Essential Economics for Politicians

Sheriff Joe said:
Fake News.
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toy-monkeys-picture-id101579289
 
National debt tops $22 trillion for the first time as experts warn of ripple effects


The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.

“The fiscal recklessness over the past years has been shocking, with few willing to step up with a real plan,” they said. “We need responsible leadership to fix the debt, not a worsening of partisanship.”

https://www.usatoday.com/story/news...-tops-22-trillion-first-time-ever/2849978002/
 
Booter said:
National debt tops $22 trillion for the first time as experts warn of ripple effects


The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.

“The fiscal recklessness over the past years has been shocking, with few willing to step up with a real plan,” they said. “We need responsible leadership to fix the debt, not a worsening of partisanship.”

https://www.usatoday.com/story/news...-tops-22-trillion-first-time-ever/2849978002/
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Obama built that.
 
Booter said:
National debt tops $22 trillion for the first time as experts warn of ripple effects


The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.

The national debt has been rising at a faster rate following the passage of President Donald Trump’s $1.5 trillion tax-cut package a little more than a year ago and as the result of congressional efforts to increase spending on domestic and military programs. The nation has added more than $1 trillion in debt in the last 11 months alone.

“Reaching this unfortunate milestone so rapidly is the latest sign that our fiscal situation is not only unsustainable but accelerating,” said Michael A. Peterson, chief executive officer of the Peter G. Peterson Foundation, a nonpartisan organization working to address the country’s long-term fiscal challenges.

“The fiscal recklessness over the past years has been shocking, with few willing to step up with a real plan,” they said. “We need responsible leadership to fix the debt, not a worsening of partisanship.”

https://www.usatoday.com/story/news...-tops-22-trillion-first-time-ever/2849978002/
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What is Republican economic logic again? You cut taxes and increase spending? Deficits climb and then Dick Cheney, etc. say who gives a damn about deficits? So this is about right.
 
Booter said:
Predictable.

The fact that this is the debate already demonstrates the historical influence of economism. Once upon a time, the major issue affecting workers’ wages and income inequality was unionization. In the 1950s, about one in every three wage and salary employees was a union member. Unions, of course, were an early and frequent target of economism. Hayek argued that unions are bad both for workers, because “they cannot in the long run increase real wages for all wishing to work above the level that would establish itself in a free market,” and for society as a whole, because “by establishing effective monopolies in the supply of the different kinds of labor, the unions will prevent competition from acting as an effective regulator of the allocation of all resources.” For Friedman, unions “harmed the public at large and workers as a whole by distorting the use of labor” while increasing inequality even within the working class. The changing composition of the U.S. workforce, state right-to-work laws, and aggressive anti-unionization tactics by employers—increasingly tolerated by the National Labor Relations Board, beginning with the Reagan administration—all contributed to a long, slow fall in unionization levels. By 2015, only 12 percent of wage and salary employees were union members—fewer than 7 percent in the private sector. Low- and middle-income workers’ reduced bargaining power is a major reason why their wages have not kept pace with the overall growth of the economy. According to an analysis by the sociologists Bruce Western and Jake Rosenfeld, one-fifth to one-third of the increase in inequality between 1973 and 2007 results from the decline of unions.

With unions only a distant memory for many people, federal minimum-wage legislation has become the best hope for propping up wages for low-income workers. And again, the worldview of economism comes to the aid of employers by abstracting away from the reality of low-wage work to a pristine world ruled by the “law” of supply and demand.
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Low- and middle-income workers’ reduced bargaining power is a major reason why their wages have not kept pace etc.with the overall growth of the economy.

Low- and middle-income workers’ are not the same people over a lifetime. Low and middle income workers make more and move up as they gain more skills, education, etc. Less experienced workers replace those that vacate those Low- and middle-income worker positions so that there is a another set of workers to gain new skills.
 
Bruddah IZ said:
Low- and middle-income workers’ reduced bargaining power is a major reason why their wages have not kept pace etc.with the overall growth of the economy.

Low- and middle-income workers’ are not the same people over a lifetime. Low and middle income workers make more and move up as they gain more skills, education, etc. Less experienced workers replace those that vacate those Low- and middle-income worker positions so that there is a another set of workers to gain new skills.
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Got that, Booter? There are no experienced, older low- and middle-income workers. Even though an older low- or middle-income worker wrote that!
 
Booter said:
National debt tops $22 trillion for the first time as experts warn of ripple effects


The Treasury Department reported the debt hit $22.012 trillion, a jump of more than $30 billion in just this month.
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Over twice that a month during 6 years of QE. Any surprise that we are at 22 trillion. Duh
 
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