I cannot change your mind

Maybe. Deficit spending enables confiscation of wealth. But the founders did allow for it. If there were a way to cap it at a manageable level, perhaps.

 

How about a mandate on when expansionary and contractionary fiscal/monetary policy can be used?

And by the way akphidelt, the rationale behind the theory that every dollar of stimulus spending leads to a decline in private sector output is known as crowding out. This is the reason why New Keynesian economists tend to consider old Keynesian fiscal policies extreme short-run remedies.

 

The reason why we have deficit spending is because everyone benefits from it. The people who buy the debt get interest on their money instead of having to fork it over in taxes like everyone else. Congress looks good because it keeps tax rates low. The average Joe and Jane feel good because they don't have to pay $10 a payday in additional taxes.

Congress could eliminate the budget deficit anytime it chooses simply by increasing taxes as required. However, it will never do that because so many people are dependent on the current system. Besides, as long as it's able to borrow money there's no need to raise taxes until something like Greece happens. By then people are so use to not paying that they won't pay and the system will collapse. It happens all the time and it will happen to us.

 

Everyone except for the middle class -- those who have worked hard and made good decisions. Everyone except for the majority of Americans.

These are the people who aren't directly receiving the handouts (the poor, old, and sick).

These are the people who aren't indirectly benefiting from an inflated currency (the rich, politicians, Wall St. power-brokers).

These are the vast majority of Americans who are working hard, working smart, and playing by the rules. They lose.

This is why you see the shrinking of the middle class in America. This is why more and more are slipping into poverty. Prices are rising, wages are stagnant (if not dropping), and the old standards of living are no longer affordable.

 

I thought it was wonderfully emotional. Over emotional.