They only don't work when spending is not cut. Tax hikes only pay down the deficit, not the debt. Whatever budget "surplus" Clinton had was ultimately ineffectual, since it did nothing to bring down our overall debt. What's needed is to cut the budget as well as taxes, otherwise it's just kicking the can further down the road.
You're right. Interest rates are being kept artificially low. I think things changed with the repeal of the Glass-Steagall act...but I think maybe changes were already on the way. This crisis has been one hundred years in the making, since 1913 with the passage of the Federal Reserve Act. After that, most arguments on which way the debt is directed is ultimately arbitrary. Clinton handled it well, but he wasn't going to stop anything
That is inaccurate. The boom of credit spending in the 20's is more to blame than tax cuts, as is the international economy coming off the gold standard after WWI, creating artificially floating exchange rates, and creating inflationary debts that coming back onto the gold standard would lay painfully bare. WWII did nothing to save the economy, other than to temporarily trade unemployment for debt. Killing FDR's New Deal revival in the late 40's did.
His voice is just as I imagined it to be❤️
Heh!
Epilogue should say "The reports of my death have been greatly exaggerated"
They only don't work when spending is not cut. Tax hikes only pay down the deficit, not the debt. Whatever budget "surplus" Clinton had was ultimately ineffectual, since it did nothing to bring down our overall debt. What's needed is to cut the budget as well as taxes, otherwise it's just kicking the can further down the road.
Thank God
You're right. Interest rates are being kept artificially low. I think things changed with the repeal of the Glass-Steagall act...but I think maybe changes were already on the way. This crisis has been one hundred years in the making, since 1913 with the passage of the Federal Reserve Act. After that, most arguments on which way the debt is directed is ultimately arbitrary. Clinton handled it well, but he wasn't going to stop anything
That is inaccurate. The boom of credit spending in the 20's is more to blame than tax cuts, as is the international economy coming off the gold standard after WWI, creating artificially floating exchange rates, and creating inflationary debts that coming back onto the gold standard would lay painfully bare.
WWII did nothing to save the economy, other than to temporarily trade unemployment for debt. Killing FDR's New Deal revival in the late 40's did.
I did not read what the experts published, but I'm pretty sure it is butchered...
And come on, guys! This is about Mark Twain.
The editing was off, good shot anyway young buck
@wozler nope
Helloooooo.
This makes me the first to view AND the first to comment. Go figure.
I am second!