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View Diary: A 2009 Foreboding fulfilled: Obama "is plotting politically feasible ways to reduce Social Security" (41 comments)

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  •  Debt is anti-progressive (1+ / 0-)
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    Bluefin

    ...because it is a long-term transfer of funds from ordinary taxpayers to the folks who can afford to buy T-bills.  That's the top 2% of individual incomes, corporations, and foreign governments.

    Long-term deficits add to the debt.

    Any stimulative plan needs to run deficits but the deficits of the last ten years of war, tax cuts, and deception have not been that stimulative.  As a consequence we have gone from $5 trillion in debt at the end of the Clinton administration to $14 trillion today.

    Which means the reverse dooH niboR effect will continue to be about $400 billion a year (or whatever that is compounded over ten years, over $4 trilllion for sure).

    That we create a plan for dealing with it now need not mean that deficits need to end abruptly now,  nor does it mean that everything must be cuts.  So creating a plan is a good thing.

    Also, making sure that debt ceiling negotiations don't occur again until after 2012 is a good thing.

    Better to have this fight now.

    But better to be ready to advocate for bubble-deflating tax increases when the economy starts roaring back in certain sectors but not generally.

    Progressives are fiscally responsible by advocating when to take the punchbowl away from the private sector before they get drunk again.

    50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts

    by TarheelDem on Tue Jul 12, 2011 at 07:16:53 AM PDT

    [ Parent ]

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