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Comment on Economists made a model of the U.S. economy. Our debt crashed the model

resipsaloquitur@lemmy.world ⁨8⁩ ⁨hours⁩ ago

The constant fretting about debt.

We are always days away from some unspecified horror because the debt-to-GDP ratio is slightly higher than some other countries, yet data doesn’t support it. But we have to slash social spending. To prevent the thing from happening. Whatever it is.

But there’s always money for military and tax cuts for millionaires.

Hint: it’s racism. Or, perhaps, classism.

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youCanCallMeDragon@lemmy.world ⁨8⁩ ⁨hours⁩ ago
You can (and should) be worried about national debt while still supporting social programs. Hell, solving most social problems like homelessness would ultimately grow our economy and help relieve the debt.

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- resipsaloquitur@lemmy.world ⁨8⁩ ⁨hours⁩ ago
  Public debt is the economy. Public spending is private savings. It’s tautological.
  
  Stunning how little “economists” know.
  
  But, as you’re so wise, please connect the dots for me. How does cutting public spending solve homelessness?
  
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  - youCanCallMeDragon@lemmy.world ⁨6⁩ ⁨hours⁩ ago
    Definitely said the opposite of that. Social spending and fiscal responsibility. I was highlighting that social programs can be the tide that raises all boats. Once again you can be pro-social spending and anti national debt.
    
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    resipsaloquitur@lemmy.world ⁨6⁩ ⁨hours⁩ ago
    That’s not how money works in a fiat currency.
    
    Sorry, they lied to you in econ 101. Loanable funds theory hasn’t been a thing in decades.
    
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pennomi@lemmy.world ⁨8⁩ ⁨hours⁩ ago
This article said nothing about how to lower the debt. They could be in favor of cutting military spending.

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- resipsaloquitur@lemmy.world ⁨8⁩ ⁨hours⁩ ago
  Where did I say they did? The fretting itself is a tell.
  
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NocturnalMorning@lemmy.world ⁨8⁩ ⁨hours⁩ ago
Making a loy of jumps in conclusions right now. Do you think youre the smartest person in every room youre in? Bcz nobody likes that guy…

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- resipsaloquitur@lemmy.world ⁨6⁩ ⁨hours⁩ ago
  I mean, it’s not harder to be smarter than the average economist. They’re willfully ignorant apologists for millionaires.
  
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