[ExI] economic theory and experiment, was: RE: BBC on space solar
spike at rainier66.com
Thu Feb 28 21:19:40 UTC 2013
>... On Behalf Of BillK
Subject: Re: [ExI] economic theory and experiment, was: RE: BBC on space
On Thu, Feb 28, 2013 at 4:11 AM, spike wrote:
>>... we are watching an interesting experiment playing out right now in the
> US government. We often debate Keynesian vs Hayekian economic theory...
>...If you put these 'theoretical' budget cuts into context, they are tiny
cuts compared to the scale of the US deficit problem...The proposed cuts are
only 2.4% of federal spending. So even if the cuts actually happen, the
deficit will continue to grow, and a balanced budget is far out of reach.
The illusion of US prosperity is reliant on deficit spending and
accumulating trillions in debt for future generations to reap the
Oy vey, how well we know, BillK, how tragically well at least some of us
know. The denial of the obvious is astonishing, appalling. Many of us
yanks continue to act as though we will never need to pay back debts, or
that some magic new technology will always appear to save our asses, such as
the electronics revolution, the desktop computer revolution, the internet
revolution, but look what happens as soon as we go 20 years without a new
revolution. Then we gradually sober up and realize yes, we really do need
to pay off old debts, yes persistent deficits really do matter, yes even
governments need to be sustainable.
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