The “Debt Crisis” According to Bruce Bartlett: Capital Investment, the “Debt Burden,” Fiat Currency, and the Debt Limit
This is the second in a blog series of commentaries on Bruce Bartlett's recent statement to the Senate Budget Committee. The first post in the series discussed a number of his comments on aspects of the “debt crisis,” a crisis he and I both believe doesn't exist. I discussed a number of his reasons for doubting the severity of any debt problem and related each of them to the capabilities of the United States as a fiat sovereign.
In this post, I'll cover the issues related to capital investment, the debt burden, fiat currency, and the debt limit. I'll begin with Bruce Bartlett's statement on how capital investments ought to be treated in the budget. Read more about The “Debt Crisis” According to Bruce Bartlett: Capital Investment, the “Debt Burden,” Fiat Currency, and the Debt Limit
Today, I'll offer the first of five commentary posts on Bruce Bartlett's recent testimony before the Senate Budget Committee. Bruce Bartlett is a long-time veteran of the fiscal policy wars. He initially became known as a supply-side free market economist working for Ron Paul and then Jack Kemp in the 1970s. Later, he served as a senior policy analyst in the Reagan Administration, and then in the Bush 41 Administration as the deputy assistant secretary for economic policy at the Treasury Department. Since then he's worked at conservative think tanks and as a well-known writer on economic policy and politics, becoming increasingly critical, first of the Bush 43 Administration and then of the increasingly rightward trend of the Republican Party. Today I think Bruce Bartlett is best characterized as a fiercely independent voice still respected in conservative circles, and also, among progressives such as Jamie Galbraith and Stephanie Kelton, but never afraid to call balls and strikes on any Administration or Congress as he sees them.
With that brief introduction completed, I'd like to turn now to a commentary on his testimony to the Senate Budget Committee from my own, individual, but Modern Money Theory -informed point of view. This post will discuss the first four points covered in Bruce Bartlett's testimony. Read more about The “Debt Crisis” According to Bruce Bartlett: Fiat Sovereignty
We can see the positioning and the messaging on the Democratic side beginning to take shape for the 2016 elections. Bernie Sanders and Elizabeth Warren with nods to Thomas Piketty and various economists have stepped forward to offer the themes of salvation for the middle class, moderating the extremes of inequality in American society, and doing something real about jobs and wages.
Clinton World seems to be responding, not yet with forthright statements from Hillary Clinton, but recently with articles by stalwarts of neoliberal Clintonism (and veterans of the Obama Administration) such as Larry Summers and Peter Orszag, expressing concerns about inequality and proposing measures to alleviate it, even including increased taxation on the wealthy. Read more about Will We Ever Get Change if We Keep Electing People Who Represent Special Interests?
Widespread support for war has always required an ignorant and manipulated populace. In the current ramping-up, the U.S. Corporate media delivers- again!
Could be, as Steve Martin in The Jerk said; 'It's a PROFIT deal!"
From the 'alternative media' - Read more about American Bliss
Here are some compelling excerpts from recent articles by Robert Fantina and Norman Pollack re Netanyahu’s visit to address the US Congress.
Robert Fantina --"Palestine, Israel and the United States Congress" Read more about ‘Israeli Prime Murderer’ 'de facto Employer of US Congress'
If you want to get a space-eye view of anti-TPP actions in the US, please go to http://www.flushthetpp.org/actions/ . I count 22 events, and none in populated NJ.
OTOH, from a comment in the nakedcapitalism.com diary Gaius Publius: Tobacco Deaths, TPP and the “Trade” Courts, we read: Read more about From Space, Nobody Can Hear Your Anti-TPP Public Screams (all 22 of them)
Robert Parry in “Ready for Nuclear War over Ukraine?” writes:
You have a senior Ukrainian official [Deputy Foreign Minister Vadym Prystaiko] saying that the world should risk nuclear war over a civil conflict in Ukraine between its west, which favors closer ties to Europe, and its east, which wants to maintain its historic relationship with Russia.
I think I just got teleported back to February, 2008.
The “we” in “we have fought for everybody else’s equal rights” in Arquette’s rousing feminist appeal for fair pay and equal rights ignores how white women as a group have historically been, and in many ways remain, deeply invested in systems of white privilege and white supremacy in the United States and the West.
In the United States, white women actively supported Jim and Jane Crow. There were also women’s and children’s auxiliaries of the Ku Klux Klan.