How are we going to pay for all this shit?

I haven't looked at the numbers, but I'd bet our fiscal stimulus as a % of GDP during COVID, including Biden's American Rescue Plan that needlessly fanned the flames of inflation, was higher than those countries too.

The EU and the UK are the only other major economies with inflation as high as the USA's, and I believe their monetary policies have been about as loose as ours. Originally Posted by Tiny

There was a WSJ article today that looked at this. It was written by Jason Furman, an Obama economist who usually tries to call it straight (like Larry Summers).

I won't cut-and-paste the whole article, but he makes the point that while Europe's fiscal stimulus was less excessive than ours, this didn't stop them from importing some of our home-grown US inflation. Europe has also been slammed by an even more extreme spike in natural gas prices.

https://www.wsj.com/articles/america...t-11654541096?

There was a WSJ article today that looked at this. It was written by Jason Furman, an Obama economist who usually tries to call it straight (like Larry Summers).

I won't cut-and-paste the whole article, but he makes the point that while Europe's fiscal stimulus was less excessive than ours, this didn't stop them from importing some of our home-grown US inflation. Europe has also been slammed by an even more extreme spike in natural gas prices.

https://www.wsj.com/articles/america...t-11654541096? Originally Posted by lustylad

Any thoughts about Furman's observation that job openings in the USA far exceed the number of people looking for jobs? I suspect that's partly because of fiscal and/or monetary fuck ups and is somehow related to inflation. For example maybe the Fed was asleep at the wheel and allowed the economy to overheat so there aren't enough people out there to do the work. But then the prices of goods and services are increasing faster than wages, so maybe that doesn't make sense. Would a decline in the labor force participation rate, egged on by COVID relief, somehow affect inflation? This is all above my paygrade.

I see that the Eurozone unemployment rate is at an all time low, since formation of the EU, and it's still 6.83%! That's another indication that our system, with lower taxes and lower government spending, is superior IMHO.

Any thoughts ...
That's another indication that our system, with lower taxes and lower government spending, is superior IMHO. Originally Posted by Tiny

30 trillion dollars superior?

Tiny... Think WTF is PT Barnum? "sucker born every minute" Originally Posted by dilbert firestorm

Let see who the suckers are...

Let's cut taxes and accelerate spending the resulting policy change will end up expanding the wealth gap and add 30 trillion to national debt.

Hmmmmmmm

No and No

https://en.m.wikipedia.org/wiki/Reag...20since%201925.


Economic Costs
Edit
While the average income grew 75% and the median income grew 10% from 1980-1989, this disparity shows that while top earners made huge gains, bottom earners' income grew slower than the inflation rate for the same decade.
The US Federal Tax Revenue as % of the GDP decreased from 18.5 to 17.4 from 1980–1990.[11]
The budget deficit increased from $74 billion in 1980 to $221 billion in 1990.[11]
The budget deficit as a % of GDP increased from 2.6% in 1980 to 2.7% in 1989.
The tax cuts are often blamed for the Wealth inequality in the United States and the Middle-class squeeze.[14 Originally Posted by WTF

This first tax cut taught Republicans that tax cuts could be popular — something that was not clear at the time, because for decades before then opinion polls had shown strong and consistent opposition to deficits,” Prasad writes.

“ERTA transformed the Republican Party from a party of fiscal rectitude into a party whose main domestic policy goal is to cut taxes.” That transformation, moreover, proved extremely durable — far more durable than ERTA itself. Originally Posted by WTF

What could happen if you teach a nation that there is no pain in NOT paying for all the goodies they want? In fact we will LOWER their taxes.

So just like the dog, bell and food....we can condition a certain segment of society that tax cuts, more spending is the new economic equation to prosperity!

Tiny please try and understand wtf this means. I know it is above lustylad's pay grade


ERTA transformed the Republican Party from a party of fiscal rectitude into a party whose main domestic policy goal is to cut taxes.”

There will be a test...fiscal rectitude vs tax cuts tax cuts tax cuts

Let me help you a bit, Tiny

Rectitude refers to behavior that is correct, upright and honorable. You have moral rectitude if you refuse to be involved with a plan that some kids in your class have to cheat on a test.

This is a word that's easy to remember! First of all, rectitude sounds like rector, a member of the clergy, who is supposed to be a person with a highly moral ... 'tude, if you will. It also has the same prefix as rectangle, that most upright of geometric figures. If someone talks about fiscal rectitude, they are concerned with doing the right thing financially

Let see who the suckers are...

Let's .... accelerate spending the resulting policy change will end up expanding the wealth gap and add 30 trillion to national debt.

Hmmmmmmm Originally Posted by WTF

What could happen if you teach a nation that there is no pain in NOT paying for all the goodies they want? Originally Posted by WTF

Let me help you a bit, Tiny

Rectitude refers to behavior that is correct, upright and honorable. You have moral rectitude if you refuse to be involved with a plan that some kids in your class have to cheat on a test.

This is a word that's easy to remember! First of all, rectitude sounds like rector, a member of the clergy, who is supposed to be a person with a highly moral ... 'tude, if you will. It also has the same prefix as rectangle, that most upright of geometric figures. If someone talks about fiscal rectitude, they are concerned with doing the right thing financially Originally Posted by WTF

Nobody's arguing with you about the spending side of the equation WTF. We mostly agree with you. I'm not sure about Chung Tran and Eccieuser, who have been a bit coy in this thread, but the rest of us anyway.

Well, now I've got a direct pipeline to the Saints of Classical Liberalism. I'll run this by them and see if they've got any suggestions on how to get through to you. Back with you later, stay tuned.

Wtf preaches rectitude

Let (sic) see who the suckers are... Originally Posted by WTF

You can start with your tranny boyfriend...

There will be a test...fiscal rectitude vs spend spend spend Originally Posted by WTF

You already flunked that test, poofter.

Wtf preaches rectitude Originally Posted by dilbert firestorm

Lol! The only thing he "preaches" is how to plagiarize a definition from an online dictionary.

Here's where his post #1493 came from.

https://www.vocabulary.com/dictionary/rectitude#

Whenever a WTF post contains anything semi-coherent, you can be certain he didn't write it!

Nobody's arguing with you about the spending side of the equation WTF. Originally Posted by Tiny

Of course nobody is arguing with Poofter about the spending side - BECAUSE HE NEVER MENTIONS IT!

He thinks deficits are created by taxes alone! That's how fucking retarded he is!

Let me help you a bit, Tiny

Rectitude refers to...

This is a word that's easy to remember! First of all, rectitude sounds like rectum, which is my favorite sexual orifice. Originally Posted by WTF

Hmm... I do believe you actually wrote the part in red.