An excellent summary of how we screwed ourselves and our kids!!!
How did we become so selfish and short sighted? 
https://www.yahoo.com/.../how-the-us-government-pushed...
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10 comments:
In the Covid crisis, a lot of people were concerned that the economy would grind to a halt. Markets would collapse. The response from President Trump with bipartisan support was to dump massive amounts of money into our economy, without a lot of questions being asked. One result of that was a huge increase in fraud. We didn't care how money was spent, just that there was money and someone was spending it. But the more visible criticism was that there would be inflation, particularly as the economy moved back to more normal levels. The economy survived, and indeed snapped back far faster than maybe a lot of us expected. Inflation was the price we paid for it, it was the credit card bill that inevitably arrived after holiday shopping.==Hiram
President Trump's response to a liquidity crisis was pretty nouermal, and widely supported. We needed to deal witht the immediate liquidity crisis, and deal with the longer term consequences. It is one of the ironies of our modern politics is that so often President Trump can't take credit for his successes, because he found it politically advantageous to criticize Biden for their downsides. Now that the crisis is over, hotter and more foolish heads are now prevailing all over the place. In response to inflation, it's hard to find any Trump policy that doesn't exacerbate the problem. Tariffs, deep deficit spending, foreign wars, the push for lower interest rates, a move to a protectionist economy, all of these policies whatever their other merits push up prices.==hiram
What we have to do is buy less and tax more. It's not complicated. But we never actually talk about doing that. The article cited talks about health care costs, the major driver of spending. If we decide it is in the national interest to reduce them, we have to make very specific decisions about what to cut along with other measures which reduce costs. We spend money with specificty, so we must reduce what we spend money on what specificity. It is nothing at all to simply "admire the problem". These cuts will be painful. They will be unpopular. But if the national interest requires it, they must be done. So proposal wise, who is going to start?++hiram
If we taxed more... People would automatically buy less...
The people who receive that taxes would have more money to spend. That kind of issue is next level. The first level is that is that the deficit can be reduced through some combination of tax increases and spending cuts, the specifics of each to be decided later. But that raises next level issues. What will the effect of such polices be on the economy? Will be spendiproving less, so peoeple will be making less. It's a recessionary vicous circle, or it can be. And let's not forget, a lot of this will be bookkeeping. Just because the government isn't providing something, that doesn't mean it won't be provided by someone else, may in a more expensive way.==Hiram
Besides health care, the other big thing we spend money on is the defense budget, or as our president likes to refer to it as, war. The implication of a lot of what Trump says is that our war bduget will be reduced. Nato will spend more on war, so we can spend less. We will retreat from our far flung commitments, unless we can find a way of making them a profit center. There are some worthwhile ideas in this policy approach, but consideration of them seems pointless because the policy we were promised hasn't been implemented. Quite the reverse actually. And really this is the problem with an abstract approach to budgetary matters. By thinking of these things in the most theoreitical terms, we aren't prepared at all to deal with the real world consequcnces they entail. I really do find this very frustrating.==Hiram
Can we say now that tax cuts don't pay for themselv es? Is that issue still disputed? What about the trickle down theory? We live in an era where there have been huge concentrations of individual. Everyone seems to be either a billionaire or poor. And these billions are so often not the result of increases in productivity, but in mysterious bookkeeping manipulations. We create fake money, and then convert it into real money through a mechanism no on understands, but we are assured isn't corrupt. Meanwhile, a purchased Supreme Court has ensured this enormous wealth will be used to accumulate vast and unassailable political power. Is it any wonder that capitalism is in disrepute and socialism on the rise.==Hiram
That was a lot of rambling... Not sure what your point was.
In 2000, as the chart shows, our finances were in good shape. At that point we started cutting taxes. The theory was tax cuts would stimulate economic growth and pay for themselves with the higher income they generated. We have had 25 years to test that theory. What do we think? Did tax cuts pay for themselves?==Hiram
My opinion is that they did not. That is why the graph creator broke out a "Tax Cut" related contribution amount.
Tax Cut Revenue Impact
https://www.cbpp.org/research/the-legacy-of-the-2001-and-2003-bush-tax-cuts
Unfortunately, many people stubbornly disagree...
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