3 ms·

The US has massive amounts of deficit spending and we're pretty far from balancing the budget. Why does the amount of lost revenue even matter?

• munk-a 7y ago
  I think it's particularly egregious because the part in control while the budget has been broken has classically been the one to strongly advocate for a balanced budget - and will probably start advocating as soon as they fall out of power. Granted, both parties are terrible when it comes to corporate interest so... they both suck - but one really has a strong tendency to advocate for balancing the books.
  • kortilla 7y ago
    The budget has been broken with both sides in control. There is no longer a political motivation to actually balance the budget now that there is no way for the government to really run out of money any time soon.
    • munk-a 7y ago
      That is one monetary school of thought that I believe will remain valid as long as other nation's currencies are measured against our own, if that standard slipped though that debt would suddenly be realized and repayment would be required at a respectable rate to continue doing international business. It's a major problem I have with MMT - it assumes American prosperity in perpetuity, but history has established that perpetuity isn't a thing and those chickens will come home to roost... If we're smart then the US economy can fade gracefully, like England, otherwise it'll likely get violent and revolutionary.
• mywittyname 7y ago
  Because lack of enforcement is a Tax On Honesty.