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The deficits have been going up since 1788. Don't blame Reagan. He just did what all the rest of them did. And Clinton, Bush and Obama have all run higher deficits than Reagan did.
Bill Clinton gave us a surplus? LOLs
1992 US debt was $4,411,488,833,139.38
2000 US debt was $5,674,178,209,886.62
He spent a trillion more than he made. He gave us no surplus. The debt went up every year under Clinton. Those are facts.
Keynes set up a system to reduce deficits. We got record deficits almost every year under his system. Keynes failed.
The middle class was built by middle class people and the industrial revolution.You know, capitalists.
Not by Keynes. Or FDR or anyone else besides the middle class.
THEY only count two years of the Clinton administration. I wonder if they know what happened the other 6 years.
"This dispensability is, in fact, the key political problem of free trade. If American workers are no longer needed as producers, then capital has no incentive to care about their productivity, the ultimate basis of their standard of living. And American workers are not needed as consumers either, if the rest of the world is an open market. Unfortunately, because capital is disproportionately powerful in America's political system, this means that free trade will tend to render our government indifferent to the economic interests of ordinary Americans.
Thus the greatest benefit of protectionism is not directly economic but political: protectionism is an device that forces capital to care about the economic fate of ordinary Americans. If capital must (mainly) turn a profit by selling goods made by Americans to Americans, then it must care about Americans' capacity to both produce and consume.
One corollary of returning to this older view of economics is that the idea that corporations ought to be motivated purely by the pursuit of profit (or that they perform best when they are) is not an obvious truth of capitalism. It is, in fact, not the way things worked for two generations (circa 1930-1980) in the U.S. It is based on a primitive and unempirical notion of human motivation and organizational behavior."
"It has been two years since the collapse of Bear Stearns. Congress held 79 hearings before this bill was introduced, and has held even more in the months that it has been negotiated and amended in committee. The status quo still leaves us vulnerable to another financial collapse. The bill is not perfect, but it can still be amended and the need for progress is urgent."
Actually, most economist today- even conservative ones(like Milton Friedman) believe it was the poor monetary policy- not massive defecits or FDR programs that prologned the depression. The money supply increased by at least 20% !!!
keynes intended capital investment by feds to be temporary not ongoing.
we changed bek ronald reagan invented his own school of economics.
debt is meaningless. and the american church consumerism was created and the people said amen the mall is open.
Hardly. The idea that millions of people will look out for themselves while at the same time creating products new products that other people want is not Reagan's idea. he just saw how well in worked in the Far East where it's all too obvious that the people voted with their feet. What areas of the world have the most dense population over there? Singapore, Hong Kong... Milton Friedman pointed that long ago with the technological backwardness of India and the former Soviet Union.
"We have learned from economic history -- and John Maynard Keynes -- that to put people back to work when the economy collapses requires that we create large amounts of government demand. "
"What is heartening is to see how so many people and organizations — who had little knowledge of this arcane subject matter two years ago — have contributed the energy to learn and engage and push relentlessly for reforms against the monied odds. Notions such as consumer financial protection, the Lincoln attempts to separate OTC derivatives from the protective umbrella of the balance sheet of taxpayer protected banks, (and she did it in response to a primary challenge, please do not lose site of that fact), and efforts to remove risky activities from the guaranteed funding protections are a tribute to this energy.
It is also heartening to see people like Michael Greenberger, Elizabeth Warren, Damon Silvers, Dennis Kelleher, Matt Stoller, Jane Hamsher, the AFR team, Bob Kuttner and Senators Cantwell, Dorgan, Levin, Kaufman and Merkeley leading this formidable effort.
This is the first act of a many act play. Finance was too large in proportion to our economy. It is still too large, and our dysfunctional political system that aided and abetted the growth of the financial sector over the last 20 years cannot be expected to turn on a dime and enact profound and needed change. That agenda is still ahead. This first round was not the whole fight. It was the wake-up call and the beginning of the fight. Rest up and get ready. There is so much more to do."
"What is heartening is to see how so many people and organizations — who had little knowledge of this arcane subject matter two years ago — have contributed the energy to learn and engage and push relentlessly for reforms against the monied odds. Notions such as consumer financial protection, the Lincoln attempts to separate OTC derivatives from the protective umbrella of the balance sheet of taxpayer protected banks, (and she did it in response to a primary challenge, please do not lose site of that fact), and efforts to remove risky activities from the guaranteed funding protections are a tribute to this energy.
It is also heartening to see people like Michael Greenberger, Elizabeth Warren, Damon Silvers, Dennis Kelleher, Matt Stoller, Jane Hamsher, the AFR team, Bob Kuttner and Senators Cantwell, Dorgan, Levin, Kaufman and Merkeley leading this formidable effort.
This is the first act of a many act play. Finance was too large in proportion to our economy. It is still too large, and our dysfunctional political system that aided and abetted the growth of the financial sector over the last 20 years cannot be expected to turn on a dime and enact profound and needed change. That agenda is still ahead. This first round was not the whole fight. It was the wake-up call and the beginning of the fight. Rest up and get ready. There is so much more to do."
What a bunch of gibberish.
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