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| Re: US National Debt passes $12 trillion (525608) | |||
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Re: US National Debt passes $12 trillion |
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Posted by David Fairthorne on Wed Nov 18 00:45:05 2009, in response to US National Debt passes $12 trillion, posted by Phantom909 on Tue Nov 17 22:02:57 2009. During this, the worst recession since the great depression, it makes good economic sense to increase the national debt. i.e. run a budget deficit, in an attempt to spend ones way out of the recession. This is precisely what the Treasury and the Federal Reserve are trying to do. The policy began late last year after Lehman failed and when Paulson was still Treasury Secretary.The big mistake was to let the national debt increase so much (about double) during the Bush 43 administration. That was done by mainly starting two wars and instead of raising taxes to pay for them, doing the exact opposite by cutting taxes (for the rich). The government should run a budget surplus during the fat years and a budget deficit during the lean years. |
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