Lets make fun of Obama while he is still relevant.

[David Horn]

(11-17-2016, 10:18 PM)Warren Dew Wrote: While I wouldn't mind that, that's not my reasoning.  I will point out one thing:  the important issue is debt service, not debt.  With interest rates at 1%, ten times as much debt is sustainable as is sustainable with interest rates at 10%.  And I can remember when the latter was the case.

Both true and not true. True, in the short term, but not the longer. High interest rates are indicative of inflation which makes fixed debt smaller by making the economy 'bigger'. Of course, 'bigger' may not be anything more than a monetary effect, but the debt to GDP ratio will still drop.

Warren Wrote:Truth.  But I don't advocate any spending increase at all.  Rather, I advocate increasing the deficit through massive income tax reductions.

Why? We have objectively among the smallest tax burdens in modern times, and much less than other advanced economies. More to the point, Thomas Picketty showed how foolish under taxation is if r > g, with r being the rate of return on investments and talent exploitation and g is the growth of the overall economy. The rich merely get richer, and the net worth of nation steadily flows into fewer and fewer hands. Oligarchy is why we're in the mess we're in.