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Sirota writes: "Thank you, Mr. Speaker, for finally admitting on national television that all the fiscal cliffs, sequestrations and budget battles you’ve created are, indeed, artificially fabricated."

Speaker of the House John Boehner. (photo: AP/Susan Walsh)
Speaker of the House John Boehner. (photo: AP/Susan Walsh)

GOP: We've Been Lying All Along

By David Sirota, Salon

18 March 13


Boehner's admission that we don't really have a debt crisis reveals his party's ulterior, program-cutting motives.

never thought I'd write these words, but here goes: Thank you, John Boehner. Thank you, Mr. Speaker, for finally admitting on national television that all the fiscal cliffs, sequestrations and budget battles you've created are, indeed, artificially fabricated by ideologues and self-interested politicians and not the result of some imminent crisis that's out of our control.

America owes this debt of gratitude to Boehner after he finally came clean on yesterday's edition of ABC's "This Week" and admitted that "we do not have an immediate debt crisis." (His admission was followed up by Budget Committee Chairman Paul Ryan, who quickly echoed much the same sentiment on CBS' "Face the Nation").

In offering up such a stunningly honest admission, the GOP leader has put himself on record as agreeing with President Obama, who has previously acknowledged that demonstrable reality. But the big news here isn't just about the politics of a Republican House speaker tacitly admitting they agree with a Democratic president. It is also about a bigger admission revealing the fact that the GOP's fiscal alarmism is not merely some natural reaction to reality, but a calculated means to other ideological ends.

Before considering those ends, first remember that Boehner (like Obama) is correct on the facts.

As Nobel-winning economist Paul Krugman has pointed out, "Even if we do run deficits, federal debt as a share of GDP will be substantially less than it was at the end of World War II" and "it will also be substantially less than, say, debt in several European countries in the mid- to late 1990s." It is also lower than the 80 percent of GDP level that many economists say starts to put countries in a precarious position. Additionally, citing Congressional Budget Office data, the Center for American Progress notes that the long-term debt outlook is only dire because the projections simply assume without question that "future Congresses will enact huge new deficit-increasing tax cuts and spending hikes."

"The debt outlook is bad (but) we’re not looking at something inconceivable, impossible to deal with," writes Krugman. "We’re looking at debt levels that a number of advanced countries, the US included, have had in the past, and dealt with."

So yes, we should start dealing with the long-term debt in a pragmatic and sober way, but we shouldn't pretend it is some sort of imminent crisis worthy of draconian austerity measures.

If we could somehow do that, then there would be plenty of gradual steps that could be taken right now - steps that deal with the debt in measured ways that do the least harm to the overall economy. Those include starting to phase out the Bush tax cuts, which show no correlation with job growth and yet are the single largest driver of annual deficits; starting to reduce defense and war spending, which, job-creation-wise, is one of the least effective ways for the government to spend money; starting to move the United States toward the least costly, more efficient, and more effective single-payer healthcare system that most industrialized countries have, and that lowers overhead for employers; and starting to spend more money on social programs that fight economic inequality, with the understanding that driving down such inequality tends to boost macroeconomic growth and consequently boost public revenues (this is the Reagan-esque idea of growing one's way out of debt).

But, of course, we aren't having a sober and measured discussion about such pragmatic solutions. Instead, the national conversation about the budget is dominated by debt demagogues with ulterior motives. Taking a page out of the shock doctrine playbook that says every crisis is an opportunity, these alarmists have sought to create the perception of an immediate crisis in order to quickly manufacture opportunities to legislate their otherwise politically impossible agenda items.

In practice, that means Wall Streeters and conservative ideologues citing the supposedly imminent crisis to successfully nudge the political establishment to endorse cuts to Social Security, even though the program has almost nothing to do with the debt crisis. It also means a GOP budget that targets most of its cuts at the social programs that the poor and middle-class most rely on (this, at the same time most of these same alleged budget hawks supported an extension of most of the deficit-expanding Bush tax cuts; decry any cuts to the defense budget; and either outright oppose a single-payer system or support the Obama healthcare law that while certainly expanding coverage, nonetheless buttresses the private health insurance industry and, thus, arguably makes such a single-payer system more out of reach).

