05-07-2023, 02:24 PM
Lemon Drop wrote:
[quote=Mr645]
The credit card is maxed out, spending has to stop. Biden refuses to negotiate with Republicans on spending cuts, wants to add $2 trillion in debt next year
Governmemt debt is not at all like revolving consumer debt. Macroeconomics, check it out.
Nobel Prize winning economist Paul Krugman explains that here (reader view - the paper with text icon in the URL window - works on Firefox):
https://www.nytimes.com/2012/01/02/opini...-debt.html
(Not the Mr645 will read it and actually try to understand it.)
And Mr645's post betrays that he sees the solution to the deficit problems as only one of cutting spending - ignoring that increasing revenues (primarily through tax increases on the wealthy) is also just as effective at reducing the deficit. And his post ignores what I have pointed out to him before that Biden is telling the Republicans to negotiate their demands through the normal budget process, not through holding a gun to head of the economy to blackmail us into giving into their demands.