July 22, 2019
GOP Busts Bank - Again!
Timothy Birdnow
Looks like the Republicans in Congress plan to bust the bank again - and give Nancy Pelosi all the leverage. What is wrong with these people? Sadly, Trump appears ready to go for it too.
Ace of Spades observes:
Trump ought to remember that fiscal prudence was the genesis of the Tea Party. And that the Republicans lost their majority in mo small part because they spent, well, not like drunken sailors, as that would insult drunken sailors everywhere. No, they spent like Democrats.
Mitch McConnell is the architect of this scheme, btw.
I don't know why Republicans can't grasp the fact that excessive spending always helps the Democrats. In the end THEY benefit from it, not the GOP.
Question; why so much spending now? Could perhaps our political class sense in their guts that the end is coming soon to this country and they want to feather their nests as much as possible before the party ends?
Here is the Conservative Review article.
Looks like the Republicans in Congress plan to bust the bank again - and give Nancy Pelosi all the leverage. What is wrong with these people? Sadly, Trump appears ready to go for it too.
Ace of Spades observes:
This is one of the things that worried me about President Trump; his comfort with huge amounts of debt. That's the way real estate works, and he was better than most at playing the game. At first I entertained the naive hope that with a booming economy and even a cursory attempt at budget control we would be able to grow our way out of the spiraling deficits that have become the new normal.
[...]
'Indistinguishable from Democrats': Daniel Horowitz tells Mark Levin what's behind Republicans' debt-exploding budget deal
Horowitz explained that the current spending levels are the result of the budget deals that congressional Republicans cut during the last session of Congress, "and now they’re looking for a repeat performance†in the current spending debate. They appear ready to hand Speaker Nancy Pelosi a debt-exploding deal that suspends the debt limit, busts spending caps, and "give away the president’s leverage on the border.â€
Ace goes on to make a shrewd observation - that pork barrel spending no longer has any impact on buying votes as no amount of money can even be noticed by the average voter any more since so much is spent. It's like trying to find a single strand of hair on the floor of a barber's shop.[...]
'Indistinguishable from Democrats': Daniel Horowitz tells Mark Levin what's behind Republicans' debt-exploding budget deal
Horowitz explained that the current spending levels are the result of the budget deals that congressional Republicans cut during the last session of Congress, "and now they’re looking for a repeat performance†in the current spending debate. They appear ready to hand Speaker Nancy Pelosi a debt-exploding deal that suspends the debt limit, busts spending caps, and "give away the president’s leverage on the border.â€
Trump ought to remember that fiscal prudence was the genesis of the Tea Party. And that the Republicans lost their majority in mo small part because they spent, well, not like drunken sailors, as that would insult drunken sailors everywhere. No, they spent like Democrats.
Mitch McConnell is the architect of this scheme, btw.
I don't know why Republicans can't grasp the fact that excessive spending always helps the Democrats. In the end THEY benefit from it, not the GOP.
Question; why so much spending now? Could perhaps our political class sense in their guts that the end is coming soon to this country and they want to feather their nests as much as possible before the party ends?
Here is the Conservative Review article.
Posted by: Timothy Birdnow at
11:19 AM
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1
It appears you are not familiar with "Modern Monetary Theory," which posits that governments which can print money do not need to collect taxes in order to function because... Wait for it... Because they can print money.
The only reason for taxes is to control inflation. If income is not taxed, then consumer spending will become excessive and the economy will grow too fast, causing inflation. So we have the income tax, purely to reduce what consumers can spend, because the government does not need the money.
Government debt is not relevant because most treasury bonds are held by US citizens and businesses, by the Social Security trust fund, and by the Federal Reserve Bank, and therefor "we owe the money to ourselves."
I actually had a very difficult time typing all of that, but I did not make it up. I do not have that kind of vivid imagination, and cannot make up stuff like that.
The only reason for taxes is to control inflation. If income is not taxed, then consumer spending will become excessive and the economy will grow too fast, causing inflation. So we have the income tax, purely to reduce what consumers can spend, because the government does not need the money.
Government debt is not relevant because most treasury bonds are held by US citizens and businesses, by the Social Security trust fund, and by the Federal Reserve Bank, and therefor "we owe the money to ourselves."
I actually had a very difficult time typing all of that, but I did not make it up. I do not have that kind of vivid imagination, and cannot make up stuff like that.
Posted by: Bill H at July 22, 2019 10:50 PM (vMiSr)
2
Bill, you did a fine job of writing that up without dropping your jaw on your keyboard. Yeah; that's exactly what many in our modern world seem to think.
We're living in a madhouse...
We're living in a madhouse...
Posted by: Timothy Birdnow at July 23, 2019 04:56 AM (r9/1O)
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