From Boehner to Ryan to the Bowles-Simpson tandem to an unending parade of television pundits, the last year has been marked by the most prominent political voices ignoring the more prudent way forward, and instead claiming that these shock doctrine prescriptions - i.e., Social Security/Medicare cuts, social program cuts, etc. - are all required. And not just required, but required immediately, because of the supposed urgency of the debt crisis.

Using that supposed urgency as a rationale to create fiscal cliffs, sequestration battles and debt ceiling crises, their talking points have lately assumed a similar tenor to that of the old Thatcherites' "There Is No Alternative" mantra, the idea being that because the emergency is supposedly so imminent, there is simply no other way forward than the conservative neoliberal path of profligacy for the rich (tax cuts, continued corporate subsidies, etc.) and austerity for everyone else.

But suddenly, thanks to yesterday's declarations by Boehner and Ryan, the charade's most sacred lie has been exposed. In acknowledging that "we do not have an immediate debt crisis," GOP leaders are admitting that there is, in fact, an alternative. They are also admitting that their longtime claims to the contrary were ends-justify-the-means tactics to manufacture an unnecessary panic - one that they hoped would scare America into abruptly accepting the kind of draconian policies polls show the public opposes.

Now that the truth is out, maybe a more reasoned debate can begin and more pragmatic policies can finally take center stage. your social media marketing partner


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+65 # ER444 2013-03-18 15:35
Fat chance :))))
+201 # Kayjay 2013-03-18 17:05
The GOP rat-finks have been plotting to "starve the beast," for many years. Their real intentions have never been hard to discern for those paying attention. If anyone.... really wants to cut spending, it's beyond time to cut MILITARY adventurism and obscene war-making. It would be nice to see our state department really embrace diplomacy, and eschew bomb dropping. Diplomacy, not bombs and talking over world problems would save a whole lotta dollars. Remember, Ike warned us.
+57 # Rita Walpole Ague 2013-03-19 03:33
Yes indeed, Kayjay, Ike did warn us. But, unfortunate truth that it is, we the sheeple in the U.S. of (greed and power) A.(ddiction) have only one thing we top the world with - being naive. We are dumbed down beyond belief ('every child left behind') and wide open to all the karlroving MSDing (manipulation, spin, distracting). Cannot understand what constitutes this 'debt crisis' can we (manipulation caca), or where our true debt is based (lied into and unpaid but very profitable for the villainaires war in Iraq).

This past Sunday, St. Patrick's Day, it came to mind my dear Irish cousin's truthtelling me, a few years back in the Emerald Isle: "You Yanks are so naive." So right she was and is.
+15 # Texas Aggie 2013-03-19 09:42
Or for those who haven't been paying attention either, for that matter.
+16 # Michael Lee Bugg 2013-03-19 11:22
Indeed Kayjay, many of us have noticed this for the past four years, but some of us have noticed since Bush "won" in 2000 and Grover Norquist said, "Now we are going to shrink the federal government till it will fit into a bathtub, and then drown it!"! Their plan was initiated with Bush's 3 tax cuts, 2 wars, and ramped up defense spending in as many congressional districts as possible! The Neo-cons did not count on killing the economy in the process, but that aided their agenda by making the deficits even worse! If you were really paying attention the Republican agenda has been obvious since LBJ signed the much despised, by Republicans, Medicare into law and early welfare programs. And if you really, really have been paying attention, the Republicans agenda has been obvious since they fought FDR on Social Security and everything else he did for the working poor and unemployed! The question is, why has Obama been unable to see what we see, or express that point clearly if he does? I think it is because be is among the new "Chicago Democrats" who are much like the Clinton Democratic claque who don't really disagree with "trickle down" economic policies, hence four years of fudging and premature compromises and widespread progressive and liberal disappointment. When Obama often said in his first year, "this is what should be done, now make me do it," he
was serious!!!
+4 # Eldon J. Bloedorn 2013-03-19 23:19
While the Republicans have been trying to drive home the idea that big government is "bad" they somehow forget that expanding the number of military soldiers during the Bush/Cheney years was a tremendous expansion of the government including the thousands of contractors stationed in Iraq and Afghan, serving the military. Bill Maher stated that Homeland Security has expanded to one million participants. That is a very big government expansion. What the Republicans really want is for you to understand, make sure that "we the Republicans do not need (another) government when we the Republicans are your corporate government. Why do we need you who oppose us? Isn't redundant to have two governments? When you citizens have us the Republicans looking out for, errr, you, Isn't Democracy a form of treason?"
+141 # universlman 2013-03-18 19:17
First, before we even try to fix our tax code, we have to rid the Congress of obstructionists , deniers, and thugs.
+34 # RLF 2013-03-19 07:44
Of course you mean we need to throw them all, save a half dozen, out on their asses?
+120 # phrixus 2013-03-18 20:03
I wonder what hidden agenda the GOP's latest remarks conceal?
+33 # RLF 2013-03-19 07:45
Probably that their business handlers are losing too much money with their brinksmanship.
+7 # Working Class 2013-03-20 18:38
Quoting phrixus:
I wonder what hidden agenda the GOP's latest remarks conceal?

