey, director of the Kentucky Center for  Economic Policy;  Eric Schansberg, economics professor at Indiana University Southeast; Chris  Phillips, economics professor at Somerset Community College; and Brian Strow, economics professor at Western Kentucky University touched on the debate in Congress over the House and Senate budget plans and what President Obama will have to do to reconcile both plans with his  budget ideas.

There were disagreements on the panel over certain aspects of the House approved Paul Ryan  2014 budget regarding healthcare:

Next week on “Kentucky Tonight” we will discuss the 2013 General Assembly—the bills that passed, the bills that failed, and those that will be left to discuss next year, or in a special session.

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