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Balancing the budget
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bajaDean



Joined: 02 Jul 2011
Posts: 922
Location: on earth

PostPosted: Sun Dec 15, 2013 9:12 pm    Post subject: Reply with quote

reinerehlers wrote:
I was responding to Pueno's comment about gladly paying 90% taxes- read quote attached to my comment...
Maybe you just do not have the ability to understand a clever comment? or maybe you were just making obnoxious commentary to derail a discussion like you do. This could be a personality defect when this is done on many threads that I see.
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when good people stay silent the right wing are the only ones heard.
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swchandler



Joined: 08 Nov 1993
Posts: 5818

PostPosted: Mon Dec 16, 2013 10:15 pm    Post subject: Reply with quote

The following New York Times commentary, 'Why Inequality Matters', by Paul Krugman is definitely worth reading.

http://www.nytimes.com/2013/12/16/opinion/krugman-why-inequality-matters.html?ref=politics&_r=0

"...there was a remarkable bipartisan consensus in Washington in favor of financial deregulation a consensus justified by neither theory nor history. When crisis struck, there was a rush to rescue the banks. But as soon as that was done, a new consensus emerged, one that involved turning away from job creation and focusing on the alleged threat from budget deficits.

What do the pre- and postcrisis consensuses have in common? Both were economically destructive: Deregulation helped make the crisis possible, and the premature turn to fiscal austerity has done more than anything else to hobble recovery. Both consensuses, however, corresponded to the interests and prejudices of an economic elite whose political influence had surged along with its wealth.

This is especially clear if we try to understand why Washington, in the midst of a continuing jobs crisis, somehow became obsessed with the supposed need for cuts in Social Security and Medicare. This obsession never made economic sense: In a depressed economy with record low interest rates, the government should be spending more, not less, and an era of mass unemployment is no time to be focusing on potential fiscal problems decades in the future. Nor did the attack on these programs reflect public demands.

Surveys of the very wealthy have, however, shown that they unlike the general public consider budget deficits a crucial issue and favor big cuts in safety-net programs. And sure enough, those elite priorities took over our policy discourse."
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