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Pre-globalism tax schemes that no linger work
Stockman does not like Trump and here, he writes about all the bad things that the GOP is doing. The guy is very smart but, not infallible. Heer are a few quotes.
Five shutdowns occurred while you editor was a member of the US House (1977-1981) and another six during his stint as director of OMB. The idea back then, needless to say, was that shutdowns came about mainly when anti-spenders refused to capitulate to the incessant demands of the swamp creatures for more appropriations, pork and graft.
The Donald's asinine action last fall in trigging the prospective March deportation of 700,000 Dreamers has merely created the opportunity for the xenophobic anti-immigrant faction of the GOP to take a stalled appropriations process hostage for purely partisan purposes.
That's right. There would have been absolutely nothing wrong with adding a rider to the pending CR to avoid the insanity of shipping 700,000 innocent residents----85% of whom are employed or in school----back to the "home" countries they barely remember, if at all. And all because their parents committed a misdemeanor crossing the US border decades ago in search for work; and in an economy that is now fixing to see a 10 million reduction over the next two decades in the native born workforce owing to the quasi-barren white wombs of contemporary social fashion.
I can assure you that illegally entering the country is not a misdemeanor. Stockman does make the point here that the native birth rate just isn't high enough.
,,an interim game of political chicken about 700,000 Dreamers, who at the end of the day will not be deported and who will eventually get a path to citizenship.
That's because they, and millions of more immigrants to come, comprise the only available "growth" margin for the US work force in the decades ahead; and therefore constitute the next generation of Tax Mules which will be absolutely necessary to support today's 50 million retirees.
The southern border was left open to compensate for the lack of births in the native population. Has anyone worked out how many births America needs in a fully automated "work force"?
Nor does it bear upon the current momentum-driven madness of the stock market, and especially not on the nation's $19.5 trillion economy. The impact of shutdowns in the past has been zilch, and so it likely will be again. Total BS
For crying out loud, not a single dime of the big juice from the Federal budget----entitlements, mandatory and interest expense (75% of total outlays)----will be slowed down by a nano-second owing to the "shutdown".
After all, the reason Washington is operating on its 3rd CR of the fiscal year and struggled a whole weekend to get a fourth one lasting a mere 16 days, lies in the utter irresponsibility of the Trump GOP approach to fiscal policy.
These clowns want to spend $120 billion on disaster relief without a single dime of off-setting cuts; raise defense by $80 billion when the Pentagon is already a $620 billion swamp of waste; appropriate $33 billion for an utterly idiotic Wall on the Mexican border when the problem could be solved by cancelling the $32 billion per year "War on Drugs" and putting up guest worker sign-up booths along the border.
Contra Corner ยป The Shutdown Scam: The GOP Is Now The Second “Government Party”
Stockman wants to see fiscal responsibility. GOV spends 24% of the GDP. What does he think will happen if GOV stops all that spending? Armstrong points out that GOV never pays off the public debt. Does it really matter if the deficit goes way up?
Meanwhile, it is not just the trillions of added red ink to fund tax cuts for corporations and the wealthy and to finance the GOP spending spree that is at issue. The GOP is proving itself to be the second pro-government party in even more insidious and craven ways.
To wit, it can no longer say with an iota of credibility that the short-term inconvenience of the shutdown is occurring in the name of 150 million current taxpayers and future generations of unborn Federal debt mules.
Will these tax mules even have a job?
To wit, the GOP is targeting $4.6 trillion of spending versus a post-tax bill revenue take which will be lucky to generate $3.4 trillion of receipts. Relative to the US economy that amounts to the absurdity of taxing 16.5% of GDP while spending 22.5%----and during month #111 thru months #123 of the current so-called business expansion.
The collapse in employment and aggregate wages has made it painfully obvious that the State can't survive on just taxes from workers. Stockman is thinking in pre-globalism strategies.
only tool left to stop the nation's fiscal doomsday machine---a government shutdown to bargain for deep spending cuts---into a complete scam and farce.
Needless to say, that's the real reason why this time is so very different. They will kick the can again on February 8 and several more times thereafter---until they run out of cash and smack into the reinstated debt ceiling of $20.44 trillion some time in March.
The Treasury will be borrowing up to $1.2 trillion on FY 2019 just as the Fed is unloading $600 billion from its bloated balance sheet.
Aside from all this, interest rates are going up. It will be increasingly expensive to service public debt. The treasury needs $trillions more at the same time that the CB intends to cut back. Every month that goes by, it will become more and more obvious that FED GOV won't be able to service the debt. It is already obvious that it can't pay it back.
Are "they" trying to create an impasse where the FED refuses to monetize U.S. treasury debt? Will this be used as an excuse for the Treasury to take over money creation?The FED GOV can't pay off the debt. FED GOV can't pay service on the debt unless the FED prints the money. FED GOV is pedal-to-the-metal in borrowing and spending. Will the default cascade be used as an excuse to rile up the "end the FED people"? Will the Treasury create some kind of crypto / blockchain organization to manage the money supply?
