Pat Toomey And The Scourge Of The Sock Puppets
Pat Toomey apparently felt the need to explain himself on Monday.
With a $900 billion stimulus deal now done, and $600 checks set to go out to Americans as early as next week, I suppose it's safe for everyone to smile and chuckle (albeit nervously) about what nearly happened as a result of Toomey's eleventh hour gamble.
For those not apprised, late last week, Pat tried to insert language into the stimulus legislation making virus relief contingent on new stipulations around the Fed's emergency
“I think this tax bill is going to reduce the size of our deficits going forward.’
H: I think you are giving Toomey too much credit for intelligence.
well, he has to say that. 🙂
I like the ads on this site.
But what do Rick Santelli and Joe Kernen that fabulous brain trust on CNBC think?
I wonder how to educate the masses. This is easy to understand. I suspect a well designed cartoon could accomplish the task within the 3 minute attention span while not straining the neural peace of the average college graduate.
I’m curious which countries have “sufficient monetary sovereignty” and which don’t. Are there some surprises?
Any country that has to issue debt in a foreign currency, doesn’t have ‘sufficient monetary sovereignty’. Surprises??? Germany, France, Netherlands, etc
Thanks, H, for shepherding the flock to the logical conclusion, inescapable as it may be. Whether here/now or not, your incisive analysis keeps my eyelids from drooping. That ain’t nothing.
1 trillion in stimulus now equates the 1 trillion in qe. If the stimulus is spread over the bulk of the us population and the qe is concentrated in the hands of the 1% then fiscal rectitude is the only way to narrow the wealth and power imbalance in the country.
Stimulus has counterintuitive result of greater wealth inequality.
There is one graph that should be the benchmark for how the economy is doing and that’s wealth distribution by economic strata. This country will continue to fail as long it’s outrageously skewed toward the top couple of percent. The problem is Toomey and his ilk are beholden to that same couple of percent. When their business masters need a little monetary juice there is no bridge too far, but increase food stamps for the starving and they’ll conjure up new heights of moral outrage. Somehow we’ve come to believe that as Americans we are imbued with a revolutionary spirit for eternity that will make us the ‘greatest country’ forever. I’m afraid that will be a sad epitaph on the country’s tombstone someday. We are suffering a global pandemic and most of the administration’s effort has been to deny it. With that attitude how do we even make a dent in slowing global temperature rise. In 21st century America, propaganda has replaced actionable policy and propaganda never leads to good outcomes.
“In 21st century America, propaganda has replaced actionable policy and propaganda never leads to good outcomes.” And this is why someone from this current century will be reading that epitaph.
Just another ass-hole. Nuff said.
This is the article that I have been waiting for but didn’t know I wanted. So there it is, this is our new monetary reality. I get it and I agree. You did a great job summarizing the situation that has been in the back of my mind for some time. It was a little jarring to see you use the reference “in perpetuity”. What I do not understand is where this policy approach leads to in the long run. Clearly the system has been more resilient related to inflation, but at some point doesn’t this lead to structural failure. Some of the “big guys” are raising the ultimate failure where the dollar is no longer a reserve currency. I am sure that day is far off but isn’t it a reality at some point? Help me understand the long term impact a bit better.