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The problem with unconstrained government deficit finance is not inflation, it is cronyism and corruption. When 638 individuals decide how $3 trillion gets spen
by jkhdigital 5y ago
The problem with unconstrained government deficit finance is not inflation, it is cronyism and corruption. When 638 individuals decide how $3 trillion gets spent, almost any amount of lobbying expense will yield a positive NPV.
- adventured 5y ago> When 638 individuals decide how $3 trillion gets spent Just a small correction. Federal Government spending was $4.4 trillion in 2019. It was $6.6t for 2020 [2], with $4.6t of that being mandatory spending; tax revenue was $3.4t for 2020 by comparison. We wish outlays were only $3t, we'd have a nice budget surplus right now. [1] https://www.cbo.gov/publication/56324 https://www.cbo.gov/publication/56324 [2] https://www.cbo.gov/publication/57170 https://www.cbo.gov/publication/57170
- Proven 5y agoIt's clear he was talking about the latest stimulus proposal ($3.5 tn) pushed by the socialists