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Quote: “In ancient Greece, the saying went that a democracy dies as soon as the public realizes it can vote itself the keys to the treasury. After three rounds of stimulus—and with a fourth round under consideration—let’s hope for the sake of our democracy that the public doesn’t catch on.”
Unfortunately, they already have.
“Of course, in the long run, the economy would recover on its own.” One of the things we learned, or should have learned, from the Great Depression was that, sometimes, the economy will not recover on its own.
But generally the advice to spend when times are bad and “spend down” when times are good is reasonable. 2019 was a horrendous policy mistake. But we can recover from it if we raise taxes on corporations those who can afford to pay a little more, and spend wisely; infrastructure, education, research, child care. We might want to look back to the Eisenhower era for policies that had a long term positive impact on this country. A time we invested in ourselves.
And, if we can reduce the deficit to an amount below the economy’s growth rate, we can use growth to reduce the per capita debt.
A major increase and ongoing impact to the deficit was the corporate tax cut which not only decreased corporate taxes – many to zero – but decreased taxes of many (perhaps wealthier) citizens with substantial shares of stock.
Jobs have not materialized nor will the economy grow as predicted to replace the massive loss of revenue. The trickle down to bounce up scenario is not working. Middle America – meaning the continuously shrinking so-called middle class — has been sold a great plan that will not be realized. People can massage the economy by using the stimulus dollars; or, will the economy/debt experts-du-jour suggest that folks return the cheques to the Feds?