Id like to take my turn to address this: 1. There are 2 sides to a balance sheet 2. We issue debt in our own currency and have machines that credit principal and interest to bond holders called computers and can literally do that forever if necessary. 3. Federal deficits are private sector surpluses. So any deficit reduction that isnt homogeneous is BAD because you are extracting funds from the private sector through spending cuts and tax increases. 4. Since Eisenhower, weve run consequence free deficits in 50 out of 54 years. 5. When FDR started listening to the deficit/inflation hawks in the late 30s and pulled back spending, the US economy started to collapse again. And this is most important: anti-government fanatics exploited a PRIVATE SECTOR financial crisis to further their agenda when not only did the crisis have nothing to do with debt and deficits, but the economy was not damaged AT ALL by debt and deficits we ran up after the crisis. Its a bunch of misplaced anger nonsense to distract everyone from the fact that a maximizing shareholder value business management model coupled with capital biased fiscal policy over 40 years have destroyed trillions of dollars of wealth of the middle class and anti-government kooks didnt want to see another New Deal come around to help the people most affected (underwater homeowners and the jobless).
Posted on: Tue, 07 Oct 2014 03:40:08 +0000
Trending Topics
Recently Viewed Topics
© 2015