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i have to think about that ..normally inflation makes debts smaller in dollar terms but in our case we arent really paying down the debt just carrying it at higher and higher interest rates as interest rates rise ...
So long as the economy is depressed interest rates will stay low, when the economy improves then the government can start to pay down the deficit.
Also, inflating will make US products more competitive globally which will increase domestic employment.
Anyhow, in a normally functioning economy inflating would cause problems, but we are not in a normally functioning economy. We are in a depressed economy where the FED is out the zero bound and other countries are manipulating their currencies in the global economy. General conclusions that ignore the underlying economic conditions are useless. But its not surprising to see people against inflating, inflating would have clear winners and losers. The winners would be the American public, US manufacturing, etc...the losers would be foreign nations (e.g., China), banks, etc.
I don't think he does. I recall reading something like that a while back in an opinion piece. Its one of those that tells about half the truth and leaves out what does not support their theory.
"Clinton inherited a $290 billion deficit from George H.W. Bush. He reversed Bush's and Reagan's trickle down economic policies, raising taxes on the wealthy, and reducing them on the working and middle classes. He was able to reduce the deficit every single year of his presidency. By 1997, the government was running budgetary surpluses, the first since 1969. He delivered a $230 billion surplus in 2000.
Bush reversed Clinton's policies, lowering taxes on the very wealthy - his "base" as he called them - and effectively raising them on everyone else. In his first full year at the helm of the economy, he delivered a $157 billion deficit, and he never looked back. By 2004, the deficits were topping $400 billion a year. While Clinton delivered surpluses, Bush's deficits totaled some $3.7 trillion over his eight-year term. Clinton 6: Bush 0.
There is no subtlety, no ambiguity about the data or the economic performance they reveal. By every single measure, Bush's policies and tenure were worse - much worse - for the American economy and the American people than those pursued by Bill Clinton. And we are still living today in the aftermath of the destruction they have wrought.
We could add any number of other measures as well, measures not offered up by Forbes but which are still straightforward indices of economic performance. Clinton reduced poverty, from 15.1% when he took office to 11.3% when he left. Bush increased it, from 11.3% when he started to 12.5% at the end of 2008.
The stock market more than tripled under Clinton's tenure. The Dow went from 3,241 when he took office to 10,587 on the day he left. It actually declined under Bush's tenure, from 10,587 on the day he took office to 8,281 on the day he left. Between the recent stock market collapse and the housing crash, Bush destroyed more than $14 trillion in consumer wealth, a staggering, almost incomprehensible legacy of devastation that will haunt Americans for decades to come.
Bush voters owe 14 trillion. Pay up.
We'll call it a Personal Responsibility Shrub Was Stupid Tax"
A most excellent concise statement of factual history I've ever seen!!
This kind of truth is something that the neo-cons, the rich, the corrupt, the Tea Party, et. al. DO NOT want the people to know ,and dwell upon, so they can continue unabated their nefarious work to undermine the basic liberties of the American people.
Before the government comes to my door demanding my share of payment for the national debt, I'm planning to move to Switzerland
Before you hike yourself off to Switzerland remember that the Swiss take their citizenship responsability very seriously. Unlike you plan to do by bailing out on America.
Before you hike yourself off to Switzerland remember that the Swiss take their citizenship responsability very seriously. Unlike you plan to do by bailing out on America.
I'm only 2 payments away from paying off student loans.. and I never carry over a balance on my credit cards. So next year, I'll be living debt free.
There's no reason why I should be responsible for anyone else's debt especially when I'm responsible enough to not have bad debt.
Quote:
"Everything is getting more expensive, I'm hardly earning any money, and then I'm supposed to pay more taxes to help save the country? How is that supposed to work?" asks Nikos Meletis, the shipbuilder. His friends, gathered in a small cafeteria on the pier in Perama, are gradually growing more vocal. They are all unemployed, desperate and angry at the politicians who got them into this mess. There is no sympathy here for any of the political parties and no longer any for the unions either.
"They only organize strikes to serve their own interests!" shouts one man, whose name is Panayiotis Peretridis. "The only thing that interests me anymore is my daily wage. A loaf of bread is my political party. I want to help my country -- give me work and I'll pay taxes! But our honor as first-class skilled workers, as heads of families, as Greeks, is being dragged through the dirt!"
"If you take away my family's bread, I'll take you down -- the government needs to know that," Meletis says. "And don't call us anarchists if that happens! We're heads of our families and we're desperate."
At least the Greeks have it right..
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