Mike Lofgren, former Republican staffer puts it clearly in his book, "The Party Is Over". GOP = "Guardians of Privilege". All their policies and agendas revolve around that concept.
+171 # jmac9 2013-03-18 20:19
Republicans destroyed America.
8 years of Bush-Cheney Republicans caused the economic disaster we are still suffering through.

Republicans are the same nuts as the Bush gang years and their agenda is still the same.

Republicans are against you.

But there seems to be a bunch of American voters who are a dumb as mud who still vote their racism, hatred of women, christian whacko, gun nut, and rich corporate agenda.
+13 # RLF 2013-03-19 07:46
Demopublicans since Clinton have certainly done their share.
+30 # mjc 2013-03-19 09:16
Nothing is clearer than your first sentence, "Republicans destroyed America. 8 years of Bush-Cheney Republicans caused the economic disaster we are still suffering through." in the light of the anniversary of our invasion of Iraq ten years ago today.
+33 # Mouna 2013-03-18 22:33
Well! If this "admission" doesn't raise all our hackles to the point of real action, we're bigger fools than even the rest of the world
sees us!
+31 # ghostperson 2013-03-18 22:40
Given that "starve the beast (government) until it's the size you can drown it in a bathtub" has been the right's long-term unwavering mantra, why would the speaker or Eddie Munster ever break message?

It's not like either gives a rat's butt about the GOP's reputation among normal humans. Why cave now?

Do they think that the about face makes the GOP appealing to more voters as opposed to making the party look even more like ignorant assholes that toy with the lives of hardworking Americans because they can and like to do it?
+40 # X Dane 2013-03-18 23:20
The GOP brought us to the brink in 08. The middle class is still teetering on the edge. trying to climb back up.......but now the republicans want to push them off the ledge and down in the abyss .....The poor......don't have a chance.

ANY program they NEED is going to be axed, so the oil companies and the millionaires can get a tax break....And children needing preschool...als o out of luck.

The republicans only know how to use a machete. Destroy is all they want to do. They STILL want to sink Obama's Presidency..... .At ANY cost
+11 # Lolanne 2013-03-19 10:20
Quoting X Dane:
The GOP brought us to the brink in 08. The middle class is still teetering on the edge. trying to climb back up.......but now the republicans want to push them off the ledge and down in the abyss .....The poor......don't have a chance.

ANY program they NEED is going to be axed, so the oil companies and the millionaires can get a tax break....And children needing preschool...also out of luck.

The republicans only know how to use a machete. Destroy is all they want to do. They STILL want to sink Obama's Presidency......At ANY cost

I agree completely, X Dane, and this article leaves me puzzled and uneasy. I do not trust anything from the repukes, and like someone else said, this only makes me wonder what ulterior motives Boner and Ryan had in what they said. They've repeatedly demonstrated they don't seem to care a whit about public opinion, and we can rest assured they haven't suddenly "seen the light" (I'll believe that only when hell freezes over!) why did they make these statements? Seems kind of a stretch to think they're just trying to be part of the new image the greedy old pigs are trying to cloak themselves in.
This bears watching, carefully.
+13 # charsjcca 2013-03-18 23:23
Reveal the black budget and repeal the Tax Reform Act of 1986. Then we can end the chasing of our tails. We really do not need a Congress with the technology we now have. That is an added expense that we can do without.
+19 # elbajoeste 2013-03-18 23:41
Never trust a venomous snake.
+26 # ALinSTL 2013-03-19 00:27
+21 # Doctor J 2013-03-19 08:48
Yes, ALinSTL. I am not sure where they learned their catechism. They do the exact opposite of everything Jesus asked of His followers. They have sold their souls to the highest bidder.
+3 # Cassandra2012 2013-03-19 17:03
Stop shouting please.
+4 # flippancy 2013-03-20 13:53
Quoting Cassandra2012:
Stop shouting please.

