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View Diary: Hoboken: Why only three blocks were to be destroyed. (55 comments)

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  •  If the federal entity were into revenue (0+ / 0-)

    sharing, it would not be necessary to borrow dollars from the investor class. Mandatory saving via pension funds is also a system designed to benefit the investor class, whose contribution to the building of capital assets is less and less.

    For a thorough discussion of the shadow economy look up anything Edgar Feige has published. He's about the only academic considering it seriously in the U.S. The euro zone has a few mover people covering it.

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    by hannah on Sun Jan 19, 2014 at 10:50:23 AM PST

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    •  Public bonds is more than federal (0+ / 0-)

      Since the topic (initially) was the NJ development, the bonds in question are state and local. There are good reasons for financing public infrastructure with debt at the a State & local level.)

      But your suggestion that there should be no federal debt begs the question of what assets would then be available for savers, e.g., the Social Security Trust Fund, to hold.

      (Investments and savings are two separate behaviors, linked by an accounting identity, but not the same economic actors.)

      You sound somewhat like a version of the MMT crowd, that wants to change everything about how government works, starting with the largest economy in the world.

      Thanks for the Fiege reference, will go find it.

      "Faced with the choice between changing one's mind and proving that there is no need to do so, almost everybody gets busy on the proof.” ― John Kenneth Galbraith

      by Urban Owl on Sun Jan 19, 2014 at 11:37:07 AM PST

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