Skip to main content

View Diary: Has economics found its Andrew Wakefield? (37 comments)

Comment Preferences

  •  Dick Cheney, for one. (1+ / 0-)
    Recommended by:
    No one gets out alive

    There are a few people on the MMT side who argue that debt doesn't matter. Dick Cheney, too.

    Like many arguments, this one has devolved into strawman arguments on both sides. There is no debt "cliff" vs You don't care about debt.  

    The truth is probably that there probably is a debt cliff but it depends on the country and other circumstances so much that trying to find an exact value is a mistake. Argentina is more likely to have a debt catastrophe than the US, and debt catastrophes are more likely for everyone at times of fiscal crisis than when things are humming along.

    So we should always try to limit debt, but not at the expense of wrecking our country and throwing people under the bus. Starting by stopping tax avoidance and by taxing corporations at effective rates that are consistent with historical norms would be a good place to start. Raising wages would also help.  

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site