Inflation as a Fiscal Limit

@whowasthatmaskedman To anyone paying attention the modern capitalist global economy has basically been making shit up as they go since 2008.

@whowasthatmaskedman the super rich are apparently immune to caring, the little guys suffer.

@samueltyler2 That is a fact of economic life, once money buys political influence.. That and debt funding mean that a nation can be used as security for borrowings the rich can access and shift elsewhere. No truly rich person has a Scrooge McDuck vault full of money. Its in gold, jewels, art, property and shares or owned business. Businesses are global now..3M, Du Pont, Ford and Intel wont miss a step if America vanishes tomorrow..😷

@PicturesOfABetterTomorrow Since before then. The first alarm was the dot com buddle, back with Clinton. So this isnt a Right wing issue. This is how the system has been since Reagan.😷

@whowasthatmaskedman the Teflon POTUS.

@whowasthatmaskedman Actually it is a right wing issue because neoliberalism is a right wing ideology based on the idea that all public issues can be magically solved with private for profit "solutions." Clinton was a less square conservative who happened to walk into the Democratic Party. But to call any of it left wing is a massive stretch.
The reason not much has changed is both parties in the US have been following the economics and ideology of Milton Freidman since the late 70s.

@samueltyler2 Things were different then, in that the gap between rich and poor was a lot narrower and the decade of the 60s was still fresh in the mind. But thats when the rich paid taxes and America was (more or less) united.😷

@whowasthatmaskedman You are absolutely right that the tax burden has been shifted to the working class.

@PicturesOfABetterTomorrow certainly percentage wise it has.

@PicturesOfABetterTomorrow OK. My poor phrasing. You are right about the ideology. But the Democrat Administrations made the same mistakes the Republicans did. Clinton drove interest rates and qualifying down with the Ninja loans and drove the real estate market into an investment bubble, which crashed. Bush deregulated the banks, until they could bundle poor value debt into toxic bundles, which were sold as first class investments worldwide and brought on the Global Financial Crisis. Bush 2 bailed out the Banks as his closing gift to Obama. But Obama kept on Printing money when he should have stopped. So its not just ideology. Its the way the system was trained to respond and NOT face the elephant in the room. Now the elephant has outgrown the room.😷

@whowasthatmaskedman Very interesting take. Thanks.

@samueltyler2

Hasn't that been the case for thousands of years?

@whowasthatmaskedman
What about the S&L crisis? Solomon Brothers? New York City bankruptcy in the 70s .... and of course before that Vietnam debt, WW2 debt... the Great Depression...

Don't beat up on old Ronnie please!

@PicturesOfABetterTomorrow

As you may recall from one of my prior posts:


The bottom 50% pay a whopping 3% of the taxes.

@PicturesOfABetterTomorrow
... and the Republicans caved on all the social issues.

@irishmolly72 More outright lies. If you actually believe this stuff you need help. The right created this mess.

@irishmolly72 Quite so.. I was merely setting the time line that happened to run through his legacy. Actually, I think Reagan is probably the most impressive President in recent times. But for another reason. His "Star Wars" project ideas were critical in breaking the Soviet Union. But thats another story, too long to go into here.. In fact I will trace the start of Americas troubles back to Nixon abandoning the Gold Standard against the $US to fund the Vietman War. That unlocked the door to deficit financing and made every misstep since possible... And I repeat that both sides of Politics did their share of harm, digging the hole deeper each time..
I dont take issue with the right or the left of politics.. As long as the bills get paid and the numbers add up.. But with both sides locking horns and going nowhere fast, nothing is being achieved at a time when there is so much that needs doing..😷

@whowasthatmaskedman I agree but I also believe that Nixon didn't have much choice. The US was running out of gold reserves. Some kind of Balanced Budget amendment or a "Fiscal Supreme Court" is probably needed. I'm not sure how to enforce budget discipline on both parties and yet leave some room for responsible fiscal policy,

Budget Sequestration didn't seem to work very well as you may recall.
https://en.wikipedia.org/wiki/Budget_sequestration


Our system was designed to produce gridlock when the sides don't agree. And it works great! 😊 The problem is that the left's version of what needs to be done is almost diametrically opposite of the right's version. So who gets to be dictator??? Nobody!

Our Founding Fathers never envisioned a system so wildly out of balance, so the solution to this problem is up to us.

@irishmolly72

@irishmolly72 Except only your side is talking about installing dictatorship and the US has no left. It is just centre right and fascism.

@PicturesOfABetterTomorrow

Seems like most dictatorships have the name "socialism" built right in.



Funny how that happens.

@irishmolly72 🤦‍♂️ Lol, not even close. Good job proving you failed high school history.

@PicturesOfABetterTomorrow Ok, go back to the PRC where there's no poverty.

@irishmolly72 Quite true.. And a lot also have "Democratic" or "Peoples" in the name. Then dont bother with elections.😷

@whowasthatmaskedman Funny how that works.