How long until deficits matter?

[Splits]

It's been awhile...

[ChumpDumper]

They matter to Republicans when it comes to extending the extra unemployment payments.

[BSfromTX]

Deficits are the new norm until something gives. Government spends more and more and somehow it gets harder and harder for the middle class down. Time to be rid of both parties. Democrats and republicans have sold us out.

[Winehole23]

Biden will ask us tighten our belts about 15 minutes after taking office.

Hard truths. They can handle it.

[CosmicCowboy]

We just passed that deficits > GDP last week and no one even mentions it. MMT is the new gospel. Deficits don't cause inflation.

[baseline bum]

Biden will ask us tighten our belts about 15 minutes after taking office.

Hard truths. They can handle it.

Austerity in Great Depression, The Sequel will cause lots of Americans to tighten their belts around their own necks. Could probably get him overthrown should he get elected and implement such disastrous policy.

[Winehole23]

Austerity in Great Depression, The Sequel will cause lots of Americans to tighten their belts around their own necks. Could probably get him overthrown should he get elected and implement such disastrous policy.It could.

I hope I'm wrong, but I believe I've been on this elevator before.

[Will Hunting]

It could.

I hope I'm wrong, but I believe I've been on this elevator before.
I'm hopeful that the loud, albeit small, progressive wing of the party keeps Biden/Pelosi honest.

If Biden gets elected and goes the austerity route the Dems get massacred in 2022 midterms.

[ElNono]

3 more months hopefully, tbh...

[SnakeBoy]

It could.

I hope I'm wrong, but I believe I've been on this elevator before.

I think you're wrong.

Nobody cares about debt/deficits

[DMC]

Who here missed a meal over the deficits? No one? Ok that's when they'll matter.

[Th'Pusher]

I think you're wrong.

Nobody cares about debt/deficits

I think you’ll care about them right around November 4th.

[Will Hunting]

I think you're wrong.

Nobody cares about debt/deficits
You definitely cared about them from 2009 - 2016.

[DMX7]

You definitely cared about them from 2009 - 2016.

And they will care from 2021 to at least 2024.

[Winehole23]

We just passed that deficits > GDP last week and no one even mentions it. MMT is the new gospel. Deficits don't cause inflation.They certainly don't during a depression.

[DMC]

They certainly don't during a depression.

Now we're in a depression.

[Winehole23]

Now we're in a depression.It started in March. You're like Mr. Magoo on this topic too.

[Winehole23]

After former Spanish Prime Minister José Luis Rodríguez Zapatero met with Joe Biden in 2010, two words stuck with him: tears and suffering. That’s according to Zapatero’s 2013 memoir, The Dilemma. The two met at the Prime Minister’s residence on the outskirts of Madrid. The meeting was intended as a show of gratitude from the United States about Spain’s involvement in Afghanistan. But the conversation quickly turned to the eurozone, as several countries dealt with the extended fallout of the global financial crisis. “In giving his opinion on the markets,” Zapatero wrote of Biden, “he told me, with a harshness that until then I had not heard, that the only way to gain their trust was by making decisions that made you suffer truly and thoroughly. That you are only credible in certain circumstances if you subject citizens to difficult tests, if the unions openly reject your policy, in short, if there are tears and suffering. I was struck by his message, for its frankness and its toughness. Tears and suffering.”https://newrepublic.com/article/156994/democrats-screwed

[DMC]

It started in March. You're like Mr. Magoo on this topic too.

I told you to buy stocks in March. You probably didn't. It's your fault if you bought toilet paper instead of Inovio.

[Winehole23]

I told you to buy stocks in March. You probably didn't. It's your fault if you bought toilet paper instead of Inovio.Flex your bankroll, it makes you look so tuff. :tu

[DMC]

Flex your bankroll, it makes you look so tuff. :tu

Has nothing to do with me. You're the one bitching about a depression.

[Winehole23]

Has nothing to do with me. You're the one bitching about a depression.Pointing one out isn't bitching, it's just description.

[koriwhat]

3 more months hopefully, tbh...

until what, TRUMP 2020? lmao :tu

[DMC]

Pointing one out isn't bitching, it's just description.

