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FRONT PAGE  |  12/5/2019
MONDAY, DEC 3, 2018  |  2 comments
Our deficits may finally be coming home to roost
It turns out that the U.S. government has been a bit less irresponsible in the past than advertised. While we run deficits during most fiscal years, they have not been large enough to push the national debt to the sorts of levels seen in Greece, Italy and Japan, which have even larger public debts as a share of national income.

As with the boy who cried wolf, the public is becoming numb to the constant warnings about a debt crisis.

Today, however, there really is reason to be concerned about the budget deficit.

For the first time in history, America is seeing its budget deficit rise dramatically higher during a period of peace and prosperity. While there have been even bigger deficits on occasion — measured as a share of GDP — they were always associated with a temporary situation such as war or high unemployment. ...


CLICK HERE to Read Entire Article
thehill.com

Response to economic crisis?
  START  
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· Page 1 ·  Found: 2 user comment(s)
News Item12/3/18 9:04 PM
Wayfarer Pilgrim | Lubbock,tx  Find all comments by Wayfarer Pilgrim
If you were to adhere to a state fiscal budget, you pay the bills, then spend. But with a federal budget that has not been on a diet since the 1980’s, it’s doubtful we will ever bring sanity into a budget. You want a balanced budget, reduce spending across the budget = don’t hope a war or massive spending projects will ever place you into a kensyan nirvana. It hasn’t and won’t.. Starve the beast, end baseline budgeting. Base budgets on real numbers, real needs and look at what states that are successful do, and do that.
2

News Item12/3/18 5:35 PM
Jim Lincoln | Nebraska  Find all comments by Jim Lincoln
George Will at the top of his form ❗👍

George F. Will wrote:
....
The president’s Office of Management and Budget — not that there really is a meaningful budget getting actual management — projects that the deficit for fiscal 2019, which begins in six weeks, will be $1.085 trillion. This is while the economy is, according to the economic historian in the Oval Office, “as good as it’s ever been, ever.”...

...Despite today’s shrill discord between the parties, the political class is more united by class interest than it is divided by ideology. From left to right, this class has a permanent incentive to run enormous deficits — to charge, through taxation, current voters significantly less than the cost of the government goods and services they consume, and saddle future voters with the cost of servicing the resulting debt after the current crop of politicians has left the scene....

excerpt from, "Another epic economic collapse is coming"

[ https://tinyurl.com/yafu7m25 ]

1
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