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(Washington Post)   Deficits aren't dropping because we're doing something right, they're dropping because we're doing everything wrong   (washingtonpost.com) divider line 159
    More: Hero, deficits, Congressional Budget Office  
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7148 clicks; posted to Politics » on 22 May 2013 at 6:18 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-22 06:12:45 PM  
We're gonna have this Keynes vs Friedman argument again, aren't we?
 
2013-05-22 06:18:23 PM  
We're just not doing austerity hard enough!!!!1!!1!
 
2013-05-22 06:19:14 PM  

themindiswatching: We're just not doing austerity hard enough!!!!1!!1!


I'M SO AUSTERE I SHIAT NOTHING
 
2013-05-22 06:21:06 PM  
Who cares if millions of people are out of work and suffering? Our 80 year time horizon improved in a totally unreliable way!
 
2013-05-22 06:21:56 PM  
So, kind of like shooting the moon in bridge?

/austerity hurr durr
 
2013-05-22 06:24:39 PM  

The All-Powerful Atheismo: themindiswatching: We're just not doing austerity hard enough!!!!1!!1!

I'M SO AUSTERE I SHIAT NOTHING


I am so austere I am an un-shaiting black hole.
 
2013-05-22 06:27:45 PM  
This is what I am getting from the comments after the article...

The so called president is bla, so everything is wrong. Nothing can possibly go right when we have bla in the WHITE House. Bring back America, put an old rich WHITE guy back in the WHITE House.
 
2013-05-22 06:30:15 PM  
So it's better to reduce the deficit by kicking the can down the road then?
 
2013-05-22 06:30:33 PM  
Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

www.washingtonpost.com
 
2013-05-22 06:32:53 PM  
So we don't like reducing the deficit now?
 
2013-05-22 06:33:15 PM  
The article says its talking about the deficit, yet the giant chart says its referring to the debt.  Two very different things.
 
2013-05-22 06:34:59 PM  

PowerSlacker: So it's better to reduce the deficit by kicking the can down the road then?


One side believes the can we should be focusing on is employment. Fix employment and you'll fix the deficit and the debt.

The other side believes the can we should be focusing on is the deficit and debt. Fix the deficit and debt, you'll fix employment.

It's up to you to decide which of these makes sense, and which one defies math, history, and reality.
 
2013-05-22 06:37:21 PM  
1percentblog.com
 
2013-05-22 06:37:55 PM  

fusillade762: We're gonna have this Keynes vs Friedman argument again, aren't we?


Friedman : Economics :: Astrologers : Astronomy

/they both managed to discover a few things while they were bullshiatting their way through life
 
2013-05-22 06:40:57 PM  

doyner: So we don't like reducing the deficit now?


Just imagine if we get a GOP president in 2016, they won't matter at all. Then we'll invade Iran and North Korea at the same time.
 
2013-05-22 06:41:29 PM  
I was under the impression that the CBO report also mentioned that this was projected to be a short term decline & that we (the gov't) would need to take steps to make the necessary corrections to further the deficit reduction long term.

SO, the article is simply strongly wording the CBO report?
 
2013-05-22 06:44:11 PM  
So, are rich people going to be okay?

I'm worried about them.
 
2013-05-22 06:45:46 PM  
The economy is never going to "get better" than it is. The stock market is at a record high. Unemployment is high because there are too many people. Paying them all to dig ditches and fill them in with dirt isn't going to create wealth. If you're going to wait around for everyone to be hired simply because Megacorp thinks they should be altruistic and hire 10,000 people they don't need, don't hold your breath. If we wait for 5% unemployment to cut the deficit, it will just continue to grow forever.
 
2013-05-22 06:46:01 PM  

BarkingUnicorn: Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

[www.washingtonpost.com image 850x459]


US GDP 2012 - $15.1 trillion

US Federal Debt - $16.7 trillion

16.7 / 15.1 * 100 = 110%

I'm not sure how the chartmakers got their figures.
 
2013-05-22 06:46:24 PM  

Skarekrough: So, are rich people going to be okay?

