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The National Debt


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RD interesting article.  There are some good things in there. 

 

 

https://www.barrons.com/articles/podcast-2-billion-of-expected-buybacks-for-berkshire-hathaway-51550656860

 

This quote probably applies to me as I was in HS and college in the 70s:

Quote

 

Do you think openness to MMT and view of deficits and government debt is generational? Do old people just not get it?

I think so. For a certain demographic, the ’70s are still kind of a fresh memory, and you know, waiting in long lines to put gas in the car, high inflation. And so that’s a live memory for some demographic. But young people—I mean, Obama’s slogan was “Yes we can.” And then all hell breaks loose, and he’s on TV right after the inauguration saying, we ran out of money, so no, we can’t. And then you get Hillary Clinton’s message, which was pretty much, “Yes, we can a little bit.” And millennials see their future, they see climate change, and they take it seriously. They see the cost of college education. They see problems with health care. They can’t get out of the home and start a life. They’re open to a big, ambitious agenda. The threats are real for them.

 

 

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15 minutes ago, Hedley Lamarr said:

I just want us to be fiscally responsible and spend less.....you know like we have to do as everyday people....

It's a nice notion, but government finances is not at all the same as a person's. Unless that person controls their own currency, can force others to use that currency (e.g. collect taxes in that currency), can carry generational debts, can issue their own bonds, etc.

 

And spending less isn't always fiscally responsible. Investments like infrastructure and education produce more revenue than they spent.

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You know RD - this spending perspective is different than my normal thinking on the subject.  I think the balancing act wt the MMT is finding the right ratio between debt and GDP.   Of course I'd all gung ho on the spending programs if we knew it would never come back and bite us  - who doesn't want all of the things this current batch of Dems want to push if we know that it won't bite us when the economy stalls and GDP drops - which would blow up the ratio.  So to make the ratio work we have to have a very healthy and strong free enterprise/business environment that keeps producing - making the GDP large enough to offset the debt affect.  So  those on the left need strong businesses to make their spending plans become reality and they should know therefore that they cannot tax business to death. 

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2 hours ago, RedDenver said:

It's a nice notion, but government finances is not at all the same as a person's. Unless that person controls their own currency, can force others to use that currency (e.g. collect taxes in that currency), can carry generational debts, can issue their own bonds, etc.

 

And spending less isn't always fiscally responsible. Investments like infrastructure and education produce more revenue than they spent.

Maybe I worded that wrong, by less I mean efficiently. I remember years ago seeing where our government paid x100 for the cost of a hammer etc. I want to get rid of wasteful spending that does zilch. I think I mentioned in a different thread but we have no need to spend millions of dollars researching pigeons sex habits on cocaine. 

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