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November 12th, 2013 at 10:40 am
Good morning Juliet (late again!) – it was great seeing you guys there as well.
Jobs/StJ – Absolutely we're shooting ourselves in the foot. Same goes for lack of infrastructure spending and lack of Government spending in General (even war). Of course, from an objective economic standpoint, this IS the price you pay on the other side of stimulus if you ever want to balance your books. If your family overspends on a vacation – then it's mac and cheese every Wednesday the next month – that sort of thing. Of course, Government spending is not like family spending and the Government doesn't actually NEED to balance it's books but that's a whole other economic discussion. The bottom line is, Bush spent $5Tn he didn't have trying to prop up the economy, waging wars, helping his friends avoid taxation, etc. It didn't help and the economy collapse anyway and then Obama has spent $5Tn trying to clean up Bush's mess.
Unfortunately, now the interest on $17Tn of deficit spending is $250Bn a year, which used to sound like a lot of money before we had $17Tn deficits… Essentially, it's 10% of our total tax revenues going to pay interest on the debt – and that's only the 3% rate. If rates ever go up, we are massively screwed.
Very nice Wombat!