I'm worried about them.


Me too.  I lose sleep at night hoping that the Job CreatorsTM won't get levied with more burdensome taxes, forcing them to send their money overseas to live with its cousin in Ireland.
 
2013-05-22 06:46:49 PM  

BarkingUnicorn: Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

[www.washingtonpost.com image 850x459]


Oh, you know what? It says "held by the public." Ok.
 
2013-05-22 06:49:56 PM  

Tommy Moo: Unemployment is high because there are too many people.


I'm not sure unemployment works that way...
 
2013-05-22 06:51:09 PM  
So what he's saying is that we should cut taxes?
 
2013-05-22 06:55:41 PM  
1. Cut the military spending. Significantly.
 
2013-05-22 06:55:46 PM  

Tommy Moo: The economy is never going to "get better" than it is. The stock market is at a record high. Unemployment is high because there are too many people. Paying them all to dig ditches and fill them in with dirt isn't going to create wealth. If you're going to wait around for everyone to be hired simply because Megacorp thinks they should be altruistic and hire 10,000 people they don't need, don't hold your breath. If we wait for 5% unemployment to cut the deficit, it will just continue to grow forever.


But if we pay people to dig ditches AND fill the ditches with poor people then you're getting rid of all the unemployed, and employing more ditch diggers. Win/win.
 
2013-05-22 07:01:35 PM  

Tommy Moo: Unemployment is high because there are too many people.


LOL
 
2013-05-22 07:02:18 PM  

Tommy Moo: The economy is never going to "get better" than it is. The stock market is at a record high. Unemployment is high because there are too many people. Paying them all to dig ditches and fill them in with dirt isn't going to create wealth. If you're going to wait around for everyone to be hired simply because Megacorp thinks they should be altruistic and hire 10,000 people they don't need, don't hold your breath. If we wait for 5% unemployment to cut the deficit, it will just continue to grow forever.


We can pay people to repair our crumbling infrastructure and update the nation's electric and telecom grids.
Decrying it all as digging and filling in ditches ignores that there are quite a few valuable things people could be put to work doing.
 
2013-05-22 07:07:09 PM  

doyner: So we don't like reducing the deficit now?


Now? How about ever?

There's a difference between what the GOP says, and what they do.
 
2013-05-22 07:08:15 PM  
2012: "Why should I vote Republican?" We need to get rid of Obammer because deficit and big money and too much government!
2013: "Looks like the deficit is getting smaller."  OMG Obammer do everything wrong!

Good god, man.  If Obama cured cancer and brokered world peace, they'd claim it was some sort of diabolical plot.  You know... Obama should join the NRA.  The conservative nuts would enter a permanent derp feedback loop.  It would be an awesome spectacle.  They'd be forced to double down, and double again, and again, and so on until they had so much derp that they'd collapse into a point of infinite stupidity and leave the universe forever.
 
2013-05-22 07:10:28 PM  

un4gvn666: Tommy Moo: Unemployment is high because there are too many people.

LOL


Actually, he's not technically wrong. Due to gains in production we are more than flush with supply at the current rate of employment, and as technology/automation increases the job market will require fewer and fewer people to meet demand. As it stands now, outside of construction, most industries could increase demand significantly without hiring any additional people.
 
2013-05-22 07:12:11 PM  

jigger: BarkingUnicorn: Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

[www.washingtonpost.com image 850x459]

Oh, you know what? It says "held by the public." Ok.



This.
 
2013-05-22 07:13:05 PM  

BarkingUnicorn: Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

[www.washingtonpost.com image 850x459]


It's indicates Debt, not Deficit.
 
2013-05-22 07:16:02 PM  
In my experience, if it pisses of Republicans its probably the RIGHT thing to do.
 
2013-05-22 07:16:18 PM  

jigger: BarkingUnicorn: Goddamit, they still haven't fixed the Y-axis on this farking chart!   The deficit is not nearly 80% of GDP now!