It's not a depression. It's barely a recession. :lol

What Is a Depression?
A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10%. in a given year. Depressions are relatively less frequent than milder recessions, and tend to be accompanied by high unemployment and low inflation.

A spike due to COVID does not a depression make.

It's ok though, I know you need your talking points heading into November.

[ElNono]

until what, TRUMP 2020? lmao :tu

Biden 2020... clearly Trump doesn't care.

Republicans will only start caring again once there's a Democrat president.

[koriwhat]

Biden 2020... clearly Trump doesn't care.

clearly Biden has no clue where he is or who he is but like a good zombie vote away nono. :tu

[ElNono]

clearly Biden has no clue where he is or who he is but like a good zombie vote away nono. :tu

I don't like him, but we gotta stop pretending the Republicans care about the deficit. That only happens when the president has a (D) next to him.

Democrats never cared.

[koriwhat]

I don't like him, but we gotta stop pretending the Republicans care about the deficit. That only happens when the president has a (D) next to him.

Democrats never cared.

lol forget about the deficit growing if we enacted the 2nd relief bill with all the bullshit the dems wanted to put in it.

bro go vote for that alzheimer patient Biden and that whore Harris!

[ElNono]

lol forget about the deficit growing if we enacted the 2nd relief bill with all the bullshit the dems wanted to put in it.

bro go vote for that alzheimer patient Biden and that whore Harris!

Those relief bills are a drop in the bucket compared to the unpaid for tax cuts and the fed corporate bailout. Plus, like I said, Democrats never cared.

but bro, you do your MAGA thing, it's all good. Once Alzheimer Joe is POTUS, I fully expect to hear about deficits again...

[koriwhat]

Those relief bills are a drop in the bucket compared to the unpaid for tax cuts and the fed corporate bailout. Plus, like I said, Democrats never cared.

but bro, you do your MAGA thing, it's all good. Once Alzheimer Joe is POTUS, I fully expect to hear about deficits again...

if he becomes pres. i fully expect to hear that Harris is taking the reins. way to defund/abolish the police! lol

[DMX7]

if he becomes pres. i fully expect to hear that Harris is taking the reins. way to defund/abolish the police! lol

She was a career prosecutor, couldn’t be less of a defund the police champion.

[koriwhat]

She was a career prosecutor, couldn’t be less of a defund the police champion.

yeah but she's also a career whore too. :tu

[ElNono]

if he becomes pres. i fully expect to hear that Harris is taking the reins. way to defund/abolish the police! lol

let's hope he lives until November, tbh

[Will Hunting]

She was a career prosecutor, couldn’t be less of a defund the police champion.
Conservatives like to play this one both ways - they say she was a ruthless prosecutor who black people should hate, but she's also a radical liberal who wants to abolish the police who suburban white people should hate.

[boutons_deux]

https://newrepublic.com/article/156994/democrats-screwed

" New polling from ABC News finds that 55 percent (https://abcnews.go.com/Politics/coronavirus-upends-nation-americans-lives-changed-pandemic-poll/story?id=69696172) of voters now approve of how Trump has handled this crisis. "

?????????????????

Disapproval of Trump's handling of coronavirus pandemic hits record high in CNN poll

"58 percent of Americans say they don't approve of the way Trump has responded to the outbreak.

Just over half — 55 percent — predict that the worst of the pandemic is yet to come."

"51 percent of respondents saying they are "very angry" about the current state of the country."

https://thehill.com/policy/healthcare/public-global-health/512659-disapproval-of-trumps-handling-of-coronavirus-pandemic


======================

Do Americans approve of Trump’s response to the coronavirus crisis?

disapproval 58%

https://projects.fivethirtyeight.com/coronavirus-polls/

[Capt Bringdown]

https://newrepublic.com/article/156994/democrats-screwed

Is Spain a monetary sovereign?

[Winehole23]

It's not a depression. It's barely a recession. :lol

What Is a Depression?
A depression is a severe and prolonged downturn in economic activity. In economics, a depression is commonly defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10%. in a given year. Depressions are relatively less frequent than milder recessions, and tend to be accompanied by high unemployment and low inflation.

A spike due to COVID does not a depression make.

It's ok though, I know you need your talking points heading into November.You'll be wrong about this.

