|
"Does the Biden Cover-Up Have Two Layers?"
"Pete Rose, 'Shoeless' Joe Reinstated by MLB, Eligible for HOF"
"'Major Breakthrough': Here Are the Details on the China Trade Deal"
Freepers Still Love war
Parody ... Jump / Trump --- van Halen jump
"The Democrat Meltdown Continues"
"Yes, We Need Deportations Without Due Process"
"Trump's Tariff Play Smart, Strategic, Working"
"Leftists Make Desperate Attempt to Discredit Photo of Abrego Garcia's MS-13 Tattoos. Here Are Receipts"
"Trump Administration Freezes $2 Billion After Harvard Refuses to Meet Demands"on After Harvard Refuses to Meet Demands
"Doctors Committing Insurance Fraud to Conceal Trans Procedures, Texas Children’s Whistleblower Testifies"
"Left Using '8647' Symbol for Violence Against Trump, Musk"
KawasakiÂ’s new rideable robohorse is straight out of a sci-fi novel
"Trade should work for America, not rule it"
"The Stakes Couldn’t Be Higher in Wisconsin’s Supreme Court Race – What’s at Risk for the GOP"
"How Trump caught big-government fans in their own trap"
‘Are You Prepared for Violence?’
Greek Orthodox Archbishop gives President Trump a Cross, tells him "Make America Invincible"
"Trump signs executive order eliminating the Department of Education!!!"
"If AOC Is the Democratic Future, the Party Is Even Worse Off Than We Think"
"Ending EPA Overreach"
Closest Look Ever at How Pyramids Were Built
Moment the SpaceX crew Meets Stranded ISS Crew
The Exodus Pharaoh EXPLAINED!
Did the Israelites Really Cross the Red Sea? Stunning Evidence of the Location of Red Sea Crossing!
Are we experiencing a Triumph of Orthodoxy?
Judge Napolitano with Konstantin Malofeev (Moscow, Russia)
"Trump Administration Cancels Most USAID Programs, Folds Others into State Department"
Introducing Manus: The General AI Agent
"Chinese Spies in Our Military? Straight to Jail"
Any suggestion that the USA and NATO are "Helping" or have ever helped Ukraine needs to be shot down instantly
"Real problem with the Palestinians: Nobody wants them"
ACDC & The Rolling Stones - Rock Me Baby
Magnus Carlsen gives a London System lesson!
"The Democrats Are Suffering Through a Drought of Generational Talent"
7 Tactics Of The Enemy To Weaken Your Faith
Strange And Biblical Events Are Happening
Every year ... BusiesT casino gambling day -- in Las Vegas
Trump’s DOGE Plan Is Legally Untouchable—Elon Musk Holds the Scalpel
Palestinians: What do you think of the Trump plan for Gaza?
What Happens Inside Gaza’s Secret Tunnels? | Unpacked
Hamas Torture Bodycam Footage: "These Monsters Filmed it All" | IDF Warfighter Doron Keidar, Ep. 225
EXPOSED: The Dark Truth About the Hostages in Gaza
New Task Force Ready To Expose Dark Secrets
Egypt Amasses Forces on Israel’s Southern Border | World War 3 About to Start?
"Trump wants to dismantle the Education Department. Here’s how it would work"
test
"Federal Workers Concerned That Returning To Office Will Interfere With Them Not Working"
"Yes, the Democrats Have a Governing Problem – They Blame America First, Then Govern Accordingly"
"Trump and His New Frenemies, Abroad and at Home"
|
Status: Not Logged In; Sign In
Opinions/Editorials
See other Opinions/Editorials Articles Title: America's Debt is Not Its Biggest Problem
Source:
Washington Post
URL Source: http://www.washingtonpost.com/opini ... 11/08/10/gIQAgYvE7I_story.html
Published: Aug 15, 2011
Author: Bill Gross, Founder, PIMCO
Post Date: 2011-08-15 00:02:46 by go65
Keywords: None
Views: 2603
Comments: 3
The debt crisis as it crests ultimately gives way to these growth-inhibiting, spending-contractionary secular forces. Having run up our credit card to keep on spending, we have reached market-enforced limits that force deleveraging. It is not the debt, however, but the lack of global aggregate demand that is at the heart of the crisis. As the entire world strives to put its own people to work before other nations do, policymakers constructively lower interest rates and delay sovereign, corporate and household defaults to provide breathing room. Fiscally, however, an anti-Keynesian, budget-balancing immediacy imparts a constrictive noose around whatever demand remains alive and kicking. Washington hassles over debt ceilings instead of job creation in the mistaken belief that a balanced budget will produce a balanced economy. It will not. The president and Congress must recognize that an AA-plus country, to remain AA-plus, must focus on growth, not debt reduction, in the short term. We have a debt problem — but primarily a crisis of aggregate demand. A 21st-century Keynes would have recognized this and sounded the alarm, pointing out that policymakers from a fiscal perspective are pointing us toward recession and the destructive 1930s instead of a low-growth but still breathing U.S. economy of the 21st century. Click for Full Text!
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: A K A Stone, CZ82, Jwpegler, lucysmom, skip intro, nolu chan, brian s, war (#0)
Tagline for sale - inquire within
#2. To: go65 (#0)
It is not the debt, however, but the lack of global aggregate demand that is at the heart of the crisis. No. It is the debt.
#3. To: A K A Stone (#2)
No. It is the debt. What happened to cut income and grow our way out of debt?
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
Top • Page Up • Full Thread • Page Down • Bottom/Latest
|
