Foreign Policy

Sunday Night Owls: Stop worrying about budget deficits and spend (invest) whatever is needed

A silent revolution is taking place in economists’ understanding of deficits and debt. Democrats are releasing many of their concerns about long-term spending pressures and Republicans are maintaining an awkward yes-for-us-no-you position on deficit spending. This revolution is complicated, driven by falling interest rates and changes in demographics, personal saving, corporate behavior, monetary policy and the global investment flows behind them. But fiscal responsibility today means something different: stop worrying and learn to love red ink.

A number of lessons have emerged from the past decade. The first, and perhaps most important, is to run a deficit. Technically speaking, the United States should abandon the goal of balancing the budget when the economy is good and have long-term deficits, sometimes large deficits. […]

Three more articles worth reading

QUOTE

“All historical writings, even the most honest, are unconsciously subjective, as every age has a duty, in spite of everything, to get the dead to perform whatever tricks they deem necessary for their own peace of mind.” ~~Carl Lotus Becker, The Heavenly City of the Philosophers of the 18th Century (2003)

TOP COMMENTS • SAVED DIARIES

TWEET OF THE DAY

x

Barr, who calls Trump the “deposed king”, is a tough blow that tariffs him to 1/20. He knows that Trump’s legal threat is insurmountable and tries to distance himself. Probably Trump would not forgive Barr if he were not willing to take extremely illegal measures to overthrow the election

– Tom Joseph (@TomJChicago) December 13, 2020

BLAST FROM THE PAST

At Daily Kos that day in 2005– Stuart Taylor’s credibility gap at ScAlito:

In the Bush administration’s pushback to ScAlito (he’s already scored some big hits), the “outside the White House” pushback is led by the conservative Shill Stuart Taylor (I’m using “shill” here on purpose because too many people are treating Stuart Taylor) want to be impartial. His dishonest work on Monicagate than him not disclosed his Connections to Kenneth Starr tells you everything you need to know about its credibility).

Understanding who and what Stuart Taylor is is important as I suspect he will lead the Conservative indictment against ScAlito in January. And what line is Taylor shimmering now for the wingnuts? That the “liberal media” wrongly describe ScAlito as a conservative ideologist with credibility problems.

Of course, the facts that come from a shill like Taylor have little room in his argument.

Related Articles