If you could legally print dollars in your attic, why would you balance your budget? Congress only has to balance full employment against harmful inflation. Why is something so simple so hard to see?
cosmo: the GDP has NOTHING to do with the total value of outstanding treasuries a.k.a. "national debt".
agent 99: Congress does not have to balance its budget. It has to build bridges until threatened by inflation.
cosmo
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Congress definitely does not need to balance its budget, and hopefully never will.
No major power in the history of the world has ever operated on a balanced budget.
It is, of course, important that the deficit not become too large compared to GDP, but at present the ratio of the national debt to GDP is declining.
LTP
Congress doesn't balance employment. Congress doesn't weigh anything against inflation. Congress "job" is to enforce the constitution. Which states that only gold and silver is legal currency. There really is no budget to balance. Take it from one of Alan Greenspan's honest moments. We can just print more money (in secret). The so called budget is PURE distraction. measure your so called debt to stupidity by inflation.
Philip H
You are a rather cunning Leftist who is rather good at creating Specious arguments designed to further the perpetration of the Fraudulent economic system currently being used by this Nation.
Even worse, you'd like to create and entirely false economy based on Nothing!
Sorry, but that type of economic model has eventually failed Every time it has been attempted regardlees of how well the diceptions are crafted.
Economies reqire substance and real assets. All else is a fraud.
Anonymous
The Federal Reserve and World Banks create the money, not Congress. Congress only has to balance their congressional budget, the Fed does the rest. This would explain why Bernanke keeps up with the "quantative easing" he prints it out of NOTHING.
Anonymous
you can't just print money out of thin air and expect inflation not to rise. congress needs to balance the budget for the same reason you and I do, because if they don't than we all will go broke. there's no such thing as FREE money, no mater what those on the left wil tell you.