It's been less than what four decades since the US experienced rapid inflation during the oil embargo? These last few years of incredibly stable USD may have clouded your judgment, and this idea that we can just print money whenever we want is... beyond silly.
We may have more leeway than most as we are the world's largest economy, the world's largest military, and the largest portion of the global reserve currency but to dismiss this so arrogantly and easily? That's dangerous.
When things change, they tend to change very quickly. This is absolutely something we should be concerned about as we continue to allow our hijacked political system which benefits the few at the expense of the many to hand out humunguos tax breaks to the already inordinately wealthy among us.
Fed policy has significantly changed since then. Much of the stability is a result of the fed carefully controlling inflation. This is why they are tightening now.
I can't quite understand how "spending money today, and passing the debts on to your grandchildren" became a conservative value. But every time federal taxes are cut, that's exactly what's happening. I'd like to think that they would be ashamed of themselves, even though I know it's not true.
Is it economically rational, or irrational, to pass costs on to someone else if one can? It seems a little odd to pass costs to one's grandchildren, but hey, then it's "not my problem!" and they can vote to pass the costs to their grandchildren!
The costs are diluted by inflation and the children inherit the built infrastructure. If the diluted debt is less than the value of the infrastructure then everyone wins.
I think we're going to hit economic recession sooner than we think simply because the US govt needs to borrow so much money to keep itself running.
I have an idea. How about the politicians who voted for this deficit be on the hook for deficits and have to liquidate their own assets to pay for the deficit first. Come to other citizens later.
Blah blah... "With the economy strong, unemployment low, and tax receipts at record highs, now is the time to cut spending and bring the federal budget into order."
Uh, how about we just stop cutting taxes for people & corps that are in the top few %? These "trickle down" policies have been repeatably proven not to actually boost the economy. In many cases its been shown that we are actually boosting foreign economies more than our own.
Not only that but most "spending cuts" are really just backdoor tax hikes. Cut the road budget, give eminent domain easements to big corp/bank which builds a toll road and pockets 50%+ of the tolls as interest/profits. Cut higher education spending $1, raise tuition on students $2. The best ones are the ones like cutting spending on "women's health" that comes back as 2-3x in medicaid spending. It just goes on and on... One party is insane, the other is afraid of them and won't speak up for fear of the next election (despite actually being the losers for last last 40 years).
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[ 3.2 ms ] story [ 53.5 ms ] threadIt's been less than what four decades since the US experienced rapid inflation during the oil embargo? These last few years of incredibly stable USD may have clouded your judgment, and this idea that we can just print money whenever we want is... beyond silly.
We may have more leeway than most as we are the world's largest economy, the world's largest military, and the largest portion of the global reserve currency but to dismiss this so arrogantly and easily? That's dangerous.
When things change, they tend to change very quickly. This is absolutely something we should be concerned about as we continue to allow our hijacked political system which benefits the few at the expense of the many to hand out humunguos tax breaks to the already inordinately wealthy among us.
Inconsiderate actors. Unscrupulous actors. But not irrational actors.
Present Bush added* more to the national debt than every present before him.
President Obama added more the national debt than every president before him.
And President Trump will probably add more to the national debt than every present before him.
* At least in absolute terms. (No one has come close to beating Wilson or FDR for percentage increases: 8x and 10x respectively.)
Also, the President proposes a budget but Congress has the ultimate authority and responsibility.
https://www.debtconsolidation.com/us-debt-presidents/
https://www.thebalance.com/us-debt-by-president-by-dollar-an...
I have an idea. How about the politicians who voted for this deficit be on the hook for deficits and have to liquidate their own assets to pay for the deficit first. Come to other citizens later.
Uh, how about we just stop cutting taxes for people & corps that are in the top few %? These "trickle down" policies have been repeatably proven not to actually boost the economy. In many cases its been shown that we are actually boosting foreign economies more than our own.
Not only that but most "spending cuts" are really just backdoor tax hikes. Cut the road budget, give eminent domain easements to big corp/bank which builds a toll road and pockets 50%+ of the tolls as interest/profits. Cut higher education spending $1, raise tuition on students $2. The best ones are the ones like cutting spending on "women's health" that comes back as 2-3x in medicaid spending. It just goes on and on... One party is insane, the other is afraid of them and won't speak up for fear of the next election (despite actually being the losers for last last 40 years).