Morons and/or subversive

Cut Public Debt Levels to 50% of GDP: OECD

9 Responses

  1. Subversive morons? Just when you think a little progress is being made, the pandering to the deficit hawks and deficit doves shifts to overdrive,
    No one in government seems to have the courage to tell the truth

  2. I guess they got this news release just yesterday and stopped reading what happened afterwards

    Statement by President Herbert Hoover on March 8, 1932.

    “Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business. I cannot overemphasize the importance of the able nonpartisan effort being made by the Ways and Means Committee and the Economy Committee of the House whose work are complementary to each other.

    1. @Sidchem,

      Had gold been nominally priced at its real value (~$40-50? vs $20), and had ongoing additions to the gold supply (or related adjustments) been close enough to optimal, Hoover would probably have been right. “Crowding out” can happen under a gold standard.

      That said, there are fair arguments to be made (from both sides, imo) re just distribution of resources under gold vs fiat. Economic efficiency too (cue the Mises Inst acolytes gasping in horror…).

  3. I can’t believe this kind of agenda flows from honest economists who are simply misguided by theory. I suspect hacks who are bought and paid for.

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