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View Diary: Abbreviated Pundit Round-up: The nihilists surrender (178 comments)

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  •  Half right. We clearly need jobs & a growing... (4+ / 0-)
    Recommended by:
    wasatch, zenyata, highacidity, Sylv

    ...economy.
    We do NOT need "a balanced budget" -- especially when we as yet have neither the economic growth nor the jobs necessary to attain same.
    The time of the greatest growth in both the size of the economy and the distribution of its fruits -- resulting in the greatest middle-class the world's ever seen -- was in the post-war era....  when the national debt was well over 100% of gdp.
    Governments are not analogous to either firms or households, and playing into the deceitful Publican / Corporate narratives that they are does not help anyone but the 1%.

    •  Yes but... (1+ / 0-)
      Recommended by:
      Templar

      "Starting at 45 percent of GDP in 1941 federal debt zoomed, reaching almost 122 percent of GDP in 1946 after the end of the war, with state and local debt adding another 7 percent. For the next 35 years successive governments brought down the debt, but then came President Reagan. He increased the federal debt up over 50 percent of GDP to win the Cold War. President Bush increased the debt to fight a war on terror and bail out the banks. President Obama is increasing the debt to fund a plan to revive the economy in the aftermath of the Crash of 2008. "http://www.usgovernmentspending.com/...
      Now it is time to stop deficit spending.

      As to your analogy, After WWII, the debt was paid back down.
      Q - How do you pay down a debt?
      A - You have to make more than you spend, and pay bills.

      If you spend more than you make, you go deeper into debt.
      No fuzz on that.
      The reason America did so well after WWII was that the rest of the world was essentially destroyed and American industry thrived.

      I am for - progressive taxation, - a stronger safety net, - more effective financial regulation, - more environmental protection… and fiscal responsibility. I think that we can have it all. If we work wisely.

      •  Your comment: (0+ / 0-)
        The reason America did so well after WWII was that the rest of the world was essentially destroyed and American industry thrived.
        is correct along with the fact that we forced the world to accept gold at the 1933 established trade price of $35 an oz.!

        Once this US artificial price on gold was lifted in 1971 our so-called "competitive advantage" has never been the same.

        GOP - "Home of the Whopper!"

        by Templar on Thu Oct 17, 2013 at 10:09:24 AM PDT

        [ Parent ]

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