I checked, the depression actually started in February. I guess people were already spooked before they were told to be.

[ElNono]

Is Spain a monetary sovereign?

That'd be a no

[Winehole23]

Is Spain a monetary sovereign?Not sure i see your point, can you elaborate?

[Spurtacular]

I'm all for a balanced budget amendment. Anyone else?

[ChumpDumper]

I'm all for a balanced budget amendment. Anyone else?You're against everything Trump has done and is doing with his budgets.:tu

[Winehole23]

I'm all for a balanced budget amendment. Anyone else?in the face of mass unemployment, homelessness and uncontrolled pandemic infection, this were folly of a very high order.

[Spurtacular]

in the face of mass unemployment, homelessness and uncontrolled pandemic infection, this were folly of a very high order.

:lol Uncontrolled fake sniffle numbers

[Winehole23]

:lol Uncontrolled fake sniffle numbersyou don't cut spending in a depression, it makes the contraction worse and the recovery longer.

[DMC]

Conservatives like to play this one both ways - they say she was a ruthless prosecutor who black people should hate, but she's also a radical liberal who wants to abolish the police who suburban white people should hate.

I think she's fine. She showed she was tough on crime, willing to be corrupt to cover her ass and get her way and likely knows her way around the office. I don't see her being a soft negotiator. I don't know how Biden will be though.

[DMC]

You'll be wrong about this.

I checked, the depression actually started in February. I guess people were already spooked before they were told to be.

You checked? :lmao

Did you check the definition of "depression" while you were at it?

Your hyperbole is noted but not needed. Perhaps the phrase "engineered economic downturn" doesn't pack the same punch as "depression" but it's applicable here.

[Winehole23]

You checked? :lmao

Did you check the definition of "depression" while you were at it?

Your hyperbole is noted but not needed. Perhaps the phrase "engineered economic downturn" doesn't pack the same punch as "depression" but it's applicable here.go for it, or were you just clearing your throat?

[DMC]

go for it, or were you just clearing your throat?

Why do you ignore the very definition of "depression" in favor of your opinion?

A conscious choice was made to "lock down" and the left cried like babies to make it happen, blamed the admin for not doing it early enough. Now you're bitching about the results of the engineered economic downturn (we turned it down intentionally).

3 years from now, if it's still in effect, we can call it a depression. I know that removes some of your worry ammo.

[Spurtacular]

you don't cut spending in a depression, it makes the contraction worse and the recovery longer.

Fake economics

[Winehole23]

^^^whistling past the graveyard

[Capt Bringdown]

I'm all for a balanced budget amendment. Anyone else?

Ben Bernanke: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

Alan Greenspan: “Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. A government cannot become insolvent with respect to obligations in its own currency.”

St. Louis Federal Reserve: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.

[Spurtacular]

Ben Bernanke: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

Alan Greenspan: “Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. A government cannot become insolvent with respect to obligations in its own currency.”

St. Louis Federal Reserve: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.

Get rid of the Fed Reserve. Certainly don't have it as a private company. That's a fucking joke on its face.

[Capt Bringdown]

Not sure i see your point, can you elaborate?

Spain is not a monetary sovereign, they gave away democratic control of their currency/spending to the EU. That's why they were caught in the austerity trap.
The US is a monetary sovereign of course. The article you linked to missed this point, which is the most important point of all.
Understanding monetary sovereignty is the key to understanding economics.

[Capt Bringdown]

Get rid of the Fed Reserve. Certainly don't have it as a private company. That's a fucking joke on its face.

The Federal Reserve is not a private company.

The Board of Governors of the Federal Reserve System --->>> (https://www.federalreserve.gov/faqs/about_14986.htm)


Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.

[Spurtacular]

The Federal Reserve is not a private company.

The Board of Governors of the Federal Reserve System --->>> (https://www.federalreserve.gov/faqs/about_14986.htm)

U ignant.

[Capt Bringdown]

U ignant.


Some observers mistakenly consider the Federal Reserve to be a private entity because the Reserve Banks are organized similarly to private corporations. For instance, each of the 12 Reserve Banks operates within its own particular geographic area, or District, of the United States, and each is separately incorporated and has its own board of directors. Commercial banks that are members of the Federal Reserve System hold stock in their District's Reserve Bank. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. In fact, the Reserve Banks are required by law to transfer net earnings to the U.S. Treasury, after providing for all necessary expenses of the Reserve Banks, legally required dividend payments, and maintaining a limited balance in a surplus fund.