While I find all caps annoying, there are people with bad eyesight who need them. If they're not skilled typists it's the only way they can be sure they are saying what they intend. It's possible that's happening here.
+29 # vitobonespur 2013-03-19 00:49
I would rather elect a crooked Democrat than a "straight" Republican. Sorry, but that's just the way it is.
+37 # georip 2013-03-19 01:06
My goal is to cut government in half in twenty-five years, to get it down to the size where we can drown it in the bathtub.
Grover Norquist

If the GOP can slash the government budget enough of course the government programs won't work. And look at the constraints that they are putting on the Post Office so it can't succeed, although by any logic it is a great success and an important service.
+29 # ABen 2013-03-19 01:11
The GOP; willing to hobble out economic recovery for political reasons AND because they can't stand the fact that a Dem beat them twice. The current iteration of the GOP is despicable.
+17 # hawaiigram 2013-03-19 02:17
I have a question.

To WHOM are "we" in debt?
+4 # teineitalia 2013-03-19 12:58

what an excellent question. I believe that the answer may actually be that we are indebted to China; however I'm not well versed on geopolitical finance or transnational banking, so I could be way off. I'm hoping someone on RSN can actually answer that question. To whom, indeed...
+3 # X Dane 2013-03-19 18:14

We owe the biggest part to China and Japan, and a few more countries, minor amounts.
+4 # flippancy 2013-03-20 13:54
Quoting X Dane:

We owe the biggest part to China and Japan, and a few more countries, minor amounts.

Actually our debts to China, Japan and other countries is a pimple on the butt. Our debt is about 95% to ourselves.
+34 # hannibal 2013-03-19 04:42
Okay, so now we think, the cat.b is out of the bag so to speak. What now? Is there anyone truly believe that this will make much difference to the American voters?

Will this make much difference to the American people who have watched during the last 2 years of the frontal attack on women's rights and the absolute attack on the constitution by so many of the Republican run states ?

Where is the outrage by the American people while voter suppression and every possible attempt by the very same Republican run states to reduce the number of Democrat legislators elected?

Where is the Justice Department hiding and not fighting against what is so obviously an unconstitutiona l action of gerrymandering? Why is Holder hiding and has continued to run away from major constitutional and perhaps even criminal actions that are being used to "fix" the elections by playing around with making new voting districts?

What now? Just more talk, no real action, and we watch the country being driven more and more to the far right.

This is nothing new. This war on the left of center America began more than 25 years ago and has, with great stealth, continued except now this effort has become more visible. Despite this, the American people are not upset enough to show their outrage and anger at the polls and the character and ethics of those running for these positions, both Republican and Democrat, are becoming more and more questionable.

So very sad this is now our
+4 # X Dane 2013-03-19 18:34
hannibal. I completely agree that the republicans are using an enormous amount of dirty tricks and absolutely repressing the vote in a number of ways.

Which I might add, Eric Holder and the Justice Dept. WAS fighting and in MANY cases preventing. As much as I hate the gerrymandering, the democrats do it too when THEY are in the majority.

The problem is, that the republicans pretty much has a stranglehold on the democrats, for the districts have been engineered in such a way that all the T bags in charge are doing the bidding of THEIR constituents.

WE would like to see the T bags voted OUT, but that obviously will NOT happen, when the VOTERS in their districts want them in the house. Democrats are so out of luck. I really can't see when they will be able to prevail??
+5 # CL38 2013-03-19 21:38
You are absolutely right that this started a long time ago, but it's more like 40 years ago when the far right organized and funded a shift to elect far right candidates from the bottom up, meant to shift the country to the far right. They've succeeded beyond their wildest dreams.

I am from the late sixties, don't understand why people are so passive, aren't out in the streets marching to show their rage and anger and a dedication to the life and country we once had.

