I don't even understand how this argument is supposed to work. Probably because no one ever explains it. But the size of the deficit is supposed to be a measure of how bad the economy is. Again, not really sure why this is, it's just so obviously is -- according to Republicans, tea partiers, and various and sundry morons. Never mind that people are buying all those bonds and everyone seems to be confident in America's ability to pay down her debt, debt itself is the worst thing ever. Without any evidence at all, we can be totally confident that deficits will doom us forever and all, amen.
So the smart thing, as conventional idiot wisdom will tell us, is to cut spending. Cut, cut, cut, and, when in doubt, cut. Government is a huge spender in our economy and the smartest thing we could ever do is pull all that money out of the economy, because... OK, you just lost me. This is stupid.
Let me give you a little taste of what passes for fiscal sanity these days.
Wisconsin State Journal:
A day after voters issued a scathing rebuke of his party, Democratic Gov. Jim Doyle halted progress on the state's controversial $810 million passenger train — some of which had been authorized only hours before.
"At the governor's request, I have asked contractors and consultants working on the high speed rail project to temporarily interrupt their work for a few days," Wisconsin Department of Transportation Secretary Frank Busalacchi, said Thursday, a day after the companies were informed of the decision.
"In light of the election results, our agency will be taking a few days to assess the real world consequences, including the immediate impacts to people and their livelihoods, if this project were to be stopped."
See, this was some of that gummint stimulus money, so it's totally evil. Governor-elect Scott Walker ran against it, because he's smart like that. And governor-for-real Doyle gave up on the whole thing because Walker doomed it. As a result, 300 jobs have just ended and a projected 5,500 jobs will never happen. Because that's so good for the economy. Fewer jobs, more freedom, I guess. The hell if I know how that's supposed to work. It just does.
In other states, it's the same thing. Republicans talk about "job killing" this and that, while actively and enthusiastically killing jobs. New Jersey will shed "at least" 1,200 workers because adding to unemployment rolls is the best idea anyone's ever had. How best to measure a successful new Republican governor? Count how many jobs they've thrown away.
Have no doubt, "smaller government" is just another way of saying "fewer jobs." At a time when unemployment is too high, Republicans think adding to it is the smartest thing ever. This is not going to turn out well.
-Wisco
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Steven Marty Grant · 752 weeks ago
I understand that in a down cycle it is sometimes necessary for government to intervene but that is not sustainable. Long term economic health can’t be based on government spending because the government does not have any money!
GriperBlade 70p · 752 weeks ago
Steven Marty Grant · 752 weeks ago
Of course you don’t care because it is not your money being confiscated. It belongs to all those “evil rich people” you love so much.
Unlike some people I am consistent. I did not like the debt under Regan, Bush 1, Clinton, Bush 2 or BA. I operate on the basic principle that if you don’t have the money for something then you should not buy it. Credit cards should only be used in case of emergency and should be paid down as quickly as possible.
GriperBlade 70p · 752 weeks ago
But the ratio of debt to growth doesn't figure in the term of the bond. It would only matter if the debt outstripped growth for 30 years running, in the case of a 30 year bond. You have to think in terms of running averages, not snapshot numbers from one moment in time.
Steven Marty Grant · 752 weeks ago
GriperBlade 70p · 752 weeks ago
There's also the logical problem. The problem with the economy is lower consumer spending. Your argument is that you correct low spending but cutting government spending, because... Oh fuck me, I don't know the because. It makes no damned sense at all. I guess when your tire pressure is low, the thing to do is let some air out.
heyjudi · 752 weeks ago
Now the government is saying they don't want to put a much needed interstate into Myrtle Beach, which would go all the way to Ohio (where our biggest source of tourists are from). Not only is this going to hurt our tourist industry, it will nullify the opportunity for thousands of jobs in this state.
On another front, Charleston has one of the best harbors on the eastern seaboard for large ships- container ships and cruise ships. Only thing is, the harbor has been neglected and requires dredging if we are to continue to function as an international harbor. Thousands of jobs hang in the balance. Charleston tourist industry hangs in the balance. Thousands of potential jobs needed to perform the dredging operation hang in the balance.... But our government tells us it's fiscally irresponsible to spend this money on these projects right now with the economy being so tight.
Say again?
Ok, so paying for unemployment, SNAP services, etc, is BETTER for us? Watching our tourism industry (a major supporter of state economics) shrivel and die is GOOD for us?
I guess I just need to leave it in the hands of our sweet lord Jesus, dye my hair blonde and put it in a bouffant, and focus on my soap operas. It's just EASIER that way.... Or so they keep telling me.
PS: I posted a link to your article on my own blog (giving you full credit, of course). I hope this is ok with you.
GriperBlade 70p · 752 weeks ago