[Spurtacular]

Yea, people don't own stock for (personal) profit.

:lol Ignant

[Winehole23]

Why do you ignore the very definition of "depression" in favor of your opinion?

A conscious choice was made to "lock down" and the left cried like babies to make it happen, blamed the admin for not doing it early enough. Now you're bitching about the results of the engineered economic downturn (we turned it down intentionally).

3 years from now, if it's still in effect, we can call it a depression. I know that removes some of your worry ammo.Who made this decision? Did it work better for others?

Not rhetorical. How do you parse it?

[ElNono]

Get rid of the Fed Reserve. Certainly don't have it as a private company. That's a fucking joke on its face.


U ignant.


Yea, people don't own stock for (personal) profit.

:lol Ignant

He was kind enough to provide the information you're lacking, and you're still handwaving...

If it's a private company, as you wrongly claim, how do you suggest Congress get rid of the Federal Reserve? Eminent domain? Wouldn't that be socialism?

There's nothing obscure about the Fed, much like every other Central Bank in the world.

[Spurtacular]

He was kind enough to provide the information you're lacking, and you're still handwaving...

If it's a private company, as you wrongly claim, how do you suggest Congress get rid of the Federal Reserve? Eminent domain? Wouldn't that be socialism?

There's nothing obscure about the Fed, much like every other Central Bank in the world.

ElSpermShielder eager to hide behind facade terms like Central Bank.

I'm kind enough to tell you to stop sperm shielding.

[ElNono]

ElSpermShielder eager to hide behind facade terms like Central Bank.

I'm kind enough to tell you to stop sperm shielding.

We're discussing the Fed, not me. I understand why you might want to derail the conversation, but you already know that doesn't work.

There's nothing 'facade' about terms like Central Bank. It's plain English.

[Spurtacular]

We're discussing the Fed, not me. I understand why you might want to derail the conversation, but you already know that doesn't work.

There's nothing 'facade' about terms like Central Bank. It's plain English.

It's a facade to use it interchangeably with public/private. Stop begging for spoon feedings. It's unbecoming.

[ElNono]

It's a facade to use it interchangeably with public/private. Stop begging for spoon feedings. It's unbecoming.

You've yet to state your case that the Fed is a private entity.

Again, stop lashing out, and address the subject at hand.

[Spurtacular]

You've yet to state your case that the Fed is a private entity.

Again, stop lashing out, and address the subject at hand.

And I won't be doing so. If you want to be that woefully in denial (ignorance), that's not my problem.

I've done you a kindness and told you to stop sperm shielding though.

[ElNono]

And I won't be doing so. If you want to be that woefully in denial (ignorance), that's not my problem.

I've done you a kindness and told you to stop sperm shielding though.

You calling me ignorant is the least of my worries. It's patently clear to anybody reading this thread who's in denial and ignorant.

You've been presented the information to educate yourself and insist on stupid. That's your choice.

[Spurtacular]

You calling me ignorant is the least of my worries. It's patently clear to anybody reading this thread who's in denial and ignorant.

You've been presented the information to educate yourself and insist on stupid. That's your choice.

I'm sorry this is happening to you, ElBlako.

[ElNono]

I'm sorry this is happening to you, ElBlako.

Nothing is happening to me. I gave you a chance not to look stupid, you fumbled it. You hate to see it.

[DMC]

Who made this decision? Did it work better for others?

Not rhetorical. How do you parse it?

Who made the decisions? You know the answer already. Without an alternate time line I cannot say if it worked better since there's only one time line and we're on it.

It was a lever that was pulled knowing full well the ramifications. Either lives matter or they don't. Pick a lane. Either way, we're not in a depression. Tap dance all around that, it's still true.

[Spurtacular]

Nothing is happening to me. I gave you a chance not to look stupid, you fumbled it. You hate to see it.

Did you win the interwebs yet? Tell me how nobody wins even though you try so hard. :lol

[ElNono]

Did you win the interwebs yet? Tell me how nobody wins even though you try so hard. :lol

I don't have to win anything. For the 3rd time, this isn't about me. Never was. As hard as you try to make it about me, it's not going to work.

