Quote:
Originally Posted by drcampbell
So in your mind, the U.S. Department of Commerce and the Federal Reserve Board are now leftist organizations supplying false numerical data?
|
No.
I do not doubt the GDP numbers themselves. I just do not agree with
the conclusion that artificially pumping a ton of borrowed money into the economy creates a healthy, sustainable economy.
FDR's Secretary of the Treasury, Henry Morgenthau agreed with me. Eight years into FDR's "saving the economy", Henry Morgenthau said the following:
Quote:
|
Originally Posted by Henry Morgenthau
We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this Administration we have just as much unemployment as when we started. ...And an enormous debt to boot.
|
If the federal government borrows trillions of dollars and then places orders with every company in the US, the GDP *will* go up. Unfortunately, the boost is often temporary, and even worse, causes artificial distortions in an economy that can make it difficult for businesses to know how to plan for the future.
In starting this thread, it was not my goal to debate the merits of the New Deal. Putting this discussion back on the original track of the falling dollar. Let me ask you this: Is there any downside to all of this borrowing and printing money? Lowball, conservative estimates of our current debt obligations are now over $50 trillion dollars. That is half a million dollars for every household in the US.
Stick your neck out and take a stand: Will there come a day of reckoning from this mountain of debt?
You think it works. I don't.
We're giving the Progressive plan one heckuva a try right now.
We'll see what happens.
