Meanwhile, in Canada: Veterans ruin the budget

[DoomYoshi]

https://www.bloomberg.com/news/articles/2018-02-28/canada-may-have-just-passed-up-its-best-shot-to-balance-budget

New spending on indigenous peoples, military veterans, scientific research and gender equity have eaten up windfalls

Basically, even though the economy is doing great in Canada, the government is going to piss it all away and we will be left with a tattered economy next recession/depression.

This is why we need a right to own bazookas. Parliament Hill needs some new windows. That would be a responsible use of gun ownership, killing the people responsible for ruining the country.

[Bernie Sanders]

https://www.bloomberg.com/news/articles/2018-02-28/canada-may-have-just-passed-up-its-best-shot-to-balance-budget

New spending on indigenous peoples, military veterans, scientific research and gender equity have eaten up windfalls

Basically, even though the economy is doing great in Canada, the government is going to piss it all away and we will be left with a tattered economy next recession/depression.

This is why we need a right to own bazookas. Parliament Hill needs some new windows. That would be a responsible use of gun ownership, killing the people responsible for ruining the country.

In America, we have our politicians trying to balance and reducing the deficit by reducing revenue (tax cuts) and increasing spending. Wait for the next recession to really make things worse.

How fuk up is that for economic theory....

[tzor]

Nobody tries to "balance the budget" in the United States. They just like to claim they want to.

[Bernie Sanders]

Nobody tries to "balance the budget" in the United States. They just like to claim they want to.

President Clinton did and the deficit was shrinking quickly. But the Bush administration with the help of a Republican Congress decided to cut taxes and increase spending and the deficit increased once again.

Here we go again!

[Neoteny]

pssst unbalanced goverment budgets are fine

clarification: federal budgets

[DoomYoshi]

Ballsphemy!!!!

[Bernie Sanders]

pssst unbalanced goverment budgets are fine

ANARCHIST!!!

[Neoteny]

Is mild keynesianism what gets me labeled as anarchist? I haven't even done my All Cats Are Beautiful spiel yet.

[tzor]

President Clinton did and the deficit was shrinking quickly.

A common falsehood. Clinton was doing some interesting math, reducing the "public debt" but increasing the amount of debt that the government borrows from itself. Source

Understanding what happened requires understanding two concepts of what makes up the national debt. The national debt is made up of public debt and intragovernmental holdings. The public debt is debt held by the public, normally including things such as treasury bills, savings bonds, and other instruments the public can purchase from the government. Intragovernmental holdings, on the other hand, is when the government borrows money from itself--mostly borrowing money from social security.

Quote from CBS which no longer is online for verification.

"Over the past 25 years, the government has gotten used to the fact that Social Security is providing free money to make the rest of the deficit look smaller," said Andrew Biggs, a resident scholar at the American Enterprise Institute.

Social Security isn't the only trust fund in the federal budget. There are a number of others including the civil service retirement fund, federal supplementary medical insurance trust fund, unemployment trust fund, military retirement trust fund, etc. All of these trust funds, like Social Security, invest their surpluses in U.S. government bonds and increase intragovernmental debt. And like Social Security, their surpluses really shouldn't count toward a "surplus" because the excess money they contribute to federal coffers actually has to be borrowed by the government from the trust funds.

[Bernie Sanders]

President Clinton did and the deficit was shrinking quickly.

A common falsehood. Clinton was doing some interesting math, reducing the "public debt" but increasing the amount of debt that the government borrows from itself. Source

Understanding what happened requires understanding two concepts of what makes up the national debt. The national debt is made up of public debt and intragovernmental holdings. The public debt is debt held by the public, normally including things such as treasury bills, savings bonds, and other instruments the public can purchase from the government. Intragovernmental holdings, on the other hand, is when the government borrows money from itself--mostly borrowing money from social security.

Quote from CBS which no longer is online for verification.

"Over the past 25 years, the government has gotten used to the fact that Social Security is providing free money to make the rest of the deficit look smaller," said Andrew Biggs, a resident scholar at the American Enterprise Institute.

Social Security isn't the only trust fund in the federal budget. There are a number of others including the civil service retirement fund, federal supplementary medical insurance trust fund, unemployment trust fund, military retirement trust fund, etc. All of these trust funds, like Social Security, invest their surpluses in U.S. government bonds and increase intragovernmental debt. And like Social Security, their surpluses really shouldn't count toward a "surplus" because the excess money they contribute to federal coffers actually has to be borrowed by the government from the trust funds.

