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Same government that runs a debt to GDP ratio of 266%

toomuchtodo 5y ago
https://www.theguardian.com/world/2021/mar/15/spain-to-launch-trial-of-four-day-working-week https://www.theguardian.com/world/2021/mar/15/spain-to-launc... (Spain to launch trial of four-day working week) 120% debt to GDP For fun, the US is at 127%. Equity, debt, fiat, just rows in a database. If it doesn’t work out, what’s the worst that happens? We go back to few more hours a week? But if it does work, it’s time work evolves further.
- andrewmcwatters 5y ago
  Say you loan someone some money, and they just… don’t pay it back. Well, who cares right? After all, it’s just a number in your bank account.
  - toomuchtodo 5y ago
    Nation state finances are not the same as household finances.
    - andrewmcwatters 5y ago
      This meme is just foolish and overly repeated. If we just printed money forever we’d be like Germany or Venezuela. Do you really think that at large scales the need to watch spending just dissolves? Why do you think nations have budgets? Do you think it’s all a fun game? If what you’re suggesting doesn’t work, people don’t just go back to work longer hours. Some people die, some people lose their homes. Incredible. But hey, just rows in a database. Tell that to families scraping by.
      - toomuchtodo 5y ago
        I think it’s reasonable to iterate and experiment with policy without devolving to extreme positions such as your comment. We’ve forgiven $3 billion in student loan debt in the US, for various legitimate reasons, without consequence for example. Yes, the US has more power to do this because it’s a reserve currency, and no you can’t do it forever, but there is room to experiment when you’re a nation state. https://www.forbes.com/sites/zackfriedman/2021/06/16/biden-has-now-cancelled-3-billion-of-student-loans/ https://www.forbes.com/sites/zackfriedman/2021/06/16/biden-h...
        andrewmcwatters 5y ago
        There really isn't a consequence here, it's just taxpayers paying off other people's student loans.

https://www.theguardian.com/world/2021/mar/15/spain-to-launch-trial-of-four-day-working-week https://www.theguardian.com/world/2021/mar/15/spain-to-launc... (Spain to launch trial of four-day working week) 120% debt to GDP For fun, the US is at 127%. Equity, debt, fiat, just rows in a database. If it doesn’t work out, what’s the worst that happens? We go back to few more hours a week? But if it does work, it’s time work evolves further.

andrewmcwatters 5y ago
Say you loan someone some money, and they just… don’t pay it back. Well, who cares right? After all, it’s just a number in your bank account.
- toomuchtodo 5y ago
  Nation state finances are not the same as household finances.
  - andrewmcwatters 5y ago
    This meme is just foolish and overly repeated. If we just printed money forever we’d be like Germany or Venezuela. Do you really think that at large scales the need to watch spending just dissolves? Why do you think nations have budgets? Do you think it’s all a fun game? If what you’re suggesting doesn’t work, people don’t just go back to work longer hours. Some people die, some people lose their homes. Incredible. But hey, just rows in a database. Tell that to families scraping by.
    - toomuchtodo 5y ago
      I think it’s reasonable to iterate and experiment with policy without devolving to extreme positions such as your comment. We’ve forgiven $3 billion in student loan debt in the US, for various legitimate reasons, without consequence for example. Yes, the US has more power to do this because it’s a reserve currency, and no you can’t do it forever, but there is room to experiment when you’re a nation state. https://www.forbes.com/sites/zackfriedman/2021/06/16/biden-has-now-cancelled-3-billion-of-student-loans/ https://www.forbes.com/sites/zackfriedman/2021/06/16/biden-h...
      - andrewmcwatters 5y ago
        There really isn't a consequence here, it's just taxpayers paying off other people's student loans.