Republican goal to balance budget and Destroy America Making it Look European

[Procrustes Stretched]

John Stuart Mill & The Nonsense of Austerity "It's Not a Barter Economy Any More"​

Gotta love this one: Hey Mister John Stuart Mill "It's Not a Barter Economy Any More" Commodities are not ultimately bought with other commodities, regardless of what John Stuart Mill said. They're bought with money, the universal commodity, unless you're off the books, maybe."

It's Not a Barter Economy Any More

Commodities are not ultimately bought with other commodities, regardless of what John Stuart Mill said. They're bought with money, the universal commodity, unless you're off the books, maybe.

It's not a barter economy anymore. Once you acknowledge that simple fact, Say's Law becomes problematic, because the temporal difference between the collection and expenditure of earned income has been enlarged to the point where the immediate equivalence of supply and demand can't be assumed.

In other words, once money becomes commonplace and banks exist to collect savings, there is no essential law of markets. Economic equilibrium becomes an accident, not a natural state -- it becomes a social construct that requires planning. Not central planning, mind you. Just some kind of public, purposeful, collective action that acknowledges the social purpose of economic growth.

At that point, I would suggest that you try to figure out what drives growth. But you don't base your decision on a theory from the 19th century, whether devised by Jean-Baptiste Say or Karl Marx. Instead, you might study more recent history. If it turns out that consumer spending rather than investment seems to be the key to growth, you should act accordingly. You should probably not resort to citing Say's Law. The Nonsense of Austerity

Republican goal to balance budget and Destroy America Making it Look European

The conservative plan is austerity. Austerity = European failure

“They are going to be doubling down on a budget that slashes investment in education and infrastructure, violates important commitments to our seniors and the middle class, and keeps tax breaks for the wealthiest people in the country,” said Rep. Chris Van Hollen (Md.), the ranking Democrat on the Budget Committee. “Doubling down on that is not just a mistake for the country but also bad politics.”

Democrats are working on their own 10-year budget framework, which would replace the sequester in part with higher taxes on the wealthy, according to the new Senate Budget Committee chairman, Patty Murray (Wash.). For three years, Senate Democrats have not offered a budget. Now, Murray is urging them to embrace the fight against an “extreme, economically irresponsible” Republican vision.


Republican goal to balance budget could mean deep cuts to health programs