• futatorius@lemm.ee
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    7 months ago

    And we absolutely worked in a bipartisan manner towards balancing the budget until Reagan.

    Balancing the budget is profoundly foolish fiscal policy. Long evidence has shown that countercyclical fiscal policy (running deficits during recessions; paying them down during times of growth) is far more effective. It is imbecilic to cut government spending during recessions when the need for government services is greatest, and it exacerbates economic downturns by removing liquidity from the economy at a time when it’s already short.

    • Maggoty@lemmy.world
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      7 months ago

      I never said it was good policy. Clinton was the last president to make it a thing, and by the time Obama came into office MMT was taking precedence. Bush either didn’t care or shrewdly covered his use of MMT with PR about fiscal conservatism. Now days I hardly ever hear about balancing the budget, fiscal conservatism is also being reduced to hate. They’re just weaponizing it against the poor instead of people who aren’t CIS het. god fearing, white men.