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Member Since 27 Jun 2000
Offline Last Active Dec 12 2013 11:29 PM

#4777813 Are Republicans really serious about reducing the deficit

Posted by on 22 February 2011 - 08:41 PM

I realize that these facts are not very widely known these days, which is of course highly convenient for the conservative (or should I say: anti-worker/employees) agenda, but a little history lesson can be quite eye-opening. The difference between what can be done and the current sorry state of affairs is shocking. If you want to read more about the historical and political context from somebody who has written a PhD thesis on the topic, I can recommend this blog entry. In any case, if you believe that a situation that can reasonably be called full employment is unachievable - for concreteness let's define it as below 2% unemployment, and zero underemployment - then it's time for you to remove the wool that has been pulled over your eyes.

Interesting read. I agree that if there are no fiscal restraints, the government could just put people to work.

And I'm all for it, since it would also effectively be the end of taxation:

According to their ‘Modern Monetary Theory’ (MMT) – governments which have sovereignty over their currencies and floating exchange rates have no fiscal constraint, i.e., no shortage of money, nothing to prevent them from mobilising their nation’s unutilised productive resources, such as unemployed people, and giving them socially beneficial work to perform.

And, no, Republicans aren't serious about reducing the budget. They're just trying to get rid of stuff they don't like. To be serious about reducing the budget, you need to also get rid of stuff you do like. At least, that's how it works when I have to cut back my own personal budget. I don't just stop buying cleaning supplies. I also stop buying computer games.