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12-03-2010, 07:57 AM   #1
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Finally, some economic sense in the mainstream!

Deficit Fears May Bring Short-Term Pain

The doomsday scenario driving national policy toward an ill-timed dose of austerity is premised on a crisis that exists in potential alone. Whenever it may be scheduled, it is not happening today.
What is happening now is the dismantling of American communities and institutions just as vulnerable people are in greatest need, a backwards march of history that will only be exacerbated by taking more money out of the weak economy via budget cuts.

But we are behaving now as if a very real wolf is at the door in the form of the inchoate danger known as the national debt, when the real wolf is already inside the house gobbling up dinner. We are embracing austerity in the face of an economic dynamic that requires the opposite: aggressive and targeted government investment aimed at spurring new industries that can generate solid paychecks.
"The austerity agenda reminds me of medieval bloodletting," said the Nobel laureate economist, Joseph Stiglitz. "We believe that if we only bleed the patient, they'll get better." [GOOD METAPHORE!]
The streets of most American communities are full of work needing to be done and people needing work. That argues for a large-scale infrastructure buildout, as we employ laid-off hands by fixing roads and schools and airports; by constructing the advanced electrical grid required to realize the benefits of renewable energy; by erecting new laboratories that can harness American innovation in a way other than engineering collateralized debt obligations on Wall Street.
But none of this can happen unless we stop acting like the world has a gun to our head in the form of our burgeoning debts.

12-03-2010, 08:33 AM   #2
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Let's just say, we're impelled to do this because it is time for the USA to step aside in the world, in favor of new powers. 2012 and all that. Change of ages. Or as the Who sang, Meet the new depression, same as the old depression
12-07-2010, 07:19 PM   #3
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QuoteOriginally posted by skyredoubt Quote
Hey sky, this you????????
Economist's View: Deal Reached to Extend All the Bush Tax Cuts
One ought not to worry about funding Social Security. The government can still credit the Social Security accounts without collecting taxes. Will this increase the federal deficit yes but a sovereign nation in control of its own fiat currency will always be able to pay it off. Nominally. The sovereign nation cannot run out of money. The question is at what inflation point. There are two answers. One is if the payroll tax cuts do spur the economy (and I believe a 2% cut is too small we need a full payroll tax holiday (for employees and employers) for at least a couple of years) the overall real GDP (and overall net taxes collected) will increase. So no worries there. If the real GDP increase is smaller than the inflation we can view the inflation as a tax across the board to everyone. But since the payroll tax (a very regressive tax) is already cut the burden of the inflation tax will fall mostly on the rich (those who earn most of their income not from wages). Since it is so hard to get Congress to raise taxes on the rich this might be the only way to do so.
12-07-2010, 07:34 PM   #4
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QuoteOriginally posted by jeffkrol Quote
No, but somebody with enough good sense


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