Overspending crisis?

[stinkubus]

LOL it's the exact opposite. Gutting the welfare state has gimped social mobility in the US.

 

[Broken_Erika]

Social Mobility is the first step towards Communism!

 

[Farm Boy]

Social Mobility is the first step towards Communism!

It does sort of change the statement if you omit "on public debt." You have to start trying to math the immediate benefits, often non-monetary, that social welfare provides against the guaranteed economic profits of the debt holders. And I'd bet fairly often that the mighty have their positions of domination protected tomorrow for the abatement of pain today. An ogre's trade. But certainly, if one happens to be desperate for a foe to attack, attack somebody arguing in favor of progressive taxation.

 

[Hygro]

And we wonder why handouts* paid with public debt ossify class.

Are we back in the 2016 election thread?

*the dole, whatever positive term you want instead. I'm not fussed, really, pick your poision.

I do remember you were the only one to make a real case that national debt was bed in my old thread asking why people thought so:

It's not that it's new money, it's that somehow it comes at the cost of free interest payments to already-winners.

One might say that's a reasonable way of not spending them out of their savings' purchasing power; a reasonable way to not punish savers. But that's not an honest full picture of the political economy. Especially since their compensation is paid in cash offset by compensating them with more cash. I do wonder if we could run a deficit without giving free money to already-rich folks and not hurt our ability to control interest rates for employment's sake.

 

[Farm Boy]

It's a good wonder.

 

[Archon_Wing]

Welfare to the rich, basically.

I mean, where else does the money go?

Meanwhile, the distraction is that poor people are stealing entitlements. /insert more nonsense about illegal immigration.