He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
You've oft stated Damone that #taxationistheft . And to some extend I'd agree with you. But I tell you what - if we keep running these massive deficits - and at this point they are a bi-partisan problem - and the guvmint has to use MMT to inflate the problem away I'm gonna be pretty god damned pissed. #inflationisthefttoo
So, here's the thing, I'm against government largess for reasons of efficiency, free markets, blah blah blah and I think anyone who has spent time in the tug knows I'm no tax and spend liberal
buuuuuuutttt we've essentially convinced the rest of the world to use our currency as the world reserve currency(for historical reasons we are probably the only meaningful country to never default on its debt, thank you George Washington). That means that we are effectively able to finance our debt at negative rates while the rest of the world gets a safe haven for their stored value.
This is like boosters offering recruits loans at negative interest rates, we can use it to buy a new camaro, a sound system, strip clubs, etc. or we could also use it to pay our tuition, buy a house, or start a business.
Sure, we can spend the excess cash on entitlements to short-term boost the consumption of a select group of citizens, or we can invest the money in areas the government is actually an effective agent at growing long term productivity(R&D for example), which will further spur GDP growth which will ultimately reduce our debt to income ratio as well.
Yes, I'm well aware of all of the above. But I am concerned that it can't go on forever my fren. What happens when debt hits 200% of GDP and the foreigners want more interest to buy our? t-bills? To date, we've been able to service our massive debt on the cheap, but if the interest we have to pay starts to increase dramatically the slice of the pie going simply to debt service is going to get ugly.
This is why we should be investing in things that grow production. Think of it like taking out loans for medical school or an MBA. Sure, your short term debt to income ratio will suffer but your long term earnings increase dramatically.
Paying down the current debt would be much more painful than simply growing our way out of it. Why do you think our current debt to GDP ratio is so much healthier than most of the developed world?
Also, as I said, that's why entitlements are much more dangerous than investments. You can fairly easily quit further capital investments. Ending entitlements produces riots.
A lot the Euro fag and Japan debt issues are related to low growth because they stopped making babies.
But again we’re dealing in hypotheticals here and I think we’re past our point of growing our way out of this problem. We’ve done it twice in our relatively recent history - i.e., post WWII and in the 90s. Both periods involved massive defense spending cuts. In the former, the only entitlement was SS and most peeps died in their early 60s. In the latter we got a major boost from Moore’s Law productivity growth and Race wasn’t an AARP member yet.
Sure, it's also because of anemic growth rates. Chicken and Egg.
So, because we have real world examples of doing it twice relatively recently in our history, it's a bad policy. Come again?
It's not as if these are random spontaneous events sprouting from the forehead of Zeus.
Shit, who in the 80's would think the internet would create the economic boom that it did? DARPA funding and research...
Or before that, personal computers. Investment and research in micro processors...
Think of the economic growth fusion, or safe fission, or true renewables would create.
AI could remake all kinds of sectors of the economy in a similar fashion.
Quantum computing, 3D printing, Biotech and bioprinting, augmented reality, private civilian rocket travel, etc.
There's plenty of places the next economic revolution could come from.
Or the robots could enslave us. Which would also remake the economy. I like the idea of white slaves.
Or do other stuff while they enslave us
If anyone can take down Keeley as the patron goddess of HH, it might be Tricia....
Have you seen Magic City? This chick plays a high-priced whore in it. And I love her for it.
He is partially right. Medicare and Medicaid had cost cutting moves under Obamacare. Social security needs to be tackled now. But all three are increasing drastically because of baby boomers.
He does leave out the moves the last two years that have hurt the deficit. Being the tax cuts, increase in military spending, repealing the individual mandate.
Federal revenue is at an all time high... But yeah, tax cuts!
You've oft stated Damone that #taxationistheft . And to some extend I'd agree with you. But I tell you what - if we keep running these massive deficits - and at this point they are a bi-partisan problem - and the guvmint has to use MMT to inflate the problem away I'm gonna be pretty god damned pissed. #inflationisthefttoo
So, here's the thing, I'm against government largess for reasons of efficiency, free markets, blah blah blah and I think anyone who has spent time in the tug knows I'm no tax and spend liberal
buuuuuuutttt we've essentially convinced the rest of the world to use our currency as the world reserve currency(for historical reasons we are probably the only meaningful country to never default on its debt, thank you George Washington). That means that we are effectively able to finance our debt at negative rates while the rest of the world gets a safe haven for their stored value.
This is like boosters offering recruits loans at negative interest rates, we can use it to buy a new camaro, a sound system, strip clubs, etc. or we could also use it to pay our tuition, buy a house, or start a business.
Sure, we can spend the excess cash on entitlements to short-term boost the consumption of a select group of citizens, or we can invest the money in areas the government is actually an effective agent at growing long term productivity(R&D for example), which will further spur GDP growth which will ultimately reduce our debt to income ratio as well.
Yes, I'm well aware of all of the above. But I am concerned that it can't go on forever my fren. What happens when debt hits 200% of GDP and the foreigners want more interest to buy our? t-bills? To date, we've been able to service our massive debt on the cheap, but if the interest we have to pay starts to increase dramatically the slice of the pie going simply to debt service is going to get ugly.
This is why we should be investing in things that grow production. Think of it like taking out loans for medical school or an MBA. Sure, your short term debt to income ratio will suffer but your long term earnings increase dramatically.
Paying down the current debt would be much more painful than simply growing our way out of it. Why do you think our current debt to GDP ratio is so much healthier than most of the developed world?
Also, as I said, that's why entitlements are much more dangerous than investments. You can fairly easily quit further capital investments. Ending entitlements produces riots.
A lot the Euro fag and Japan debt issues are related to low growth because they stopped making babies.
But again we’re dealing in hypotheticals here and I think we’re past our point of growing our way out of this problem. We’ve done it twice in our relatively recent history - i.e., post WWII and in the 90s. Both periods involved massive defense spending cuts. In the former, the only entitlement was SS and most peeps died in their early 60s. In the latter we got a major boost from Moore’s Law productivity growth and Race wasn’t an AARP member yet.
Sure, it's also because of anemic growth rates. Chicken and Egg.
So, because we have real world examples of doing it twice relatively recently in our history, it's a bad policy. Come again?
It's not as if these are random spontaneous events sprouting from the forehead of Zeus.
Shit, who in the 80's would think the internet would create the economic boom that it did? DARPA funding and research...
Or before that, personal computers. Investment and research in micro processors...
Think of the economic growth fusion, or safe fission, or true renewables would create.
AI could remake all kinds of sectors of the economy in a similar fashion.
Quantum computing, 3D printing, Biotech and bioprinting, augmented reality, private civilian rocket travel, etc.
There's plenty of places the next economic revolution could come from.
Or the robots could enslave us. Which would also remake the economy. I like the idea of white slaves.
Or do other stuff while they enslave us
If anyone can take down Keeley as the patron goddess of HH, it might be Tricia....
Have you seen Magic City? This chick plays a high-priced whore in it. And I love her for it.
She's no Martha hilgareda.
Only room for one Mexican chick
She hails from Georgia (County, not State) or some shithole like that where all the women usually look like Brezhnev. Anyway, she's in the spankbank top 10.
Comments
Only room for one Mexican chick
Calm down. No need to get so angry
Get back to that cubicle boy
Danny Huston fucking killed it as Ben Diamond. One of the best villain antagonists ever.
See what I mean?
Not once.
Hope you master that HTML page you've been assigned buddy!