For the last 16 years George W Bush and Barack Obama have signed off on budget after budget authorizing the spending of billions of dollars more than tax revenue would support. Now America is burdened with a deficit of about 2 trillion dollars. Conservatives and Liberals have to face the hard fact that both sides are guilty of this reckless spending spree and begin to work to fix this problem. America has to either raise taxes or cut spending (or both) before our lawmakers overspend America into economic ruin. I am not sure what priorities President elect Trump sees at this point, but this deficit must be dealt with, and soon!
Originally posted by mchill For the last 16 years George W Bush and Barack Obama have signed off on budget after budget authorizing the spending of billions of dollars more than tax revenue would support. Now America is burdened with a deficit of about 2 trillion dollars. Conservatives and Liberals have to face the hard fact that both sides are guilty of this reckless spending spree and ...[text shortened]... orities President elect Trump sees at this point, but this deficit must be dealt with, and soon!
Oh, I think we're not going to hear much about the deficits for awhile. I know it's counterintuitive, but repealing ACA is going to add significantly to the deficit. And then there's all the money that will be needed to round up and deport 3 million. And the wall. And rebuilding infrastructure in the rust belt. And the pending ground war on ISIS.
Originally posted by mchill For the last 16 years George W Bush and Barack Obama have signed off on budget after budget authorizing the spending of billions of dollars more than tax revenue would support. Now America is burdened with a deficit of about 2 trillion dollars. Conservatives and Liberals have to face the hard fact that both sides are guilty of this reckless spending spree and ...[text shortened]... orities President elect Trump sees at this point, but this deficit must be dealt with, and soon!
Not sure where you get that figure from - the 2015 deficit was $439 billion or about 2% of GDP. A deficit below 3% of GDP is widely considered "safe" (it is the figure the EU uses for its fiscal norm) especially in the situation where GDP is growing and bond yields are low.
However, with a recession all but guaranteed under a Trump administration, and the Trump administration promising revenue cuts and spending increases, this figure will likely increase again.
Originally posted by whodey Who cares cuz the Fed can just print the money.
What could possibly go wrong? 🙄
Printing that amount of money is not only not feasible, but totally unnecessary. Almost all wealth generation is done electronically and not in the form of physical bank notes, and almost all is done by private institutions, not the Fed.
Originally posted by twhitehead Almost all wealth generation is done electronically ..
And here was twhitehead asking another contributor about their economic knowledge.
Those signals rushing around in space and down wires are not wealth. Not in the way you speak of it here anyway, there is of course the exchange of information which may represent wealth. A pencil represents wealth, services represent wealth (a massage for example, or what your dentist does, your car, a plastic plate, a roof over your head are all wealth.
Relatively speaking little wealth is generated electronically
Originally posted by Wajoma And here was twhitehead asking another contributor about their economic knowledge.
Those signals rushing around in space and down wires are not wealth. Not in the way you speak of it here anyway, there is of course the exchange of information which may represent wealth. A pencil represents wealth, services represent wealth (a massage for example, or what ...[text shortened]... over your head are all wealth.
Relatively speaking little wealth is generated electronically
So a pencil is wealth, but money in my bank that can get me millions of pencils is not?
What a stupid definition of wealth.
And who cares anyway, as that has nothing whatsoever to do with the economy or the deficit. The deficit after all, is not pencils.
Originally posted by twhitehead So a pencil is wealth, but money in my bank that can get me millions of pencils is not?
What a stupid definition of wealth.
No need to get all het up, take a breath and have a ponder on it.
The answer is in whodey's "print money" which we all know is not meant to be taken literally as turn out pieces of paper with numbers on it, it refers to money supply, in particular oversupply.
How many pencils could you buy with your millions if there were no pencils, what would your electronic record consisting of numerals be worth then. How many Venezuelan furtes would you need for one pencil.
Can you handle a bit of Rand, try Franciscos money speech:
Originally posted by Wajoma And here was twhitehead asking another contributor about their economic knowledge.
Those signals rushing around in space and down wires are not wealth. Not in the way you speak of it here anyway, there is of course the exchange of information which may represent wealth. A pencil represents wealth, services represent wealth (a massage for example, or what ...[text shortened]... over your head are all wealth.
Relatively speaking little wealth is generated electronically
Houston, I think we have an electron problem.........
Originally posted by Eladar Who cares as long as everyone has health care?
And a "free" retirement.
And "free" welfare.
And a "free" Obamaphone.
And a "free"....................................
From a Progressive point of view, balancing a budget is not only impossible providing all of these "free" things, it is a moral responsibility cuz they are all natural rights that should be provided by Big Brother.
Originally posted by mchill For the last 16 years George W Bush and Barack Obama have signed off on budget after budget authorizing the spending of billions of dollars more than tax revenue would support. Now America is burdened with a deficit of about 2 trillion dollars. Conservatives and Liberals have to face the hard fact that both sides are guilty of this reckless spending spree and ...[text shortened]... orities President elect Trump sees at this point, but this deficit must be dealt with, and soon!
Be honest, had Hillary won the election would you have made this post?
Deficit must be dealt with
30 Nov '16 04:193 edits
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