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Old January 9th, 2017, 04:37 AM   #1
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Now that deficits matter, they don't....

While Obama was president, the GOP was "Ohh so concerned about deficits".
Even though deficits didn't produce inflation or any of the GOP predicted consequences, and even though economists said more deficit spending would have created jobs and growth, not inflation.

Now that the economy is at or near full employment, economists would say that deficits will matter, deficits will cause inflation, and will crowd out investment costing jobs and growth to suffer, the GOP thinks adding 9 trillion in deficits to fund tax cuts for the wealthy, is just what the doctor ordered (well maybe Dr Ron Paul).


Who could have seen that coming?
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Old January 9th, 2017, 04:41 AM   #2
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While Obama was president, the GOP was "Ohh so concerned about deficits".
Even though deficits didn't produce inflation or any of the GOP predicted consequences, and even though economists said more deficit spending would have created jobs and growth, not inflation.

Now that the economy is at or near full employment, economists would say that deficits will matter, deficits will cause inflation, and will crowd out investment costing jobs and growth to suffer, the GOP thinks adding 9 trillion in deficits to fund tax cuts for the wealthy, is just what the doctor ordered (well maybe Dr Ron Paul).


Who could have seen that coming?


All of us should have seen that coming, but you notice we haven't heard much from our GOP or Dirty Don about balancing the budget, or did I miss it? Oh well....it's no longer an issue.
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Old January 9th, 2017, 11:12 AM   #3
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Quote:
Originally Posted by goober View Post
While Obama was president, the GOP was "Ohh so concerned about deficits".
Even though deficits didn't produce inflation or any of the GOP predicted consequences, and even though economists said more deficit spending would have created jobs and growth, not inflation.

Now that the economy is at or near full employment, economists would say that deficits will matter, deficits will cause inflation, and will crowd out investment costing jobs and growth to suffer, the GOP thinks adding 9 trillion in deficits to fund tax cuts for the wealthy, is just what the doctor ordered (well maybe Dr Ron Paul).


Who could have seen that coming?
The economy is at or near full employment? You are kidding...right?
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Old January 9th, 2017, 05:43 PM   #4
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The economy is at or near full employment? You are kidding...right?
actually there are several measures that put it there
Unemployment rate under 5%,
Increase in people leaving their jobs
increased wage increases
all signs of a tightening labor market.

And adding 9 trillion to the projected deficit...?
That's what the GOP is planning...
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Old January 9th, 2017, 06:46 PM   #5
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actually there are several measures that put it there
Unemployment rate under 5%,
Increase in people leaving their jobs
increased wage increases
all signs of a tightening labor market.

And adding 9 trillion to the projected deficit...?
That's what the GOP is planning...


Goober, you'll have to dig deeper or T.Y.P.E. slower OR use pictures or one syllable words for this topic....but I understand what full employment means. The way I understand it is this: Almost everyone who WANTS to work, IS WORKING.
Known technically as the Non-Accelerating Inflation Rate of Unemployment, or AIRU.
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Old January 9th, 2017, 06:50 PM   #6
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Goober, you'll have to dig deeper or T.Y.P.E. slower OR use pictures or one syllable words for this topic....but I understand what full employment means. The way I understand it is this: Almost everyone who WANTS to work, IS WORKING.
Known technically as the Non-Accelerating Inflation Rate of Unemployment, or AIRU.
God!!!

That is wonderful!!!


Can we get rid of welfare then?
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Old January 10th, 2017, 11:31 AM   #7
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Quote:
Originally Posted by goober View Post
While Obama was president, the GOP was "Ohh so concerned about deficits".
Even though deficits didn't produce inflation or any of the GOP predicted consequences, and even though economists said more deficit spending would have created jobs and growth, not inflation.

Now that the economy is at or near full employment, economists would say that deficits will matter, deficits will cause inflation, and will crowd out investment costing jobs and growth to suffer, the GOP thinks adding 9 trillion in deficits to fund tax cuts for the wealthy, is just what the doctor ordered (well maybe Dr Ron Paul).


Who could have seen that coming?
Let's see:
Deficits don't matter under Democratic administrations because they've set policies in motion to stimulate economic growth...and use all the new money being created to out-grow those deficits and return to financial solvency...or at least that's how today's high priest of Keynsian Theory-Paul Krugman explains it!

Unless I hear different, the actual rate of GDP growth under Obama's 2 terms in office are less than 2% compound growth per annum...but that's not enough to outgrow rising deficits...especially from military and security spending that treats the Treasury like a candy store!

Under Republican administrations, there likely isn't any simple, naive assumptions about growing your way out of debt, because the strategy since Ronnie Rayguns introduced Neoliberalism and Friedmannomics to the Republican Party is to deliberately grow the deficits and don't bother controlling either domestic or military spending, because when the inevitable calls for austerity come in, it will be the domestic programs that get hacked..which Republicans don't want anyway...so choose your poison!

Whether modern capitalism is dressed up in liberal clothing of concern for the unfortunate, or is pure, unadulterated social darwinism of those who live off of UNEARNED income, it is still ultimately a giant ponzi scheme that will be forced to collapse at some point in the future when finite limits of living on a finite planet act as a brake on that needed growth to finance new debt/new money-creation.

I believe this is why most of the international oligarchy are already indicating that they choose war over peace, even when it comes to going to war with nuclear powers and risking extinction! Because the end of life on Earth, is easier to contemplate for the short-term addicted thinking of the rulers of our worlld than it is to contemplate the end of the global capitalist system that enriches them. It should come as no surprise to anyone that the capitalist working principle of 'creative destruction' inevitably leads to real destruction of larger and larger expendable sectors of the global economy.

It begins with a war against the poor, and a war on "old" technologies, and advances through 'regime change' wars to an eventual all-out war for all the marbles if that's the only place left to get the returns on investment demanded by the high rollers in the global economic system.

So, lots of seemingly different issues all tie together if we want to figure out what the hell is happening today. The great irony of American politics today is that Donald Trump seems to be siding with (on balance) the oligarchs who want to take the less risky route of avoiding great wars/ while the so called liberals and progressives are by and large, standing on the same side as the warhawks! Politics makes strange bedfellows as they say.
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Last edited by right to left; January 10th, 2017 at 11:33 AM.
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Old January 10th, 2017, 11:38 AM   #8
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God!!!

That is wonderful!!!


Can we get rid of welfare then?


Are you implying that all those who choose NOT to work are on welfare??
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Old January 10th, 2017, 03:11 PM   #9
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Are you implying that all those who choose NOT to work are on welfare??
Nope, I am saying many people choose to be on welfare in lieu of working. Big differance.
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Old January 10th, 2017, 04:28 PM   #10
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Nope, I am saying many people choose to be on welfare in lieu of working. Big differance.


Got any statistics on that???
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