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I don't hear this getting much debate in the democratic debates or the president and his economic staff but we are truly on course for record deficits. We need to increase revenue and reduce spending.
Quote:
WASHINGTON — The U.S. government posted a $200 billion budget deficit in August, bringing the fiscal year-to-date deficit past $1 trillion, according to data released on Thursday by the Treasury Department.
Analysts polled by Reuters had expected a $195 billion deficit for the month.
I don't hear this getting much debate in the democratic debates or the president and his economic staff but we are truly on course for record deficits. We need to increase revenue and reduce spending.
Its a shame the GOP only cares about such things when they are NOT in charge.
Like Rand Paul said, "when GOP is in power, there is no conservative party in US".
They are conservative only when they are in the minority, and even they they are only pretending to be. As soon as they are in power, they do the same exact things they hypocritically blamed Dems for doing.
Quote:
SEN. RAND PAUL: When the Democrats are in power, Republicans appear to be the conservative party. But when Republicans are in power, it seems there is no conservative party.
You see, opposition seems to bring people together, and they know what they're not for. But then they get in power and they decide, we're just going to spend that money too. We're going to send that money to our friends this time.
The hypocrisy hangs in the air and chokes anyone with a sense of decency or intellectual honesty.
More proof that Donald Trump believes in Keynesian economics.
Nothing the government is doing re: taxing/spending is Keynesian. Keynesian economics isn't simply running deficits anymore than Supply Side economics is just cutting taxes.
"Keynesian" is a lazy way to think about anytime the government chooses to increase spending, but it's wildly inaccurate.
The last decently Keynesian-esque thing the government did was the space program in the 60s. Since then, it's just a plain old Fabian socialism/corporate cronyism mashup version of plutocracy.
I am no particular advocate of Keynes and his version of demand side economics, but what our government has been doing for the last 50 years isn't anything near what he described/published. It's an intellectually lazy, mostly false bash of liberals, same as "trickle down" is an intellectually lazy, mostly false bash of conservatives.
Nothing the government is doing re: taxing/spending is Keynesian. Keynesian economics isn't simply running deficits anymore than Supply Side economics is just cutting taxes.
"Keynesian" is a lazy way to think about anytime the government chooses to increase spending, but it's wildly inaccurate.
The last decently Keynesian-esque thing the government did was the space program in the 60s. Since then, it's just a plain old Fabian socialism/corporate cronyism mashup version of plutocracy.
I am no particular advocate of Keynes and his version of demand side economics, but what our government has been doing for the last 50 years isn't anything near what he described/published. It's an intellectually lazy, mostly false bash of liberals, same as "trickle down" is an intellectually lazy, mostly false bash of conservatives.
Good points. They should have addressed this back under Simpson-Bowles in 2010, they spend a year coming up with a plan with equal pain to address the deficit and in the end congress just ignored the study. There have been deficits in the past but beginning in 2001 they really went on a record tear.
Looks like 2020s will be the decade where the facade of debt-laden prosperity begins to crumble economically.
Since raising taxes is likely off the table to finance this spending spree and reductions of services are rather unlikely to happen it seems like they just keep increasing the debt in hopes of the best, if all else fails the federal reserve just buys the government debt like it has.
It is certainly going to be interesting in the next decade economically. The amount of government debt at the federal, state and local levels. The amount of business debt. The amount of farm debt. The amount of household debt.
I wonder who buys all this debt? Does the federal reserve put it on it's balance sheet? Where is all the demand for treasuries going to come from?
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