Ryan's Folley - The Sequel (house of representatives, March, dollars, claims)
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Your implication is that purchases based upon debt are somehow illegitimate. GDP in those years wasn't a figment of our imagination.
When I bought my last car, I bought it via a loan. The car purchased put money in the dealer's pocket; it was paid a real auto worker's salary; bought real raw material. All of that was real.
Whether paid by cash or debt, we really did produce all the goods and services counted in GDP; we were able to do that because we had willing workers, a sufficient capital stock, the right technology, and so on.
What is true is that some of the spending that created demand for those goods and services was debt-financed, and those debtors can’t continue to spend the way they did. But that doesn’t say that the capacity has somehow ceased to exist; it only says that if we want to keep the capacity in use, someone else has to spend instead. In other words, past growth wasn’t an illusion, or a fraud; but we need policies to sustain aggregate demand.
Oh, and your graph is a fraud. It shows GDP line hovering close to zero -- implying that GDP didn't grow since 1980. But the Y-axis is quarter-to-quarter change. That means if GDP grows 1% per quarter from 1980 until now, the red line would be at 1 through the whole period, which would be and annual growth of about 5%, which is pretty healthy GDP growth but look insignificant on your chart.
The difference with your analogy and reality is that you paid back your loan and our government just keeps adding to our debt.
It is so funny that you would admit that. Obama's media says we are in a booming recovery with millions of new jobs added. If you want to get to the potential GDP, vote for a free market capitalist, not a big government socialist.
Wow. Your post really does prove that the right-wing lives in an alternate reality.
You can't find any quotes where anyone in the Obama Admin claimed that the economy is "booming." While there has been 24 months of positive job growth, nobody is claiming a booming economy.
Moreover, to claim that Obama is a socialist when he saved the pillars of capitalism, Wall Street and the banks, is absurd. There are also absolutely no Obama policies that can be considered 'Socialist.'
Ah, the Affordable Care Act, you say. That was a plan which entails private individuals purchasing private health insurance from private insurance companies -- SOCIALISM!!!
It was also a the GOP alternative to Bill Clinton's 1993 health reform and created by the Heritage Foundation in the 1990s.
The problem is that the hard right has moved so far to the right that the center appears left.
Great to see BO take Eddie Munster and his half-cocked budget plan behind the wood shed in that speech yesterday.
Can you believe this clown Ryan peddling the same trickle-down bullsh*t that was such an epic fail during the disastrous Bush-Cheney years?
God what a f'n tool that guy is.
PLEASE put Ryan on your (doomed) ticket, $Willard...
I'll say to watch this rat bringing in Romney last night just put Romney in a bad place, that's where he belongs anyway, he must of had a good speech writer last night and got coached a bit how to talk to people.
I still want to know why there is not a Budget from the Senate ?
No Democrat voted for Obamas Budget but still no alternative is presented ?
What's up with that ?
The left on this board will not answer that, all they can come up with is the same old (attempting) to be smart comebacks....just lok at what bob has posted, no subtance, just another useless posting.
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to watch this rat bringing in Romney last night just put Romney in a bad place, that's where he belongs anyway, he must of had a good speech writer last night and got coached a bit how to talk to people.
