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Ahhh the Clinton years

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    I know I'm slightly young to talk about Clinton, I wasn't eligible to vote until 2001, but I do a booming economy and a budget surplus. The debt clock was actually take offline during his Presidency because it wasn't as shocking seeing it go down. Fiscal responsibility and balanced budget left little to complain about (save his personal life).

    Of course when Bush took over, it was tax cuts for the rich and massive spending. With a Republican controlled Congress, Bush was allowed to do whatever he wanted and he drove the economy and the debt into to the ground, on the verge of economic collapse. Obama is trying to make repairs be the obstructionist Republicans shut him down every time he tries to make a move.

    So why are there people who still think the Reps are more fiscally responsible? I know this is a very superficial breakdown of a complex issue but I just got in a long discussion with a friend over this and just wanted to rant a little bit =0
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    Hey Zach F!

    National debt=non government net-US dollar savings!

    National Deficit=Domestic Private Sector Surplus + Capital Account

    Sectoral Financial Balances: (graph).

    Clinton surplus was a mistake and the opposite of fiscal responsibility.

    NEVER AGAIN!

    Modern Money Primer @ NEP: (here)

    :)
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    Zach: I'll answer any of your questions. If MMT interests you, please raise them.

    Pretty much all do at the D-Hub anymore is talk about MMT. Well, that and fend off the r-wing trolls.

     

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    Okay. Good point. Government Surpluses are not bad always. Not if you run a trade surplus or current account surplus, and your domestic private sector is saving in net-foreign NFA.

    Point being though, i.e., what NEVER AGAIN means, is that government's account balance serves a public purpose. And we should not run government surpluses while running a trade deficit or Capital Account surplus, not if we want the domestic private sector to be able to save net US dollars. PONZI debt-deflation and collapse is not optimal public policy.
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    I am deleting my post due to possibility someone could have misconstrued my remarks. I did not mean to sound argumentative. I am just in the dark about some topics.
    And I am totally clueless about Economics:) Hope all is fine with you. Scarey times, dude. Take care.
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    No harm, no foul. I took no offense. You asked a question, and explained why you had a hard time understanding MMT.

    Occupy Dallas is alive and well, folks in NY and around the country continue the good fight.

    Recently, I was part of the creation of the Occupy Dallas Bank Action Team, mimicking Occupy Austin's actions per their City Divestment Campaign.

    We will be forming a petition for Dallas city/county divestment from TBTF institutions.

    The War Against Crony Capitalism is in our backyard.

    Occupy Everything.

    P.S. I thought the MMTers were flat out crazy when I first heard of them. Took me 2 years to  understand and accept what they were saying.