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View Diary: John T. Harvey: Austerity Leads To... Austerity! (15 comments)

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    priceman, Auburn Parks, psyched

    Priceman for your efforts  to tell people here the truth even when they're not ready to listen. We have to destroy this Democratic Party triumphalism over lower deficits. We have all been paying since 1977 for their Goddamned deficit reduction efforts. Now we have the idiot CBO celebrating lower deficits in its baseline and lower deficits in the Administration's projections than were previously projected. So now the mainstream is saying austerity is dead; when they have no clue that the CBO projections are austerity projections with deficits far too small than what's needed to accommodate private sector savings and import desires. What this country needs are full employment budgets that don't target deficits levels at all. Given savings and import desires those will probably come it at 10% of GDP as far as the eye can see.

    If people are disturbed at that, then quite issuing debt. Use High Value Platinum Coin Seigniorage instead. Either way, with its monopoly of the currency our government can afford it.

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