IIMR January 2024 - Will 2024 be a make or break year for American public debt and politics?

Tim Congdon asks whether the rise in the US structural budget deficit is to be blamed more on the Trump or the Biden Presidency. (The structural deficit was 2% - 3% of GDP at the end of the Obama Presidency. It fell substantially in Obama’s second term, with a marked so-called “fiscal tightening” being associated with above-trend growth in the economy.) Prof. Congdon suggests that the underlying deterioration in the budget arithmetic has been much the same under both Trump and Biden, and his verdict is “a plague on both your houses”.

[@user_thelongwayaround]

Should US tax more? Could Fed just write off the check?

[@nancyhaney4477]

You avoided entirely mentioning reduction of taxes on the richest brackets from something like 90% to 0-20% since mid-1900's. No revenue causes deficit.

[@gabnrami]

he talked about that on sept 22 in a article called "Beware of the tax-cutters" it was published online in "the critic"