Posted on 08/24/2009 8:41:28 AM PDT by sickoflibs
Edited on 08/24/2009 8:42:18 AM PDT by Admin Moderator. [history]
There
(Excerpt) Read more at krugman.blogs.nytimes.com ...
If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
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TOAST in 2010 and 2012
Meanwhile, the same columnist on a different day will assert that a person who makes $250,000 a year is wealthy beyond imagination.
Feel better yet? He also says (other sources) we need another stimulus of about 2T $, and says any type spending will jumpstart the economy doesnt matter what on, and he says there is no valid argument against the public plan.
He is LOVED at Mises for these pearls of wisdom, LOL
Incidentally, a rich person making $250,000 a year would have to work 36 million years to pay the $9 trillion. Then he can start working on the interest. Then the rest of the debt.
Just a little perspective to chew on.
Actually, he’s right. Once you get your hyper-inflation going, you can pay it off in no time.
Better start creating jobs!
Going to have to raise minimum wage again.(sarc)
If it is so manageable, then YOU pay for it Krugman.
“TOAST in 2010 and 2012”
GOP Slogan
Are you better off than you were 9 trillion dollars ago?
The total money supply of the country (aka “M3”, all ‘money’ including all investments) is about $14T. Total dollar-denominated cash in existence is about $1T.
A Freeper, JEff Head, posted this slogan:
Neuter them in 2010
Vote the Rest Out in 2012
Great for signs at the Townhall Meetings, IMO.
Wrong!
Much of our debt is inflation protected; and much of the engine driving the debt (e.g. Social Security and Medicare) are also locked in real terms.
The only alternative to paying the money back is to repudiate our obligations -- which would wipe out most pensions, drive away foreign capital for decades, and trigger massive hyperinflation.
I’m curious as to Krugmans opinion of the deficit when Bush was in office.
This so-called economist is nothing but a communist hack.
Is it creating or saving or is it both creating and saving... I can’t keep it all straight what the magician says.
Same thoughts.
Keynesian theory says that Bush should have raised taxes to slow down the economy as a response to inflation , you stimulate then put on the breaks. Bush kept on stimulating but the federal reserve put on the breaks, crash!
I do have a theory on tax cuts and increases that has to do with debt being bad, not managing the economy. Here he blames tax cuts for the deficit, not spending. Tax cuts bad, spending good! at link
So with 2008 nominal annual national GDP at $14.4 trillion, if we hunkered down and paid every GDP dollar made, back into the system it would still take us 7 and a half years to be fully funded and or out of debt.
We are so screwed.
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