I think he believes Americans can all be millionaires by the Feds' chugging up the printing press...
Posted on 07/28/2011 2:36:47 PM PDT by SeekAndFind
A friend who’s been watching the absurd machinations in Congress asked me “what happens if we don’t solve the budget crisis and we run out of money to pay the nation’s bills?”
It was only then I realized how effective Republicans lies have been. That we’re calling it a “budget crisis” and worrying that if we don’t “solve” it we can’t pay our nation’s bills is testament to how successful Republicans have been distorting the truth.
The federal budget deficit has no economic relationship to the debt limit. Republicans have linked the two, and the Administration has played along, but they are entirely separate. Republicans are using what would otherwise be a routine, legally technical vote to raise the debt limit as a means of holding the nation hostage to their own political goal of shrinking the size of the federal government.
In economic terms, we will not “run out of money” next week. We’re still the richest nation in the world, and the Federal Reserve has unlimited capacity to print money.
Nor is there any economic imperative economic to reach an agreement on how to fix the budget deficit by Tuesday. It’s not even clear the federal budget needs that much fixing anyway.
Yes, the ratio of the national debt to the total economy is high relative to what it’s been. But it’s not nearly as high as it was after World War II – when it reached 120 percent of the economy’s total output.
If and when the economy begins to grow faster – if more Americans get jobs, and we move toward a full recovery – the debt/GDP ratio will fall, as it did in the 1950s, and as it does in every solid recovery.
(Excerpt) Read more at businessinsider.com ...
...another delusional POS
the Federal Reserve has unlimited capacity to print money.
My god, this dwarf had a place in government??
I suppose I should write this off as just the democrat
mentality but it’s even more stupidly insane.
Reich had a REAL growth crisis...
Robert is personally too short on talking points so he has to look up to others for their talking points and steal them.
His efforts will be short lived because those who he steals from will stand tall and overshadow him anyway.
Now there’s a name I really, really trust. The biggest socialist of the all.
“The federal budget deficit has no economic relationship to the debt limit.”
Pompous parsing...
When did Zero change parties?
Let's examine the musings of a far superior intellectual perspective than that which exists in the head of Reich.
From Thomas Jefferson on "paper money":
"That paper money has some advantages is admitted. But that its abuses also are inevitable and, by breaking up the measure of value, makes a lottery of all private property, cannot be denied." - Thomas Jefferson to Josephus B. Stuart, 1817. ME 15:113
"The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals... it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted." - Thomas Jefferson to John W. Eppes, 1813. ME 13:430
"Scenes are now to take place as will open the eyes of credulity and of insanity itself, to the dangers of a paper medium abandoned to the discretion of avarice and of swindlers." -Thomas Jefferson to Thomas Cooper, 1814. ME 14:189
"The evils of this deluge of paper money are not to be removed until our citizens are generally and radically instructed in their cause and consequences, and silence by their authority the interested clamors and sophistry of speculating, shaving, and banking institutions. Till then, we must be content to return quoad hoc to the savage state, to recur to barter in the exchange of our property for want of a stable common measure of value, that now in use being less fixed than the beads and wampum of the Indian, and to deliver up our citizens, their property and their labor, passive victims to the swindling tricks of bankers and mountebankers." --Thomas Jefferson to John Adams, 1819. ME 15:185
"Private fortunes, in the present state of our circulation, are at the mercy of those self-created money lenders, and are prostrated by the floods of nominal money with which their avarice deluges us." - Thomas Jefferson to John W. Eppes, 1813. ME 13:276
"It is a cruel thought, that, when we feel ourselves standing on the firmest ground in every respect, the cursed arts of our secret enemies, combining with other causes, should effect, by depreciating our money, what the open arms of a powerful enemy could not."K/b> - Thomas Jefferson to Richard Henry Lee, 1779. ME 4:298, Papers 2:298
Robert Reich. Napoleonic complex?
Short people got ....
"To preserve [the] independence [of the people,] we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude. If we run into such debts as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our callings and our creeds, as the people of England are, our people, like them, must come to labor sixteen hours in the twenty-four, give the earnings of fifteen of these to the government for their debts and daily expenses, and the sixteenth being insufficient to afford us bread, we must live, as they now do, on oatmeal and potatoes, have no time to think, no means of calling the mismanagers to account, but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:39
"I deem [this one of] the essential principles of our government and consequently [one] which ought to shape its administration:... The honest payment of our debts and sacred preservation of the public faith." --Thomas Jefferson: 1st Inaugural, 1801. ME 3:322
"I sincerely believe... that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale." --Thomas Jefferson to John Taylor, 1816. ME 15:23
"[With the decline of society] begins, indeed, the bellum omnium in omnia [war of all against all], which some philosophers observing to be so general in this world, have mistaken it for the natural, instead of the abusive state of man. And the fore horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression." --Thomas Jefferson to Samuel Kercheval, 1816. ME 15:40
You got that right.
Job & Growth crisis... hmm... I remember Boehner & other Republicans talking about jobs and growth for days, weeks, months, Mr. Reich. Maybe you need to clean out your ears?
So let me get this right...he just wants more growth and more jobs to get more taxes to keep spending like a spoiled rotten kid with a new Platnimum American Express?
Why can’t socialist just see reality and know it is their spending that is killing the growth and jobs?
OK Reich . . . then why the panic to raise the debt limit?
That ignorant little dwarf doesn’t understand that there’s a job and growth crisis *because* we have a debt crisis.
“Robert Reich: Don’t Fall For GOP Lie: There’s No Budget Crisis; There’s A Job & Growth Crisis”
Well...if anyone ought to know about a growth crisis, it would be Robert Reich.
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