John Mauldin is President of Millennium Wave Advisors.

“President Obama believes that Gov’t spending will somehow produce something. It’s neo-Keynesian. Gov’t spending in the short-term can increase GDP but it doesn’t increase productivity [Wow] If you want to do something longer term you’ve got to increase productivity. And it worked when we didn’t have a lot of debt. Now we have too much debt, the bond market won’t give it to us at reasonable rates. We don’t want to come to the cliff”.