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Stop the Fiscal Policy Illiterates.

By   Follow Me on Twitter     Message Robert Bostick       (Page 1 of 5 pages)     Permalink

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On September 2, 2016, Maya MacGuineas authored an article for Wa-Po's, "The Missing Debate" titled

"The first step: to stop digging."

She spouts the same misinformation as most other FPIs sponsored by the Peterson Foundation. Oh, FPIs are Fiscal Policy Illiterates. These are the folks who think the Federal government, issuing its currency, can run out of that fiat currency, thereby, rendering it broke. These same FPIs believe as if it were gospel, that America has "debt" in its own currency. This is illogical since Congress legislates authorizations and appropriations which the Executive Branch needs to incur obligations which are then paid for in the Federal government's currency, the dollar and not in a foreign currency.

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MacGuineas wrongly asserts that,

1. national debt is " ... a huge problem";

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2. deficit spending poses significant fiscal challenges:

3. entitlement programs need updating;

4. interest payments are the fastest growing part of the budget;

5. debt growth will slow wage growth, increase costs, and

crowd out important government investments.

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Her solutions:

1. no spending or tax reductions without offsets;

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Retired ('92)after working for every Administration since Truman, with the exception of the last 3 administrations. Mainlining golf is a major addiction, along with grandchildren, travel, great books and the leisure to really absorb it all. A (more...)

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