Your source is too funny.

[Bernie Sanders]

https://www.factcheck.org/2008/02/the-budget-and-deficit-under-clinton/
Clinton surplus years listed.

Tzor you ignorant slut.

[armati]

After reading this thread it doesnt look like anyone realizes the Pres or Prime ministers dont run the countries, its the banks.

I guess I should say the owners of the banks.
There is a cycle the banks follow to take the wealth, an expansion and contraction of the economy.
People make alot of money understanding that cycle. You can too if you learn it.

Anyone interested can watch the story on u tube "The Money Masters". by Bill Still.
I think there are others, thats just the one I like.

Andrew Jacksons greatest achievement was to get rid of the banks in 1833, Woodrow Wilson let them back in with the creation of the federal reserve in 1913.
(The federal reserve is privately owned, not federal)
(americans pay interest on every dollar created, paper or digital)


The Golden Rule He who owns the gold makes the rules.

"Give me control of a nation's money and I care not who makes its laws."? Nathan Rothchild

[Thorthoth]

pssst unbalanced goverment budgets are fine

clarification: federal budgets

No need to whisper, neot. Of course a country with a strong military doesn't need to worry about bond ratings and such. It can always get the money one way or another.

[Neoteny]

Welcome to a country that makes its own money, and refuses to use it appropriately! You'll get used to it.

[Thorthoth]

Welcome to a country that makes its own money, and refuses to use it appropriately! You'll get used to it.

If a joke, it falls flat. If an observation, it shows economic ignorance.

[Neoteny]

I think that anyone with an ounce of economic literacy understands that we operate with a fiat currency, and people on both sides of the aisle feel like that money is misspent. The only joke here is you.

[Thorthoth]

I think that anyone with an ounce of economic literacy understands that we operate with a fiat currency, and people on both sides of the aisle feel like that money is misspent. The only joke here is you.

No, YOU are the joke. The first part of your statement is irrelevant to a country's solvency (Anyone can make a currency) and the second part is just a puerile opinion.

[Neoteny]

I think that anyone with an ounce of economic literacy understands that we operate with a fiat currency, and people on both sides of the aisle feel like that money is misspent. The only joke here is you.

No, YOU are the joke. The first part of your statement is irrelevant to a country's solvency (Anyone can make a currency) and the second part is just a puerile opinion.

Haha a sovereign currency is inherently solvent. It's not a business or a household you mook. What are you even on about?

[tzor]

Haha a sovereign currency is inherently solvent.

Actually ... no. 5 Failed Currencies And Why They Crashed

[Neoteny]

Haha a sovereign currency is inherently solvent.

Actually ... no. 5 Failed Currencies And Why They Crashed

Man it's crazy how many times that Forbes article mentioned taxes as a way to combat inflation. But yes, currencies fail when you live in a neoliberal hellscape where bullying from larger economies and foreign-supported ideological coups are commonplace. That sort of takes the sovereignty out of a currency, doncha think?

[armati]

Neoteny on Thu Mar 01, 2018 7:16 pm

Welcome to a country that makes its own money,

Just for giggles, which country are you talking about?
Which country is making its own money?

Its not the U.S., they use "federal reserve notes", just as an example, not a country in Europe, they use the "euro" so I was wondering which country you are talking about.

[Neoteny]

For a pedant, you sure didn't read the title of the thread, didja?

Weeelll acktchuaaalllyyy, the federal retherve ith a bank that workth independently, but altho within the federal government.

[mookiemcgee]

I think that anyone with an ounce of economic literacy understands that we operate with a fiat currency, and people on both sides of the aisle feel like that money is misspent. The only joke here is you.

No, YOU are the joke. The first part of your statement is irrelevant to a country's solvency (Anyone can make a currency) and the second part is just a puerile opinion.

Haha a sovereign currency is inherently solvent. It's not a business or a household you mook. What are you even on about?

Who you calling a mook?

[Neoteny]

I'm terribly sorry. I hadn't considered how offensive it would be to mooks to be associated in any fashion with Thorthoth.

Please accept my sincerest apology

[mookiemcgee]

I'm terribly sorry. I hadn't considered how offensive it would be to mooks to be associated in any fashion with Thorthoth.

Please accept my sincerest apology

Apology accepted.

Best,
Mookie