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Clinton balanced the budget. There was a surplus. Go read Articles from the 90s there was fear that we would pay down the debt too fast and it would harm the ec

Clinton balanced the budget. There was a surplus. Go read Articles from the 90s there was fear that we would pay down the debt too fast and it would harm the economy. Obama was on tracy to reduce the deficit and likely would have had the financial crisis not required stimulus. Biden was using debt to invest in infrastructure and things like power generation that would yield returns unlike tax cuts that just exacerbate wealth concentration and inflation by asset appreciation due to capital chasing the same assets. It’s not symmetrical one party is driving this and the irony is that they are the “fiscally responsible” party. No amount of discipline is possible for democrats if every time they balance the budget republicans use the savings to cut taxes further.

mmooss 1mo ago
Biden also had to respond to the deflationary risk of the Covid pandemic.
- forestry 1mo ago
  Printing hundreds of billions of dollars is also inflationary. Governments change but the impact of all this takes a very long time to flow through the economy.
  - mmooss 1mo ago
    > Printing hundreds of billions of dollars is also inflationary. They borrow the money, but yes, inflationary is the point of doing it.
  - digitaltrees 1mo ago
    Except American was in a structural slump similar to but not quite as bad as japans lost decade which meant that interest rates were stuck as near 0% percent. The inflation caused by Covid actually broke that cycle and American was on a much better path. Go look at articles from the last year of bidens term in the economist and financial times. The US had achieved a soft landing by bringing inflation down to within fed targets while avoiding a recession. We were the envy of the world. Income inequality was reducing, real wages were increasing for the first time in generations and productivity vs wages were converging. Now we’re back to chaos and inflation and wage stagnation.
    - throwawayqqq11 1mo ago
      Yep. Biden handled this gracefully. And i can confirm internarional envy. The part gggGP doesnt seem to grasp is, the fiscal hawks seeking to cut taxes and regulations etc. are strong and old lobbies around both parties and thats why you can see a trend. Some elected officials are just less susceptible than others and trump is a giant jackpot for the parasites, but so was reagan back in the days.

mmooss 1mo ago

Biden also had to respond to the deflationary risk of the Covid pandemic.

forestry 1mo ago
Printing hundreds of billions of dollars is also inflationary. Governments change but the impact of all this takes a very long time to flow through the economy.
- mmooss 1mo ago
  > Printing hundreds of billions of dollars is also inflationary. They borrow the money, but yes, inflationary is the point of doing it.
- digitaltrees 1mo ago
  Except American was in a structural slump similar to but not quite as bad as japans lost decade which meant that interest rates were stuck as near 0% percent. The inflation caused by Covid actually broke that cycle and American was on a much better path. Go look at articles from the last year of bidens term in the economist and financial times. The US had achieved a soft landing by bringing inflation down to within fed targets while avoiding a recession. We were the envy of the world. Income inequality was reducing, real wages were increasing for the first time in generations and productivity vs wages were converging. Now we’re back to chaos and inflation and wage stagnation.
  - throwawayqqq11 1mo ago
    Yep. Biden handled this gracefully. And i can confirm internarional envy. The part gggGP doesnt seem to grasp is, the fiscal hawks seeking to cut taxes and regulations etc. are strong and old lobbies around both parties and thats why you can see a trend. Some elected officials are just less susceptible than others and trump is a giant jackpot for the parasites, but so was reagan back in the days.