Copyright © 2016 - 2021, The Troy Press
Copyright © 2016 - 2021, The Troy Press
Copyright © 2016 - 2021, The Troy Press
Nancy Pelosi is living in a Clintonian past, as a key part of her plan, should Democrats retake the House and install her as Speaker, is to institute the fine-a-the-time policy, some 20+ years ago, in an economic boom, of "Pay-Go", a policy of ensuring all new budget expenditures are "paid for" either by offsets in spending elsewhere or by increases in revenues to match.
Sure, it sounds fine, and it helped us be on track to eliminate the entire federal debt by the end of Bush Junior's two terms in office. But, of course, Shrub ended the policy and the debt, fueled by insane tax cuts on those most able to pay taxes, is now at stratospheric levels never seen in history.
But to behave as if debt is always bad and handcuff policies that could help get us back into a new booming period is simply idiotic policy
As noted in the source article:
Progressives have grown incensed by Pelosi's insistence on budget neutrality. "The pay-go thing is an absurd idea now, given the times and given what's already been done to curry favor with corporate America," Rep. Raúl Grijalva, D-Ariz., said to The Hill in June. ... [It is] "irresponsible to try to tie up Congress's ability to respond to economic downturns or, in the current discussion, to slash programs."
Stephanie Kelton, a former Bernie Sanders Staffer said:
"pay-go is a self-imposed, economically illiterate approach to budgeting." Republicans "have unabashedly used their power to expand deficits and, hence, deliver windfall gains for big corporations and the already well-to-do." ... "Instead of vowing budget chastity, Democrats should be articulating an agenda that excites voters so that they can unleash the full power of the public purse on their behalf."
Indeed!
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