If people don't even care enough to demonstrate, we are really sunk. Corrupt politicians are only too happy to see that American's don't care enough to fight...they'll be overjoyed to continue taking Democracy down and installing oligarchy.
+21 # flippancy 2013-03-19 05:00
Anyone who thinks there is anything good in any of the Republican agenda is dumber than a bag of hammers.
+35 # flippancy 2013-03-19 05:02
jmac9, Don't put this all on Bush, it was the highly overrated stumblebum Reagan who doomed us, Bush just followed the Reagan policies.
+23 # tuandon 2013-03-19 05:14
These fine upstanding Rethuglican Christianists have been carrying on a jihad against the poor, minorities, and women for decades, if not longer. To see them admit it, finally, leaves me amazed. I hope it wakes up a lot of the benighted clods who have been supporting them, but who earn less than $500 000 a year...
+4 # X Dane 2013-03-19 18:50
500.000????? what about the people who make 35.000--60.000? ??. I am on a scolarship committee. My club work to earn money for scholarships, and the students we are evaluating have parents with the aforementioned yearly incomes.

The students have stellar grades and volunteer extensively in the community, but they have a long tough road ahead of them for they will end up with big student loans. since the parents obviously can not help financially.

The daughter of one of my friends is a Physical Therapist. She has a debt of 250.000 dollars at 8% interest. She may never get out of debt, her mother said.
+33 # walt 2013-03-19 06:07
Lying is an important part of the Republican party.

They have created all the myths for the country starting with Bush and Cheney selling fear of terrorists to us all. Lately we have endured the threats of "socialism" which will result from "Obamacare," the debt ceiling debacle in 2011, and now the latest creation-the "fiscal cliff."

Meanwhile, we have had to endure the likes of Boehner, Ryan, Romney, McConnell, Cruz, Paul, Bachmann, and many more! What a miserable, out-of-touch, mean-spirited party the Republicans are. Wasn't it bad enough they took us into two wars and collapsed economy?
+3 # X Dane 2013-03-19 18:52
NO they keep on keeping on.
+36 # corallady 2013-03-19 06:54
In reply to jmac9's last paragraph: "But there seems to be a bunch of American voters who are as dumb as mud who still vote their racism, hatred of women, christian whacko, gun nut, and rich corporate agenda," I would suggest reading Thomas Frank's book "What's the Matter with Kansas?" which explains all of that in detail. It is a constantly relevant book in light of how many Americans vote against their own best interests because they're so hung up on some social issue. Excellent book.
+11 # Doctor J 2013-03-19 08:42
Quoting corallady:
In reply to jmac9's last paragraph: "But there seems to be a bunch of American voters who are as dumb as mud who still vote their racism, hatred of women, christian whacko, gun nut, and rich corporate agenda," I would suggest reading Thomas Frank's book "What's the Matter with Kansas?" which explains all of that in detail. It is a constantly relevant book in light of how many Americans vote against their own best interests because they're so hung up on some social issue. Excellent book.

Excellent suggestion!
+27 # fredboy 2013-03-19 07:37
Republicans are so arrogant these days they will admit they lied then expect credit and respect for the admission. Amazing. Used to work with assholes like this and decided to retire early.
+3 # X Dane 2013-03-19 18:55
You are lucky that you COULD retire early.
A lot of people would love to but CAN't.
+4 # neohip 2013-03-19 08:39
Yes, thank John Boehner for admitting the ruse, but are we to not think that the Democrats and even the president knew this was a ruse but went along with the charade? Our government works only for the power elite and the way they have the game rigged nothing short of a revolution will change this.
-33 # Don Thomann 2013-03-19 09:10
"...more reasoned debate..." Don't hold your breath. There still is a black man in the white house.........
+6 # tbcrawford 2013-03-19 11:59
+15 # mjc 2013-03-19 09:11
The ultra conservative GOPPER, aligned with the Tea Party reactionaries, have only one real goal in mind in their lies and story telling about the debt and the deficit is to dismantle Social Security, Medicare and Medicaid. They appeal to only portion of the American electorate, the 1% or 2% wealthiest. The rest of Americans can be satisfied with the crumbs from their table. The only difference today is that there is an open admission of that goal, a disdain for middle class and working class goals and bit of a whimper about becoming the last of the white men in control in this country.
+5 # X Dane 2013-03-19 19:05
I wonder WHAT will happen when the T bags
see THEIR medicare, medicaid become vouchers?? and the social security they NEED being severely cut???
+3 # mjc 2013-03-20 16:23
I call them Teapublicans but basically...the y don't think! What they do believe is that they will continue their work to dismantle American government as best they can. What they dojn't realize is that the Tea Party and the Republicans don't really object to government, they object to not having the dominant role in that government.
+12 # oakes721 2013-03-19 10:28
The TRUTH from the mouth of a LIAR becomes immediately suspect. Best declare this an imminent attack and declare a state of emergency, marshal law ~ placing TRUTH in indefinite detention to be further tortured by right wing regurgitations.
+17 # banichi 2013-03-19 10:47
For all the history of the conservatives, the Republicans, and yes the Democrats - remember that the repeal of the Glass-Steagall Act with the Gramm-Leach-Bli ley Act was accomplished in the last days of the Clinton administration with the active encouragement of Greenspan, Summers and Rubin, all financial advisers and members of the Clinton administration.