Stockman does not like Trump and here, he writes about all the bad things that the GOP is doing. The guy is very smart but, not infallible. Heer are a few quotes.
Five shutdowns occurred while you editor was a member of the US House (1977-1981) and another six during his stint as director of OMB. The idea back then, needless to say, was that shutdowns came about mainly when anti-spenders refused to capitulate to the incessant demands of the swamp creatures for more appropriations, pork and graft.
The Donald's asinine action last fall in trigging the prospective March deportation of 700,000 Dreamers has merely created the opportunity for the xenophobic anti-immigrant faction of the GOP to take a stalled appropriations process hostage for purely partisan purposes.
That's right. There would have been absolutely nothing wrong with adding a rider to the pending CR to avoid the insanity of shipping 700,000 innocent residents----85% of whom are employed or in school----back to the "home" countries they barely remember, if at all. And all because their parents committed a misdemeanor crossing the US border decades ago in search for work; and in an economy that is now fixing to see a 10 million reduction over the next two decades in the native born workforce owing to the quasi-barren white wombs of contemporary social fashion.
I can assure you that illegally entering the country is not a misdemeanor. Stockman does make the point here that the native birth rate just isn't high enough.
,,an interim game of political chicken about 700,000 Dreamers, who at the end of the day will not be deported and who will eventually get a path to citizenship.
That's because they, and millions of more immigrants to come, comprise the only available "growth" margin for the US work force in the decades ahead; and therefore constitute the next generation of Tax Mules which will be absolutely necessary to support today's 50 million retirees.
The southern border was left open to compensate for the lack of births in the native population. Has anyone worked out how many births America needs in a fully automated "work force"?
Nor does it bear upon the current momentum-driven madness of the stock market, and especially not on the nation's $19.5 trillion economy. The impact of shutdowns in the past has been zilch, and so it likely will be again. Total BS
For crying out loud, not a single dime of the big juice from the Federal budget----entitlements, mandatory and interest expense (75% of total outlays)----will be slowed down by a nano-second owing to the "shutdown".
After all, the reason Washington is operating on its 3rd CR of the fiscal year and struggled a whole weekend to get a fourth one lasting a mere 16 days, lies in the utter irresponsibility of the Trump GOP approach to fiscal policy.
These clowns want to spend $120 billion on disaster relief without a single dime of off-setting cuts; raise defense by $80 billion when the Pentagon is already a $620 billion swamp of waste; appropriate $33 billion for an utterly idiotic Wall on the Mexican border when the problem could be solved by cancelling the $32 billion per year "War on Drugs" and putting up guest worker sign-up booths along the border.
Contra Corner ยป The Shutdown Scam: The GOP Is Now The Second “Government Party”
Stockman wants to see fiscal responsibility. GOV spends 24% of the GDP. What does he think will happen if GOV stops all that spending? Armstrong points out that GOV never pays off the public debt. Does it really matter if the deficit goes way up?
Meanwhile, it is not just the trillions of added red ink to fund tax cuts for corporations and the wealthy and to finance the GOP spending spree that is at issue. The GOP is proving itself to be the second pro-government party in even more insidious and craven ways.
To wit, it can no longer say with an iota of credibility that the short-term inconvenience of the shutdown is occurring in the name of 150 million current taxpayers and future generations of unborn Federal debt mules.
Will these tax mules even have a job?
To wit, the GOP is targeting $4.6 trillion of spending versus a post-tax bill revenue take which will be lucky to generate $3.4 trillion of receipts. Relative to the US economy that amounts to the absurdity of taxing 16.5% of GDP while spending 22.5%----and during month #111 thru months #123 of the current so-called business expansion.
The collapse in employment and aggregate wages has made it painfully obvious that the State can't survive on just taxes from workers. Stockman is thinking in pre-globalism strategies.
only tool left to stop the nation's fiscal doomsday machine---a government shutdown to bargain for deep spending cuts---into a complete scam and farce.
Needless to say, that's the real reason why this time is so very different. They will kick the can again on February 8 and several more times thereafter---until they run out of cash and smack into the reinstated debt ceiling of $20.44 trillion some time in March.
The Treasury will be borrowing up to $1.2 trillion on FY 2019 just as the Fed is unloading $600 billion from its bloated balance sheet.
Aside from all this, interest rates are going up. It will be increasingly expensive to service public debt. The treasury needs $trillions more at the same time that the CB intends to cut back. Every month that goes by, it will become more and more obvious that FED GOV won't be able to service the debt. It is already obvious that it can't pay it back.
Are "they" trying to create an impasse where the FED refuses to monetize U.S. treasury debt? Will this be used as an excuse for the Treasury to take over money creation?The FED GOV can't pay off the debt. FED GOV can't pay service on the debt unless the FED prints the money. FED GOV is pedal-to-the-metal in borrowing and spending. Will the default cascade be used as an excuse to rile up the "end the FED people"? Will the Treasury create some kind of crypto / blockchain organization to manage the money supply?
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