[Ef-man]

I don't have to win anything. For the 3rd time, this isn't about me. Never was. As hard as you try to make it about me, it's not going to work.

NoNo, your trophy came in. It is nice.

It has an inscription: “For making it look easy when you made Derp look stupid after he fumbled.”

[Ef-man]

Excellent point cpt.

Derp is just being a derp.

:tu

[Ef-man]

Well, well, well, 3.5 years of silence and then this.

Ted Cruz says the swelling national debt will reemerge as a major concern for Republicans

https://news.yahoo.com/ted-cruz-says-swelling-national-144227889.html

[ElNono]

Well, well, well, 3.5 years of silence and then this.

Ted Cruz says the swelling national debt will reemerge as a major concern for Republicans

https://news.yahoo.com/ted-cruz-says-swelling-national-144227889.html

lol claiming he "raged" against his party for the debt while approving the unfunded tax cuts, increased military spending, the first covid recovery bill...

Don't rage, just vote against it.

[boutons_deux]

Biden will ask us tighten our belts about 15 minutes after taking office.

Hard truths. They can handle it.

austerity NEVER works.

[BSfromTX]

Ben Bernanke: “The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”

Alan Greenspan: “Central banks can issue currency, a non-interest-bearing claim on the government, effectively without limit. A government cannot become insolvent with respect to obligations in its own currency.”

St. Louis Federal Reserve: “As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.


This is the ultimate monopoly, and our government gave it to a private entity. Not only has it been the biggest crime against U.S. Citizens, but against the rest of the world as well.

[CosmicCowboy]

If the deficits don't bother you guys they don't bother me. Let it rain $.

[Bogie]

If the deficits don't bother you guys they don't bother me. Let it rain $.

when have they ever mattered to your party, unless it was something that could help the least powerful?

Your hero trump exploded the deficit before the pandemic.

interestingly, though, every time you comment on economics, it is identical to my cousins who inherited 100 million dollars worth of farm operations and land. They don’t understand economies either, but are insulated by what was passed down over two generations.

hmmm

[BSfromTX]

when have they ever mattered to your party, unless it was something that could help the least powerful?

Your hero trump exploded the deficit before the pandemic.

interestingly, though, every time you comment on economics, it is identical to my cousins who inherited 100 million dollars worth of farm operations and land. They don’t understand economies either, but are insulated by what was passed down over two generations.

hmmm


when have they mattered to either party? Both parties spend like drunken sailors. Republicans deserve every bit of criticism but so do democrats

[Bogie]

when have they mattered to either party? Both parties spend like drunken sailors. Republicans deserve every bit of criticism but so do democrats

this is at best disingenuous, at worst, totally inaccurate.

I know this is a tough time for folks that are “conservative” and either want to pretend they don’t really support trump, or just like his policies, but no the two parties are not the same in how they govern.

you’re rationalization to try to absolve yourself of responsibility for your voting history should be beneath you.

[CosmicCowboy]

when have they ever mattered to your party, unless it was something that could help the least powerful?

Your hero trump exploded the deficit before the pandemic.

interestingly, though, every time you comment on economics, it is identical to my cousins who inherited 100 million dollars worth of farm operations and land. They don’t understand economies either, but are insulated by what was passed down over two generations.

hmmm

I'll bet your cousins laugh about their retarded cousin.

[Bogie]

I'll bet your cousins laugh about their retarded cousin.


actually they don’t. The couple times they tried to have a conversation about economics, they realized their limitations.

luckily one of children is a as cpa, and she told them they were stupid too.

[ChumpDumper]

If the deficits don't bother you guys they don't bother me.Nice rugged individualism there.

[Spurminator]

For the next 4 years, I don't want to hear any argument from conservatives about the national debt or cutting bloated federal budget unless that conversation starts with Space Force.

[spurraider21]

For the next 4 years, I don't want to hear any argument from conservatives about the national debt or cutting bloated federal budget unless that conversation starts with Space Force.
good one

[Winehole23]

Biden will ask us tighten our belts about 15 minutes after taking office. Looks like I was wrong about this.

:tu