The Forgotten Millions

Discussion in 'Economy' started by TruthOut10, Dec 8, 2012.

  1. TruthOut10
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    TruthOut10 Active Member

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    Let’s get one thing straight: America is not facing a fiscal crisis. It is, however, still very much experiencing a job crisis.
    It’s easy to get confused about the fiscal thing, since everyone’s talking about the “fiscal cliff.” Indeed, one recent poll suggests that a large plurality of the public believes that the budget deficit will go up if we go off that cliff.

    In fact, of course, it’s just the opposite: The danger is that the deficit will come down too much, too fast. And the reasons that might happen are purely political; we may be about to slash spending and raise taxes not because markets demand it, but because Republicans have been using blackmail as a bargaining strategy, and the president seems ready to call their bluff.

    Moreover, despite years of warnings from the usual suspects about the dangers of deficits and debt, our government can borrow at incredibly low interest rates — interest rates on inflation-protected U.S. bonds are actually negative, so investors are paying our government to make use of their money. And don’t tell me that markets may suddenly turn on us. Remember, the U.S. government can’t run out of cash (it prints the stuff), so the worst that could happen would be a fall in the dollar, which wouldn’t be a terrible thing and might actually help the economy.

    http://www.nytimes.com/2012/12/07/opinion/krugman-the-forgotten-millions.html?_r=0
     
  2. Skull Pilot
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    Skull Pilot Platinum Member

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    No there's no fiscal crisis we're just borrowing 46 cents of every dollar spent for the fun of it
     
  3. Rozman
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    Rozman Gold Member Supporting Member

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    Everything is just fine in Obama World...
     
  4. Rozman
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    Rozman Gold Member Supporting Member

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    And once the Libs get what they have been dreaming of,eliminating the tax cuts for the evil rich and all our troubles are solved...What will Obama have left to do but party..
     
  5. akelch
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    akelch Senior Member

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    So how does raising taxes on the rich fix the "job crisis" you speak of?
     
  6. Two Thumbs
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    Two Thumbs Platinum Member

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    So let me see if I understand just how fucking dumb you are.

    tens of trillions in the hole is meaningless
    A growing jobless rate, not that important
    Killing the value of the dollar is a good thing.


    Honestly, you have to be high. No one, not even the most devote obamanian is that dumb.
     

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