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Something of a fiscal revolution has occurred. On 17 June in the US the Democratic Chair of the House Budget Committee said:
“The federal government is not like any other user of currency. Not like any household, any business, any state or local government. We issue our own currency, and we can spend enough to meet the need of the American people. The only constraint being we do have to worry about inflation from that spending.”
More broadly, the US has announced spending measures unprecedented in peacetime, in March South Korea announced another supplementary budget, the French Finance Minister has spoken about a ‘whatever it takes’ fiscal policy, and Australia’s May budget was surprisingly spendthrift.
Modern Monetary Theory (MMT) advocates a more singular role for fiscal policy in managing the economic cycle, in contrast with the monetary policy focus of much of the past few decades.

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Ok now we know why governments are no longer worried about deficit economics. With low inflation and low interest rates the bank is open

Low inflation ? I do not know anyone who has not experienced the eroding value of the currencies purchasing power .I am instituting belt tightening measures and hoping that I will be able to manage on a fixed income . If not my retirement will be a short lived event .

When you retire Tom priorities change and you don't need to keep spending at the same level

Yeah Tom. Eat less. Walk more. Get used to being cold or hot.

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“The federal government is not like any other user of currency. Not like any household, any business, any state or local government. We issue our own currency, and we can spend enough to meet the need of the American people. The only constraint being we do have to worry about inflation from that spending.”

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Isn't that somewhat like saying, "We are using more and more dynamite. Our only concern is the possibility of being blown to the moon?"

I have of course crunched the numbers . But no one plans for hyper inflation and even if we go back to 1970s levels I will have to reevaluate . No problemo . Unlike the gimme generation I am willing to work if it becomes necessary

So the inflation you had to have because you elected Quid

Not all . Some of it was poor planning by corps keeping inventories low and not anticipating the recovery that came with the vaccines .But the biggest fault is clueless central planning central bankers . Easy monopoly money from over heated printing presses comes at a cost .

Yes, and hyperinflation might be it

yes . as far as other factors . The Dems exaggerated the negative economic impacts of covid on the Trump economy ;and downplayed what the impact of Operation Warp Speed would have on an economic recovery .
They knew better . There were many people who were "essential " and went to work every day doing their jobs ;getting income . They built up cash reserves and a pent up demand . Oh they shopped where they could on line ... that should've been a hint about how strong the recovery would be ;and businesses should've planned accordingly . Instead ;across the board there are shortages be they building supplies ;fuel ,or even product on the shelves at Kohls.
Add to that a drought in almost all the grain producing areas that will drive up commodities costs ;and there is a big mess on the inflation front .


The tin pot dictators were pleased to keep people locked down and are trying a repeat of their tyranny in the guise of public safety . So perhaps they will manufacture another recessionary slow down . That way they can continue a rationale for doling out freebees

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The tin pot dictators were pleased to keep people locked down and are trying a repeat of their tyranny in the guise of public safety . So perhaps they will manufacture another recessionary slow down . That way they can continue a rationale for doling out freebees

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It's a poor reflection on us that we accept this. It will continue until the business of using monopoly money backfires enough to force it to stop. Then it's going to be trouble when the freebies are cut back and the people who have become accustomed to depending on them begin to...ahem, "demonstrate".

You are still arguing Trump, news flash! Trump has left the building and to the victor go the spoils

News flash!! The only one who brought up Trump was (drum roll) YOU. The rest of us have moved on.

I'm surprised Clete has not brought this up. "Lillard, Team USA Fall to Australia for 2nd Straight Exhibition Loss Before Olympics."

https://bleacherreport.com/articles/...efore-olympics

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Originally Posted by jlisenbe

I'm surprised Clete has not brought this up. "Lillard, Team USA Fall to Australia for 2nd Straight Exhibition Loss Before Olympics."

https://bleacherreport.com/articles/...efore-olympics

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you see here the difference between our societies, basketball only rates a mention in our media and at a time when the NRL teams are migrating to Queensland beating the US is not big news