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That is, Larry Summers was right

White House Weighs How to Pay for Long-Term Economic Program
After Covid-19 package, moderate Democrats may resist taking on more debt for infrastructure, clean energy and education; GOP opposes tax increases

If you go spend all the money then you’ve not got any money left to spend.

8 thoughts on “That is, Larry Summers was right”

  1. Not on the left. The mantra is “You’ve already spent $39bn on X, that proves that you can spend another $39bn on Y”. God know how they do their grocery shopping.

  2. Suggestion: an inverse linkage between politicians’ salaries and the national debt.
    (See also linking advisory bodies and personseg PHE, Hancock, Whitty to the amount of unemployment in the private sector)

  3. It’s about 0.001% covid relief and 99.999% pork.

    The arithmetic works out at $5757 from each taxpayer, $1400 to each taxpayer.

    Still an unprecedented number of voters chose Gropin’Joe, so this is presumably what they wanted.

  4. I was wondering whether the USA is playing a clever Long Game here.

    Seeing as how the Chinese own most of the US debt and that if they do some bonkers like invade Taiwan ( which let’s face it is quite likely ), what happens to the Chinese economy when America defaults ?

  5. Ottokring

    Never assume competence, conspiracy or planning when simple stupidity can explain all….

  6. BiT @2.49, I believe it is ‘Never assign to malice, that which can be explained by stupidity. But never rule out malice’.

  7. Rowdy – unprecedented number of votes for Joe?

    More like some folks really, really wanted him, so they got extra votes in for Joe… somehow

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