Corrente

If you have "no place to go," come here!

national debt

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part Four, The Three Real Reasons

This is the concluding post in a four part series on the “Top” reasons why the national debt should matter. In Part One, I considered “Fix the Debt's” claim that high levels of debt cause high unemployment and argued that this is a false claim. In Part Two, I followed with a review of the historical record from 1930 to the present and showed that it refutes this claim throughout this period, and that there is not even one Administration where the evidence doesn't contradict “Fix the Debt's” theory. In Part Three I showed that the other four reasons advanced by “Fix the Debt” also had very little going for them. In this part, I'll give reasons why the national debt does matter, and why we should fix it without breaking America, or causing people to suffer. Read below the fold...

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part Two, the Record Since 1930

In Part One, of a critique of the most important of "Fix the Debt's" reasons for "Why the National Debt Should Matter To You," I asserted that high debt levels haven't caused high unemployment in the United States, and that, if anything causation was in the other direction. I didn't want to disturb the flow of the argument there with a relatively lengthy survey of some of the numbers in the historical record since the 1930s. But let's test the idea that High debt causes fewer jobs and lower wages in the United States by looking at that record now. Read below the fold...

letsgetitdone's picture

The Five Worst Reasons Why the National Debt Should Matter To You: Part One, High Debt Levels and Jobs

I came across a post from the “Fix the Debt” campaign last month called “The Top Five Worst Reasons Why the National Debt Should Matter to You.” It's a post full of debt/deficit lies that cry out for correction. That's what I'll provide in this series. Read below the fold...

letsgetitdone's picture

The President's Leverage: He Can Go Platinum!

Well, that's over. The President had a chance to go “over the cliff,” bargain hard with the Republicans, get more of what he said he wanted at the price of perhaps some more days of crisis with extreme pressure building on the Republican caucus, and he blinked. I don't much care that he blinked on tax rates for the top 2% and on inheritance taxes, because tax rate increases for purposes of deficit reduction simply aren't needed for getting deficit spending needed to create jobs, as the rest of this post will show. Here's what I care about: Read below the fold...

letsgetitdone's picture

Government Financial Asset Addition = “Deficit”; Government Financial Asset Destruction = “Surplus”

The word “deficit,” when applied to the Government financial accounting of a monetarily sovereign nation, that is, one that issues a non-convertible fiat currency, with a floating exchange rate, and no debts in a currency it doesn't issue, is a problem, because the label “deficit” when applied to such a Government doesn't mean what most people think it means. As Michel Hoexter points out: Read below the fold...

letsgetitdone's picture

Stop Using Obama for America Against the People!

Obama for America, the campaign apparatus with the very large e-mailing list and great segmentation techniques that exploited Romney's weaknesses to help the President to eke out (yes, I know the electoral vote involved no “eking out,” but the popular vote was something else again) his re-election victory, is now trying to mobilize people who voted for the President to work against their own interests by supporting his deficit/debt cutting activities. So, I couldn't resist the following commentary on their mobilization e-mail.

From the graphic: Read below the fold...

letsgetitdone's picture

The Fiscal “Cliff” and the Real Problem

Like many others, I'm not worried about the so-called fiscal “cliff,” and the ravages to the economy that are likely to occur if Congress doesn't do something about it before the end of the year. That's because a lot of the impact can be cushioned in the short run by Executive Branch manipulations while negotiations continue to go on. But if measures aren't taken to reverse the contractionary effect of the sequestration-induced changes, we're looking at deficit cuts of $487 Billion over 9 months of the fiscal year. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths After A Second Crowd Sourcing Revision

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative related to fiscal responsibility containing primarily the truths, rather than the myths. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths After Crowd Sourcing Revision

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative related to fiscal responsibility containing primarily the truths, rather than the myths. Read below the fold...

letsgetitdone's picture

An MMT Fiscal Responsibility Narrative: Some Truths

Many MMT posts and other writings on fiscal responsibility, including my own, focus on the myths of neoliberalism, pointing out why they are myths and developing an alternative MMT perspective in some detail. Off hand, and I may have forgotten something, I couldn't think of a brief positive MMT narrative containing primarily the truths, rather than the myths. So, here's my version. Comments, criticisms, recasting in more effective form, are all welcome.

-- The US Government can't involuntarily run out of fiat money because it has the constitutional authority to create it without limit. Congress constrains and regulates this ability; but its existence is still a stubborn fact! Read below the fold...

letsgetitdone's picture

A Counter Narrative to Peterson's

Stephanie Kelton writes:

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. How many Americans believe this garbage? My guess? Most of them.

Read below the fold...
Jay's picture

The Grandest Bargain Ever, explained

The Grand Bargain Fiscal Cliff deficit hysteria is the end game in a sophisticated, multi-year version of three-card monte.

For this illustration, we’ll use the shell game version where the slicks hide a ball under a nutshell. Under one shell you've got bank money. Under another shell you have the national budget money. Under the third shell you have social program money, let's call it Social Security.

The object of the game is to take all three balls without anyone noticing, and if the institutional legitimacy of the shells get destroyed, well . . . . Read below the fold...

letsgetitdone's picture

These Folks are Soooo Clever . . .

Last week, Reps. Michael Honda, Keith Ellison, Raul Grijalva, Jan Schakowsky, John Conyers, Barbara Lee and Lynn Woolsey stalwarts of the Congressional Progressive Caucus (CPC) begged for mercy from “the Gang of Eight” in a letter.

Here's what they said and my commentary on their “loser liberalism.”

”Thank you for your work - past and present - towards solving one of the greatest policy challenges facing us today: the unsustainable path of our national debt. We appreciate the bipartisan and collaborative spirit with which you've approached your negotiations. . . .”

Thanks vanguard progressives for embracing the major premise of the austerity ideology, namely that the national debt is on an unsustainable path. I'm here to tell you that this idea is false and also terribly harmful to progressive aspirations to end economic stagnation and get everyone, who wants to be, employed at a living wage. You can't win an argument if you start by agreeing with your opponent's false premise. Read below the fold...

Pages

Subscribe to RSS - national debt