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> the dollar has been insanely overvalued post-COVID. That's an odd way of saying the US doubled it's federal budget from $3T to $6T in response to COVID and h
by timewizard 1y ago
> the dollar has been insanely overvalued post-COVID.
That's an odd way of saying the US doubled it's federal budget from $3T to $6T in response to COVID and has now ensconced this pork further into law. Under a "republican" administration, no less.
> The dollar losing its value is a return to the pre-covid norm.
Which is to say that even $3T contained an unjustified amount of debt spending just not as obscene as it is today.
> It's a high that can't last forever.
That's the "big beautiful bill" for ya.
- throw101010 1y ago> Under a "republican" administration, no less. Are you under the impression that this is surprising? Republicans are consistently the ones spending more when they are in power. It's time to dispel this myth that they are fiscally "conservative", they have presented more unbalanced/defficitary budgets than Democrats and the latter in recent memories are the only ones who managed to present budget with surpluses, under Clinton.
- fakedang 1y agoIt's fairly obvious the reason he put it in quotes was because the Republicans and conservative movements claim to be all about "fiscal prudence and discipline", when in reality they're the ones responsible for the ballooning deficit.
- AlecSchueler 1y agoIt wasn't at all obvious if it was ironically poking fun at that claim or that they genuinely believed it.
- deleted 1y ago[deleted]
- timewizard 1y agoCorruption has been compounding. Malicious business interests don't actually care which party has power. Just that they have access. It's telling that you have to reach back 30 years to find an example where the budget was balanced for one single year.
- myvoiceismypass 1y agoRight, because the guy after Clinton decided to cut taxes and start multiple wars that would last decades. You can do better than a gut "both sides" reaction.
- thrance 1y agoThose "malicious business interests" clearly prefer the republicans, judging by how much more money their last campaign received from wealthy corporate donors. But indeed, the dems are controlled opposition at this point. Most of them oppose progressive ideas, at least as much than the republicans.
- mensetmanusman 1y agoIt is a myth, there are only a few Republicans that organize around the concept of spending less. Both sides of the gerontocracy are happy to improve their lives while not planting seeds for the future.
- patchule 1y ago[flagged]
- Zardoz84 1y agoIt's an irony, not ?
- patchule 1y agoLike a fly in my Chardonnay.
- const_cast 1y agoYes, and then took those cuts and blew them out of the water with irresponsible spending in the form of "tax reform". Nobody is going to see any benefits from those Medicaid cuts. We're much, much further in the hole then we were before.
- patchule 1y agoI don’t disagree. But it’s also true that this will set precedent for future entitlement cuts. Younger people are not served by having entitlements treated as a sacred cow. I am in the opposite camp, cuts will and already have hurt me. I just wonder if maybe we should stop perpetuating a multi-generational Ponzi scheme that allows any generation with large enough numbers (eg baby boomers) to steal all the money from the cookie jar and spend it before anyone can figure out what the heck happened. Maybe that’s a problem with democracy more generally, but that it is a problem cannot be denied. If the dominant age cohort in power is over 85 they will have little incentive to worry about the budget ir nation beyond 5 or 10 years, let alone 80 to 100 years that are relevant to today’s youngest citizens. Not that we should ditch democracy but maybe we should limit entitlements to prevent abuse.