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December 22, 2020

The Morning Rant: Minimalist Edition

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There are economists who claim that deficit spending by our government is immune from the economic principles that govern all other financial transactions; that deficit spending by government is neutral, and even beneficial. Certainly in the short term, such as during war, increasing the debt is a necessary evil. But as debt increases faster than tax receipts, I have a difficult time understanding how that structural imbalance will not harm the value of our currency and make it more difficult to borrow in the future.

But we will do nothing about it, as the erstwhile conservative-ish party carefully ignores its own political philosophy and gleefully votes for more and more and more spending, because buying votes is more important than principles! We are rapidly approaching a $28T national debt, which is a number that in reality means nothing. We will never pay that debt. We will never make a dent in it. We will continue to spend until the non-negotiable costs of Social Security, Medicare and Medicaid approach total tax receipts.

And then what? Raise taxes of course. Which decreases investment in the economy and will never raise the projected amounts.

And then what? Raise taxes of course!

Rand Paul delivers blistering floor speech opposing ‘monster’ COVID spending bill, says GOP ‘no better’ than Dems

“To so-called conservatives who are quick to identify the socialism of Democrats: If you vote for this spending monstrosity, you are no better,” he said. “When you vote to pass out free money, you lose your soul and you abandon forever any semblance of moral or fiscal integrity.”
My question to Senator Paul is simple: Can you name any senators with moral or fiscal integrity? Because while I enthusiastically support trying to keep a Republican majority in the Senate, I am under no illusions that those senators are anything other than craven opportunists who will betray any and all Republican and conservative principles for a few thousand votes.
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posted by CBD at 11:00 AM

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