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Department of Bust Out Profit Models and Vampiric Capitalism

letsgetitdone's picture

Real Fiscal Responsibility 3; Carter: Inflation and Health Care

Here's the third post in my series evaluating the fiscal responsibility/irresponsibility of the Governments of the United States (mostly the Congress, the Executive Branch, and the Federal Reserve) by Administration periods beginning in 1977 with the Jimmy Carter period. My first post explained why I chose to start my evaluation with the Carter period, and also laid out my related definitions of fiscal sustainability, and fiscal responsibility.

It explained why fiscal responsibility is closely connected to the idea of public purpose, which I've laid out here. I also claimed that the Government of the United States has been fiscally irresponsible in every Administration period since 1977.

In my second post, I began by examining the problems of ending economic stagnation, and providing full employment at a living wage, and, I hope, by showing that the Government, during the Carter period, failed to solve either problem because of its commitment to deficit reduction, and budget balancing, in the service of hoped for inflation moderation. The remaining posts in this series will continue to document the claim that all the US Governments since 1977 have been fiscally irresponsible. This, one, the third in the series, will examine how the US Government failed in its efforts to create and maintain price stability, and also failed to provide a solution to the problem of providing the right of receiving health care to every American in need. Read below the fold...

letsgetitdone's picture

Real Fiscal Responsibility 4; Carter: Education Reform

If you're reading this you've landed near but not at the beginning of my very lengthy series evaluating the fiscal responsibility/irresponsibility of the Governments of the United States (mostly the Congress, the Executive Branch, and the Federal Reserve) by Administration periods, beginning in 1977 - 1981 with the Jimmy Carter period. My first post explained why I chose to start my evaluation with the Carter period, and also laid out my related definitions of fiscal sustainability, and fiscal responsibility.

It explained why fiscal responsibility is closely connected to the idea of public purpose, which I laid out in this post prior to beginning the series. You may want to consult that post, if you want to know what I mean by “public purpose.” I also claimed that the Government of the United States has been fiscally irresponsible in every Administration period since 1977.

In my second post, I began by examining the problems of ending economic stagnation, and providing full employment at a living wage, and, I hope, by showing that the Government, during the Carter period, failed to solve either problem because of its commitment to deficit reduction, and budget balancing, in the service of hoped for inflation moderation. The third post in the series, examined how the US Government failed in its efforts to create and maintain price stability, and also failed to provide a solution to the problem of providing the right of receiving health care to every American in need. So, thus far in the first three posts in the series we've seen how the Government during the Carter period failed to 1) end economic stagnation; 2) failed to create and maintain full employment; 3) failed to maintain price stability; and 4) failed to maintain price stability. It did not fail however, to reduce the Federal deficit, which is not in itself an aspect of public purpose, but a presumed means of preserving government solvency, and avoiding inflation. So, I suppose congratulations are due the Government for solving a faux problem and failing to directly address the real ones.

So, from 1977 – 1981, the Government of the United States is thus far 0 for 4 when it comes to achieving real fiscal responsibility through fiscal policy in accordance with key aspects of public purpose. The remaining posts in this series will continue to document the claim that all the US Governments since 1977 have been fiscally irresponsible. In this, the fourth post in the series, I'll evaluate the Government's efforts at educational reform during the Carter period. Will the Government go 0 for 5? We'll see! Read below the fold...

letsgetitdone's picture

Real Fiscal Responsibility 2; Carter: Stagnation and Unemployment

This post continues my series evaluating the fiscal responsibility/irresponsibility of the Governments of the United States (mostly the Congress, the Executive Branch, and the Federal Reserve) by Administration periods beginning in 1977 with the Jimmy Carter period. My first post explained why I chose to start my evaluation with the Carter period, and also laid out my related definitions of fiscal sustainability, and fiscal responsibility.

It explained why fiscal responsibility is closely connected to the idea of public purpose, which I've laid out here. I also claimed that the Government of the United States has been fiscally irresponsible in every Administration period since 1977. The remaining posts in this series, and they will be many, will document that claim with analysis.

In this second post, I begin my evaluation of the extent of fiscal responsibility or irresponsibility of the Federal Government during the Carter Administration by covering two of the primary problems reflecting public purpose, and what the Federal Government did or did not do about them with its fiscal and monetary policies. The two are: ending economic stagnation, and creating full employment at a living wage. Read below the fold...

letsgetitdone's picture

Real Fiscal Responsibility I: Preliminaries

This is the first in a lengthy blog series that will evaluate the US Government's record on Real Fiscal Responsibility, Administration period by Administration period, since the Administration of Jimmy Carter in 1977. In evaluating the US Government's record, it’s important to state clearly that I will be evaluating more than just each Administration and its activities.

