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View Diary: A great week for the Sue Thorn campaign (WV-01) (76 comments)

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  •  The US doesn't have a problem borrowing money. (1+ / 0-)
    Recommended by:
    jpmassar

    Interest rates on T bills are below the rate of inflation- lenders are paying the government to borrow money from them. The Treasury can raise lots of money but it can't spend it because the deficit hawks scream every time something productive is suggested.

    Sue talks about the need for new WPA type programs, where the government pays for improved infrastructure (something badly needed in West Virginia). Hiring workers to fix roads, dams, bridges, and public buildings would pump money into the system, provide jobs, and at the end we would have something real to show for it. Dumping money into Wall Street banks didn't do that.

    Since interest rates are at record lows, it makes sense to borrow if you have something productive to do with the money. I just renegotiated my mortgage, and I am spending less to pay it off even though I borrowed more. Of course, if I had spent that money on a trip to Vegas it would have been a bad move, but I will invest it in home improvements and college for my children.

    •  You are missing the point (2+ / 0-)

      Borrowing money is not just an economic problem but a political one. You could not get even a $400 billion plan passed let alone a $2 trillion plan. Or don't you follow the news. Politically, liberty bonds are an easier sell because, as I pointed out, this would be money we have already saved. We would be borrowing from ourselves in fact. Offering the people a chance to lend to their own government would build support for government programs that simple treasury borrowing never could. Sometimes I despair of democrats. The optics are really important.

      •  Sorry if I misunderstood your post. (2+ / 0-)
        Recommended by:
        wv voice of reason, shes1ofus

        We definitely need to do something. The problem with any solution that might work is the Republicans will be 100% against it.

        Warren Buffett, George Soros, Bill Gates, and other billionaires could offer to balance the budget by paying more taxes and the Republicans would be against it. Wait, that already happened.

        The only hope is to turn out the rascals and get reasonable people back in control.

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