Well at least 2 of the 3 players have placed their cards on the table. And apparently Obama is scheduled to submit a budget in early April. (~2 months late)
Thoughts?
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16 comments:
Apparently "no budget, no pay" is highly effective. Now let's try for "no BALANCED budget,no pay" and see if the Democrats can actually do their jobs.
J. Ewing
I am still amazed that Obama and the Democrats don't see eliminating the deficit as the goal. I can understand their desire to raise taxes, but to say it is okay that we keep spending more than we take in seems terribly irresponsible.
And on top of that, both sides are not even talking about starting to pay down the national debt...
It is like a family with a $1,000,000 mortage that just can't stop themselves from using their credit cards.
I am still amazed that Obama and the Democrats don't see eliminating the deficit as the goal.
It's not that we don't see it as a goal, we just don't see it as a priority. The priority is getting people back to work.
It's like a family where people are out of work, worrying about credit card debt.
--Hiram
Then let's keep taxes lower and get people working...
Oh, I forgot that you believe government spending creates viable long term jobs... Oops.
I don't think anyone is creating long term jobs these days. But government can create jobs, and it can do it in an economic environment where the private sector can't.
==Hiram
Government cannot spend one dime that it does not first extract from the private economy, and when it does, it almost never allocates that spending in the most efficient way, as the free market would. Say, for example, that government raises taxes on a small businesswoman by 10%. To continue her meager income at previous levels, she lays off one of her ten employees and works longer hours herself. Government then "creates" a job regulating her business, producing nothing, and making it even more difficult. Perhaps another employee is laid off. It isn't that the government cannot create jobs so much but what it creates them OF-- thin air, in most cases-- and pays for them by robbing the real economy.
J. Ewing
Government cannot spend one dime that it does not first extract from the private economy, and when it does
Sure it can. That's what deficit spending does.
--Hiram
Deficit spending is simply spending FUTURE tax receipts. It's money out of the economy at a future time, and the interest on that debt is money permanently gone out of the economy and produces absolutely nothing.
J. Ewing
J,
I agree with you on this one.
Hiram,
What types of jobs do you think the government creates? Do they actually create wealth in the USA or destroy wealth in the USA.
For details see these links.
G2A USA Wealth Creation
G2A Mfg Myth
In summary, I think of "American Wealth" as a large balloon that is continuously being filled by some activities and emptied by others. The balloon expands when the fillers exceed the emptiers, and it shrinks when the emptiers exceed the fillers. Below are comments from USA Wealth Creation post above.
"Remember that America's wealth only grows when something is created here that someone else in the world values and is willing to pay for. Most of the transactions in the USA do not increase the wealth of our country. Inventions, Unique Knowledge, Production and Agriculture are the key wealth builders. Unfortunately the first 3 seem to be rapidly declining as the world catches up. This can not bode well for our standard of living in the long term.
Now if you work in a service industry and think this does not apply to you. Who do you think will be able to pay for your service as the wealth shrinks? It is like being in a balloon that is losing helium very slowly, everyone starts to drop... So remember to buy American when they offer a comparable product. Even if it costs a bit more. (your income and your children's future may depend on it)"
Note that vast amounts of the governmental spending are "emptiers". They may be desireable, but they are not increasing the "wealth" of America.
Thoughts?
Which Govt spending is a filler?
Which Govt spending is a emptier?
I often worry about technological obsolescence of human beings. I think we are rapidly coming to the point where the number of jobs created building and servicing robots is not going to keep up with the number of human jobs the robots can do. So the question becomes how are the rest of us going to produce wealth? The only real wealth is created by people working, to produce goods and services for other people, but it seems unlikely that, as my father said, we could all get rich taking in one another's laundry.
J. Ewing
I measure wealth as what does America have that someone else is willing to pay for.
The mining and petroleum industries are more like taking money out of a bank because they are not renewable.
Whereas the food creation industry, renewable energy, intellectual property, effective teaching (ie knowledge growth), innovative products, capital (funding), etc truly make America more valuable. If we don't have these, we lose ground in the global economy very quickly.
The people doing each others laundry is a necessary and respectable job, however you need enough of the "wealth creators" to fund them. Or the balloon shrinks.
At one time we needed 1 wealth creator for every 7 non-wealth creators to make the system work. I am not sure what the number is now.
What types of jobs do you think the government creates?
Many of the same kinds of jobs created by the private sector. A teacher, for example, might choose to work for either a public or private school. It doesn't really make a difference in economic terms.
--Hiram
I'll give you most Teachers,most learning institutions, Military Research, many infrastructure projects, and even NASA.
Others? This a very small part of the Government spend.
Cut the federal government back to its roots in the constitution, add on a few niceties, and you could easily pay for it all out of this year's deficit alone. Even at that, you're faced with the question of whether having the government employ people to do things like teaching, or simply provide funding for private enterprise to do those jobs competitively, would be more effective. You can imagine which side of that I'm on.
J. Ewing
What do you think should be included per your personal interpretation of the Constitution?
Remebering that almost all the current spending has passed the Supreme Courts criteria.
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