The record of fiscal responsibility is not the product of the Executive Branch alone. It is the outcome of the interaction of the Executive with the two Houses of Congress and the Federal Reserve System, even on occasion the interaction of one or more of these with the Supreme Court. All bear joint, though not equal responsibility for the record of Government fiscal responsibility or fiscal irresponsibility, as the case may be, during each Administration period. Read below the fold...

DCblogger's picture

Greed is destroying our planet in so many ways

letsgetitdone's picture

The Real Fiscal Responsibility Today Pilot Project

This pilot project and the radio/video shows it will produce and place on the web is for everyone tired of hearing economic commentary from those who got everything wrong. For decades, the doctrine of "Fiscal Responsibility" interpreted as long-term deficit reduction and Government austerity has had a secure place in American politics. This doctrine is the economic equivalent of the medieval notion that patients must be bled to cure them of disease. And this truth is reflected in the economic history of the United States at least since 1976, when we first began to practice ideology-based austerity in its modern form by planning for deficit reduction and balanced budgets in order to decrease the debt-to-GDP ratio.

Yes, there were short periods of expansive GDP growth during the Reagan and Clinton Administrations, but when one compares job creation and growth rates across the decades, one can see from Table One, that new job creation and GDP growth during the 70s, 80s, 90s, and the first 10 years of this century don't compare to the 40s, 50s, and 60s of the 20th century. By comparison we've been experiencing a stagnant economy in varying degrees for more than 40 years now. Read below the fold...

DCblogger's picture

Rahm Emanuel is a horrible human being

$ New Military Jet=$600,000 Home For EVERY U.S. Homeless Person

Thread: 

Robbie Couch in an article on HuffPo recently asserted:

The $400 billion program to create a fleet of F-35 Joint Strike Fighter jets, which, as The Hill points out, is seven years behind schedule and chronically plagued with misfortunes and incompetencies, could have housed every homeless person in the U.S. with a $600,000 home.

Read below the fold...

‘Reform’ of VA Means Privatization for Profits NOT Vets!

Thread: 

Obama’s promise to “reform” the Veterans Affairs’ health care system hides a real agenda of privatization assert Kate Randall and Barry Grey in “The drive to privatize US veterans’ health care.” Read below the fold...

US OIL-igarchy Ravages Nigeria, Ukraine, US ...

Thread: 

The apt “OILigarchy’”coinage belongs to Jacqueline Marcus in “When It Comes to Expanding the US Oil Empire, Expect Chaos in Ukraine and Nigeria.” She writes:

While climate change escalates to an emergency crisis, a growing national security concern, the US OILigarchy-government is on a "search and seize mission" for the very product that is obliterating our earth: Polluting Oil.

Read below the fold...
DCblogger's picture

Health Insurance Parasite of the Day: Aetna's CEO Mark Bertolini

Healthcare-NOW

Fortune 500 health insurers increased compensation for their CEOs more than 19% in 2013 over 2012! Aetna's CEO Mark Bertolini received a 131% pay hike, bringing in $30.7 million: that's 877 times the $35k that the average worker makes in a year. Centene and Molina Healthcare doubled pay for their CEOs as well.

Read below the fold...

Ukraine Crisis Christmas for Corporate-Pimped Canadian Pols

Thread: 

Matthew Behrens calls out -- big time -- Prime Minister of Canada, Stephen Harper, along with John Baird, Harper’s “foreign affairs pitbull” in “Ukraine and Canada’s Coup-Supporting Corporate Cowboy Diplomacy”.

Behrens writes of a “messianic” foreign policy of the present Canadian government, “making the world safe for Canadian corporate profits.” Read below the fold...

letsgetitdone's picture

Are We An Oligarchy Yet?

Matt Stoller believes that the recent pre-publication release of a study by Martin Gilens and Benjamin I. Page doesn't support the idea that the United States is an oligarchy yet. He says:

A lot of people are misreading this Princeton study on the political influence of the wealthy and business groups versus ordinary citizens. The study does not say that the US is an oligarchy, wherein the wealthy control politics with an iron fist. If it were, then things like Social Security, Medicare, food stamps, veterans programs, housing finance programs, etc wouldn’t exist.

What the study actually says is that American voters are disorganized and their individualized preferences don’t matter unless voters group themselves into mass membership organizations. Then, if people belong to mass membership organizations, their preferences do matter, but less so than business groups and the wealthy.

Well, it's true that Gilens and Page never say that United States is an oligarchy, and perhaps it's also true that they don't believe it. But they do say this: Read below the fold...

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