sookster
DP Veteran
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Didn't they try that already in Weimar?
What is Weimar?
Didn't they try that already in Weimar?
We almost had a balanced budget in 2007 with a Republican President, and Democrat House/Split Senate.. The deficit had dropped to 160bn and was likely to balance in fy2008, had the recession not hit.
We almost had a balanced budget in 2007 with a Republican President, and Democrat House/Split Senate.. The deficit had dropped to 160bn and was likely to balance in fy2008, had the recession not hit.
Printing money without the necessary production to back it leads to hyperinflation. After WWI, Germany's productive capacity was decimated. War reparations were to be paid and the rest is history.
Why does humanity continue to use the fiat currency model? It makes no sense.
You must be joking.
The treasury was paying its bills by borrowing from funds already allocated for other future projects, and deferring payments where able. They'd been doing so for five months.
Now they have to replenish those borrowed funds because those other projects are still happening.
The agencies werent authorized to make bills, hence the shutdown.
Are we not bleeding production today? Our society is fast becoming a part time working society...
You must be joking.
If you read OMB publications prior up and until July 2008, they projected a budget surplus by FY2012
Are the Republicans from solid red states deliberately sabotaging the chances of winning the presidency?
vasuderatorrent
Negative. The CBO was projecting budget surpluses had the recession not happened.
http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/89xx/doc8917/01-23-2008_budgetoutlook.pdf
Not that i am in disagreement, but i would appreciate it if you can provide one of those as a means of furthering this discussion.
The thing is, monetary velocity continues to trend downward as production (which took an initial dip) has been growing.
As a layperson, it would help if you could define for me what is meant by "production"?
Gross domestic product. In this case, nominal (meaning it has not been factored for inflation).
Have there been any changes in the way we factor GDP in the past, oh I don't know, say 5 years or so?
In 2012, not in 2008 as you had claimed! Predictions predicated on a bubble economy. Which was rather naive given the fact that the U.S. was already in a recession.
Still a factual statement, given the CBO kept making adjustments to revenue predictions. The budget was on path to balance had the govt not been encouraging banks to loan money to deadbeats. With a Republican President and mostly Republican congress. A clear downward trend.
Deficits
2004 -412,727
2005 -318,346
2006 -248,181
2007 -160,701
You stated 2008, which was why i replied to correct the error. Now man up and admit it!