"Options for responding to a fiscal crisis would be limited and unattractive. The government would need to undertake some combination of three actions. One action could be changing the terms of its existing debt. This would make it difficult and costly to borrow in the future. A second action could be adopting an inflationary monetary policy by increasing the supply of money. However, this approach would have negative consequences for both the economy and future budget deficits. A third action could be implementing an austerity program of spending cuts and tax increases. Such budgetary adjustments, in the face of a fiscal crisis, would be more drastic and painful than those that would have been necessary had the adjustments come sooner." CBO.
Genesis of the "NO" Logo
In history there have been two basic forms of social organization: collectivism and individualism. In the 20th and 21st century, collective variations have included socialism, fascism, Nazism, and communism. Under collectivism, a ruling class of “intellectuals”, bureaucrats, politicians and/or social planners decides what people want or what is “good” for society and then uses the coercive power of the State to regulate, tax and redistribute wealth in an attempt to achieve their desired objectives. Individualism is a political and social philosophy that emphasizes individual liberty, belief in the primary importance of the individual and in the virtues of self-reliance and personal independence and responsibility. It embraces opposition to controls over the individual when exercised by the state. The Preamble to our Constitution makes it plain that all power rests originally with the people, as individuals.
The “O” within the circle represents collectivism in its various forms. The “N” represents an emphatic repudiation of collectivism. The red, white and blue circles encompassing the “NO” are emblematic of our Republic. It is the responsibility of the individuals in an engaged and enlightened republic to limit the influence of the government, especially one that attempts to wield power outside the boundaries delineated by the Constitution.
The “O” within the circle represents collectivism in its various forms. The “N” represents an emphatic repudiation of collectivism. The red, white and blue circles encompassing the “NO” are emblematic of our Republic. It is the responsibility of the individuals in an engaged and enlightened republic to limit the influence of the government, especially one that attempts to wield power outside the boundaries delineated by the Constitution.
