You may recall that a few weeks ago, President Obama came to this chamber, and he addressed the chamber on health care before a joint session of the House and the Senate. During that session I was privileged to be here, and I saw my colleagues on the far side of the aisle, the Republicans, waving pieces of paper during his speech, and I was wondering what they were. I couldn't imagine - it almost seemed like they wanted President Obama's autograph. I just didn't get it. I heard from one of my colleagues that this is what they called the Republican health care plan. I went over, after the speech was over, I picked up a copy that was lying down on the Republican side, and it turns out that the Republicans' health care plan was a blank piece of paper. I inquired further, trying to find out exactly what the Republicans' health care plan is. And it's my duty and pride tonight to be able to announce exactly what the Republicans plan to do for health care in America.
Alan Grayson
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Meat Loaf
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Barack Obama
As is often the case with major disputes in economics, the argument over fiscal policy went on for years, with some critics of fiscal policy still defending their position when this book went to press. It seems fair, however, to say that among economists a more or less Keynesian view of the effects of fiscal policy came to prevail. Careful statistical studies at the International Monetary Fund and else where showed that austerity policies have historically been followed by contraction, not expansion. Recent experience, in which countries like Spain and Greece that were forced into severe austerity also experienced severe slumps, seemed to confirm that observation. Furthermore, it was clear that those who had predicted a sharp rise in U. S. interest rates due to budget deficits, leading to conventional crowding out, had been wrong: U. S. long-term interest rates remained near record lows even during the years from 2009 to 2012, when the government ran very large deficits.
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There is much to be said concerning retirement. Some men cannot survive it because they have not prepared themselves for it. For the man who has retained his curiosity, retirement in old age can be the most enjoyable period of his life; but he must be aware of the emptiness of public renown and desire the peace of obscurity; he must still have the wish to learn and understand; in his village, his garden, or his house, he must have some restricted personal occupation. The wise man, after having given all his time to his public activities, now devotes himself entirely to his personal affairs and development; and this will be easier for him if he has been able to interest himself in poetry and the beauties of nature, even during his busiest years. For myself, I cannot imagine a pleasanter old age than one spent in the not too remote country where I could reread and annotate my favorite books. "The mind," says Montaigne, "must thrive upon old age as the mistletoe upon a dead oak."
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