It isn't just Republicans, it is Democrats as well. And the naive belief in the American Dream by many Americans who don't want to stand up for their Constitutional rights for whatever reason is part of the cause as well: for whatever reasons, some 40% of Americans eligible to vote in the 2012 election, stayed home and did not vote. That's how many of us don't think voting makes any difference.

I guarantee that if even 90% of eligible voters turned out to vote in an informed way on the issues that affect them, it would change what is happening. But they don't. A 60% turnout is a tragic statement about the citizenry of our country. It is what allows the wealthy, the corporations, and the politicians who secretly and not so secretly represent them, to lie to us so effectively. Because they know that at best, 60% of us are even paying attention.
+15 # motamanx 2013-03-19 12:50
No one seems to want to mention Grover Norquist, who somehow has managed to get many republicans and all tea partiers to sign some pledge that will not allow them to raise taxes on the rich. In my view this is treason, as such a pledge trumps the congress' Oath of Office to protect the country. That oath doesn't say: Protect the Rich. But Norquist's does. Whoever signed or espouses Norquist's philosophy ought to have his votes scrutinized, and his term of office truncated. Wake up, people!
+7 # Kathymoi 2013-03-19 18:54
The only surprise here is that a republican said there was no crisis.
There is no debt crisis. But there is a concerted effort, world wide, to destroy the middle class. To do that, defunding programs that enable a society with a middle class is a necessity. How to get rid of the middle class when it has education, food, and safety nets? All of these things have got to go in order for the oligarchy to completely run everything, their way. And they are working on it, overtime.
+7 # CL38 2013-03-19 21:27
The Bush/Cheney administration over 8 years created the debt and deficit (after starting with a surplus) and are now using the debt they created to go after the middle class, Social Security, Medicare, student loans, etc., this is an absolute outrage that
WE should be loudly holding Republicans accountable for.
+6 # kochadoodledoo 2013-03-20 04:45
I wonder why no one ever mentions that tax rates for up to 23% of the wealthiest Americans were never lower than 70% when we were involved in a war, and in fact never went lower than 70% for 45 straight years and 12 presidents prior to Reagan. Currently many CEOs earns 500 times that of a worker and those at the top are reaping disproportionat ely large gains while our legislators argue over a "minimum" wage that isn't even a "living" wage. Tax them! They'll still be wealthy beyond any human's needs, they'll maintain their prestige, and they'll pay THEIR DEBT to the American people.
+3 # MendoChuck 2013-03-20 18:22
I wouldn't worry to much about debt right now.
If things keep up with the banks in Europe and the Chinese begin dying from the pollution there won't be enough left to really concern yourself about.

But then again most of the American Public seems to be content with watching American Idol and voting for the same politicians that got us into this mess in the first place.

I am sure that corporate america will see that nothing changes unless there is a way to make a profit from it.
+2 # USA2012??? 2013-03-21 08:50
What: that's it? Ha ha ha, "GOP: We've Been Lying All Along." No consequences for the upheaval these morons have caused for those who have been negatively affected as a result of their political folly?

Therein lies the problem: no reprisal for the GOP's reckless behavior to deter them from doing something nationally non constructive at the expense of the nation's well being! As if politicians don't have enough of a bad image already even when trying to do the right thing.
0 # Straight-Ahead 2013-03-30 11:30
"this is the Reagan-esque idea of growing one's way out of debt"

That's a Keynesian notion, I reckon. the usual approach in America, as after WWII, is to inflate our way out of debt. The essence of Capitalism is welshing on debts. Intentional inflation is a variation on this, a sort of Capitalism Lite. If ya can't welsh on the debts completely, welsh on part of it by devaluing the dollar.

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