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I doubt it will be solved by taxes. Americans would rather have their currency devalued than pay higher taxes. (Yes I know the dollar is strong now, but what do

I doubt it will be solved by taxes. Americans would rather have their currency devalued than pay higher taxes. (Yes I know the dollar is strong now, but what does that say about other currencies?) We’re screwing future generations and ourselves due to the greediness of the ruling class and the stupidity of the working class that keeps voting with the ruling class. Edit: I’m surprised people were able to even read this post before they downvoted it. I don’t mind downvotes, but at least comment why I’m wrong please.

jjoonathan 4y ago
Currency devaluation pumps exports and dumps assets/services, so it's not necessarily a bad thing. It promotes a diversified economy that builds real things. Many countries seek it out as a matter of policy. Currency appreciation dumps exports and pumps assets/services. You know how "we used to make shit in this country, build shit. Now we just stick our hand in the next guy's pocket"? Yeah, that's what currency appreciation does (or, more specifically: reserve currency status where we can/must run a current account deficit without seeing the usual depreciation). Economists call it "Dutch Disease" because they first described it in the Dutch empire, but it happened to the British and American empires too. Think of it like a resource curse, but the resource is finance. It's good for people with fat brokerage accounts, it's good for Wall St, but if you earn your money by building regular shit for regular people, it's bad news for you. I agree with your conclusion -- our taxation and monetary policy is run for the benefit of wealthy Americans at the expense of poor Americans -- I just think you have the particular issue of currency devaluation a bit backwards. I didn't downvote, but I imagine this is why someone else did.
zuminator 4y ago
For one, you can't explain away a problem with your argument but just saying, "I know." You toss out "I know the dollar is strong now" as if it's an inconsequential objection to your main point, when it effectively contradicts your entire contention that a high debt is tantamount to a debased currency. If you're unwilling to interrogate your own beliefs, that makes them come off as shallow. We've all heard fiscally conservative talking heads prattle on about the debt. What we want is insight as to the accuracy or coherence of these ideas, not just a rote regurgitation. What effective control does the working class have over the national debt if both major parties have continued to raise it no matter what candidate is put foward? And anyway, how does it benefit the cash-strapped working poor to vote to raise its own taxes so that the debt held by rich bondholders can be paid off. I'm not even saying you're wrong, I'm just saying, make it make sense. Or don't, it's not your obligation to do so. But don't be surprised by downvotes in that case.

jjoonathan 4y ago

Currency devaluation pumps exports and dumps assets/services, so it's not necessarily a bad thing. It promotes a diversified economy that builds real things. Many countries seek it out as a matter of policy. Currency appreciation dumps exports and pumps assets/services. You know how "we used to make shit in this country, build shit. Now we just stick our hand in the next guy's pocket"? Yeah, that's what currency appreciation does (or, more specifically: reserve currency status where we can/must run a current account deficit without seeing the usual depreciation). Economists call it "Dutch Disease" because they first described it in the Dutch empire, but it happened to the British and American empires too. Think of it like a resource curse, but the resource is finance. It's good for people with fat brokerage accounts, it's good for Wall St, but if you earn your money by building regular shit for regular people, it's bad news for you. I agree with your conclusion -- our taxation and monetary policy is run for the benefit of wealthy Americans at the expense of poor Americans -- I just think you have the particular issue of currency devaluation a bit backwards. I didn't downvote, but I imagine this is why someone else did.

zuminator 4y ago

For one, you can't explain away a problem with your argument but just saying, "I know." You toss out "I know the dollar is strong now" as if it's an inconsequential objection to your main point, when it effectively contradicts your entire contention that a high debt is tantamount to a debased currency. If you're unwilling to interrogate your own beliefs, that makes them come off as shallow. We've all heard fiscally conservative talking heads prattle on about the debt. What we want is insight as to the accuracy or coherence of these ideas, not just a rote regurgitation. What effective control does the working class have over the national debt if both major parties have continued to raise it no matter what candidate is put foward? And anyway, how does it benefit the cash-strapped working poor to vote to raise its own taxes so that the debt held by rich bondholders can be paid off. I'm not even saying you're wrong, I'm just saying, make it make sense. Or don't, it's not your obligation to do so. But don't be surprised by downvotes in that case.