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| Source:Sam Seder- talking about government workers in the economy. |
"From the Majority Report, live M-F 12 noon EST and via daily podcast at:The Majority Report. Sam Seder was on the Kudlow Report on CNBC last night and the topic: austerity...
From Sam Seder
I think we need to go back 3-4 and look back at where the economy was before Barack Obama became President and where it is now. Of course the Great Recession was going on and it dominated 2008 and into probably the 1st six months of the Obama Administration in 2009. But they also inherited a national debt of 11 trillion-dollars, and a budget deficit of 1.5 trillion-dollars.
I think we need to go back 3-4 and look back at where the economy was before Barack Obama became President and where it is now. Of course the Great Recession was going on and it dominated 2008 and into probably the 1st six months of the Obama Administration in 2009. But they also inherited a national debt of 11 trillion-dollars, and a budget deficit of 1.5 trillion-dollars.
This idea that deficits and debt doesn't matter: for anyone whose sane and sober, as well who isn't currently braindead, (hopefully that's a big club in America) who actually believes that debt and deficits doesn't matter, you should stop arguing for higher taxes, even if you only want to raise taxes on the wealthy. Because if debt and deficits doesn't matter, government never needs more revenue to pay for its expenses, because it now has unlimited borrowing authority.
People on the left (I'm sure Sam Seder is one of them) argue that you shouldn't cut deficits when the economy is struggling. Fine, but the Obama Administration didn't do that immediately. The 2009 Recovery And Investment Act was all borrowed money and it was just a 2-year deal. But since then and since the economy now steadily growing again, they've been operating under PAYGO (pay as you go) and the deficit has been falling ever since. The 2011 Budget Control Act has also contributed do the deficit reduction as well.
Sure! The Obama Administration could've borrowed another 2 trillion-dollars (let's say) after the Recovery Act (had Democrats had not have lost the House) but then the Federal Reserve perhaps steps in and starts raising interest rates because of all the Federal borrowing and maybe we see a spike in inflation as well. And there goes all the progress that country has made as far as economic and job growth since the 2008 Great Recession.