[www.washingtonpost.com image 850x459]

US GDP 2012 - $15.1 trillion

US Federal Debt - $16.7 trillion

16.7 / 15.1 * 100 = 110%

I'm not sure how the chartmakers got their figures.


The chart is Federal Debt held by the public (as compared to intragovernmental debt).
 
2013-05-22 07:16:42 PM  
Don't be cajoled by the deficit hawks into thinking it has to drop because if we don't OMGCATASTROPHE! Deficit spending is necessary to fix the actual economic problems the US faces. Federal debt is not one of those problems. When Cheney said "Reagan proved deficits don't matter," he wasn't just being his normal evil Dick self. It's true. So don't let the economic right wingers win the argument through their normal hysteria.
 
2013-05-22 07:19:09 PM  
You mean short-term deficit reduction isn't the be-all end-all of good governance?  Well, knock me down with a feather.
 
2013-05-22 07:23:36 PM  
...So vote Republican?
 
2013-05-22 07:24:13 PM  
i86.photobucket.com
 
2013-05-22 07:25:19 PM  
Let me guess. We need to cut taxes for the rich. Right?
 
2013-05-22 07:26:51 PM  
Use the power of mental thinking! Make it dynamic!
 
2013-05-22 07:27:30 PM  

HeartBurnKid: You mean short-term deficit reduction isn't the be-all end-all of good governance?  Well, knock me down with a feather.


BUTBUTBUT HYPERINFLATION AND FIAT CURRENCY AND DEBT SLAVERY AND BLACK PRESIDENT
 
2013-05-22 07:27:36 PM  

MayoSlather: un4gvn666: Tommy Moo: Unemployment is high because there are too many people.

LOL

Actually, he's not technically wrong. Due to gains in production we are more than flush with supply at the current rate of employment, and as technology/automation increases the job market will require fewer and fewer people to meet demand. As it stands now, outside of construction, most industries could increase demand significantly without hiring any additional people.


While the economic forces leading to this situation are understandable, things better change sooner rather than later. A permanent, expanding underclass of people will only increase the chances of an existential threat to the system itself (i.e. revolution in one form or another).

Gee, maybe it would be a good idea for the government to address an issue like this. You know, an issue the market has no mechanism for dealing with.
 
2013-05-22 07:28:32 PM  
There is a way to reduce the debt and add jobs.  Unfortunately it's the Democrats that hate what the real fix is.  All those manufacturing jobs we have lost in the last 3 decades.  Offer them a 10% tax rate, the CEO's of HP and Dell and Micro-semi have said they would return if you we did.  Ask yourself, would you rather have the 0% we are getting now or 10% of their profits.
 
2013-05-22 07:30:48 PM  

pxsteel: Offer them a 10% tax rate, the CEO's of HP and Dell and Micro-semi have said they would return if you we did.


media.comicvine.com
 
2013-05-22 07:31:13 PM  
That was not up to the usually high standards I have come to expect from Ezra Klein.
 
2013-05-22 07:32:18 PM  

Sergeant Grumbles: pxsteel: Offer them a 10% tax rate, the CEO's of HP and Dell and Micro-semi have said they would return if you we did.

[media.comicvine.com image 479x356]


what do you not believe in my post
 
2013-05-22 07:37:02 PM  

pxsteel: what do you not believe in my post


That all we need is just one more tax cut and we'll be drowning in jobs.
 
2013-05-22 07:39:36 PM  

Sergeant Grumbles: pxsteel: what do you not believe in my post

That all we need is just one more tax cut and we'll be drowning in jobs.


How is it a tax cut.  We are currently getting 0% instead of the 10% we could be getting.
 
2013-05-22 07:41:03 PM  

pxsteel: How is it a tax cut. We are currently getting 0% instead of the 10% we could be getting.


Why should we be doing them any favors? Why should we bend over backwards for them?
 
2013-05-22 07:41:38 PM  
Like I tell my friends anytime we score a run, point, TD, et al in whatever sport you're playing:

"We scored a point? It was flawless technique."
 
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