Ronald Reagan may have led the way to the more Socialist credit market solvency concept, though more at the speed of the Twenty Mule Team he helped make famous on the soap ads. John Kenneth Galbraith would publish even in The Los Angeles Times that the Reagan Deficits were not of Keynesian Origin.
Reagan had been a New Deal supporter, and Democratic House speaker, Tip O'Neil, was easily privy to the Ivy League, spend-it-as-though-you-really-had-it concept. Reagan famously took what deficits there were, and sent them along to the already prosperous defense contractors. The poor were left to battle over turf in the street-level drug-trading business. Hollywood was left to make movies and songs about one or ther other, and mostly the other. Business was business.
Clinton introduced a semblance of market protection. The poor got per-child tax credits in equal amounts, and other spending. Clarity came to the deficit picture. Mostly lower incomes were not paying any federal income taxes at all. A phrase, "The New Normal," came into being--describing nearly everything.
George Bush II, Term I, retreated into Keyensian logic--given a recession, wherein only the Nasdaq bubble had burst--then tax cuts for the rich were necessary(?)! Post 9/11, the already prosperous, defense contractors were back in fashion, agaiin.
Obama took what deficit there was and sent it to the already prosperous, bureaucrats and teachers instead.
One side effect was to notice that in the absence of a state and local tax base, then actually state and local governments had to lay people off en masse--at least every month.
Obama-Biden had provided the Protection of the Make-Work-Pay Refundable Tax Credit, and so slowly--with even low income sectors spending--then slowly improvement happened despite the state and local, lack of largesse.
Now the Republicans are relenting on any kind of showdown about the debt ceiling.
Paul Ryan says GOP is mulling short-term debt limit extension - First Read
It wasn't even Issa or Cantor who made the announcement.
The Total Credit Market will live long and prosper, or something(?)!
"Crow, James Crow: Shaken, Not Stirred!"
(A regulated militia being necessary to the security of a free state--then anyone who can aim the arrows--like William Tell--is probably Communist(?)! Unregulated is what even GOP and NRA is for! Sitting Bull, even, was not for that(?)!--who at any rate had a documentation problem(?)!)
Reagan had been a New Deal supporter, and Democratic House speaker, Tip O'Neil, was easily privy to the Ivy League, spend-it-as-though-you-really-had-it concept. Reagan famously took what deficits there were, and sent them along to the already prosperous defense contractors. The poor were left to battle over turf in the street-level drug-trading business. Hollywood was left to make movies and songs about one or ther other, and mostly the other. Business was business.
Clinton introduced a semblance of market protection. The poor got per-child tax credits in equal amounts, and other spending. Clarity came to the deficit picture. Mostly lower incomes were not paying any federal income taxes at all. A phrase, "The New Normal," came into being--describing nearly everything.
George Bush II, Term I, retreated into Keyensian logic--given a recession, wherein only the Nasdaq bubble had burst--then tax cuts for the rich were necessary(?)! Post 9/11, the already prosperous, defense contractors were back in fashion, agaiin.
Obama took what deficit there was and sent it to the already prosperous, bureaucrats and teachers instead.
One side effect was to notice that in the absence of a state and local tax base, then actually state and local governments had to lay people off en masse--at least every month.
Obama-Biden had provided the Protection of the Make-Work-Pay Refundable Tax Credit, and so slowly--with even low income sectors spending--then slowly improvement happened despite the state and local, lack of largesse.
Now the Republicans are relenting on any kind of showdown about the debt ceiling.
Paul Ryan says GOP is mulling short-term debt limit extension - First Read
It wasn't even Issa or Cantor who made the announcement.
The Total Credit Market will live long and prosper, or something(?)!
"Crow, James Crow: Shaken, Not Stirred!"
(A regulated militia being necessary to the security of a free state--then anyone who can aim the arrows--like William Tell--is probably Communist(?)! Unregulated is what even GOP and NRA is for! Sitting Bull, even, was not for that(?)!--who at any rate had a documentation problem(?)!)
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