Now that fox folk have got the nomination secured for the crooks they are willing to talk about how
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We鈥檝e heard time and again conservatives say deficits don鈥檛 matter. To say that deficits don鈥檛 matter is like saying ketchup is a vegetable or trees cause pollution.
The $406b we pay annually in interest on the $9t in federal debt alone would rank as the world鈥檚 30th biggest economy.
That annual interest cost surpasses the gross domestic product of Belgium, and is bigger than the GDP of Denmark and Hungary combined. The $406b would cover the annual cost of investigating Medicare fraud.
Stack all those one dollar bills making up our $9t deficit (and that doesn鈥檛 include the $60t in unfunded liabilities for Medicare and Social Security) and you would reach the moon and back. 鈥淧rinting money cannot create wealth, if it could counterfeiting would be legal,鈥?economist Brian Wesbury has said.
Even Milton Friedman, the Nobel Prize-winning economist and a forceful advocate for laissez-faire economics, got so sick of the way central bankers were willy nilly printing money in the 鈥?0s, he advocated that the government should replace the Federal Reserve with a computer. 鈥淢oney is too important to be left to central bankers,鈥?he quipped.
Broad zoom: The US economy has spent all of a year and four months in a downturn over the last two and a half decades. During that time we鈥檝e seen a market crash of 22% in 1987, the S&L crisis, four wars, three financial crises (Mexico, Asian flu and Russian debt crises), the blow up of the hedge fund Long Term Capital, two asset bubbles (dot com and telecom). Since the Bush tax cuts of 2003, the US economy added the equivalent of China鈥檚 GDP鈥揳nd government spending has boomed.
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