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Politics : Politics for Pros- moderated
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skinowski
To: skinowski who wrote (756472)2/1/2022 7:10:26 PM
From: sm1th1 Recommendation  Read Replies (2) of 793800
 
Balanced budgets? I think that would be wonderful. I wish they had followed this principle all along. You borrow - you pay back.
Balanced every year is not practical, but until the 60's there was a strong commitment to pay down previous borrowing. Johnson and Nixon weren't willing to raise taxes to pay for Vietnam and the "Great Society" Except for a few years, we have increased debt every year since then. Now, the Federal Reserve just prints money to buy as much Treasury debt as necessary. One result is devaluation of the dollar. Eventually, borrowers are going to demand higher interest rates.
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