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The Macro Tourist Presents: A 10-Sigma Fiscal Policy Event
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There is an image of President Barack Obama as being one of the most spendthrift leaders in modern history. Although it is true that the United States federal debt ballooned under his watch, most of that increase resulted from automatic stabilizer programs such as unemployment insurance and welfare payments.
Obama took over as President on January 20th, 2009 just as the Great Financial Crisis was beginning to bite. Before that point, during the pr
Building a bunch of tanks that sit in the sun and rust is what should scare people. Imagine being broke and having to use them? And nobody is admitting as to what GDP growth is needed in the next 5 years just to maintain current metrics at their current embarrassing level. There are conditions post WW2 that enabled growth that cannot exist today. Every system condition, including Medicare purchasing longevity and many other depressing things need to be owned up to. Who is doing that?