The debt hawks are to economics as the creationists are to biology.
Thank you debt hawks. You have sowed the wind, and we all reap the whirlwind.
September 8, 2010: (AP)“Obama said the struggling U.S. economy can’t afford to spend $700 billion to keep lower tax rates in place for the nation’s highest earners despite a call by House Minority Leader John Boehner and other GOP leaders to do just that.”
Dear Mr. President,
Either you do not understand economics, or your political desire to foment class warfare has trumped your desire to save America. You remind me of a man who does not believe water quenches fires, so you allow the house of America to burn rather than to receive the water (federal spending) it needs to quench the recession fire.
Think of what you’re saying. “The U.S. economy can’t afford . . .”??? Since when is the federal government the same as the U.S. economy? And please explain why the government can’t afford to help the economy. Is there truly a danger our government, which has the unlimited ability to create money, can go broke? Please explain to America how a monitarily sovereign nation, that creates money at the touch of a button, cannot afford to support the economy. Please explain why you are more worried about a federal deficit (which actually benefits America), than about the lives of the Americans who depend on you.
The house is burning, Mr. President. People are suffering. This is no time to play politics or to follow obsolete, debt-hawk, economic theories. Taxes – all taxes – hurt the economy. Always, always, always. Federal spending – all federal spending – helps the economy. Debt-fear is killing helpless, innocent people, who do not understand what is happening to them.
They voted for you. They trusted you. Put out the fire. Cut taxes. Increase spending. Save the economy.
Rodger Malcolm Mitchell
http://www.rodgermitchell.com
No nation can tax itself into prosperity
#Monetary Sovereignty - Mitchell 
Agree fully Rodger. I don’t see how we exit our current dilemma without waking up to the nature of money. My blood pressure rises whenever I hear someone (as in the Baseline Scenario today where I came across your comments) claim we need to reduce the evil deficit. It’s incredible to me that economist, who one would think would know this stuff,can make such errors. It says a lot about economics as a ‘science’.
Anyway, looks like a good blog. I’ll bookmark it. The focus on the monetary nature of debt is really valuable because purchasing power is at the root of so much (almost all) of our problems. It’s a revolutionary view though and it will be fought with all the power the current ‘owners’ of money have.
I have a blog in which I talk a great deal about this issue. Drop by sometime.
Cheers
Jim
http://commentsongpe.wordpress.com
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