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Meagan Day — The Democrats and the Deficit Con

Summary:
Dick Cheney was right: deficits don’t matter. If only Democrats would learn.… Attempting to balance a commitment to deficit reduction alongside a theoretical responsibility to protect and expand public programs, Democrats end up imposing false limitations on themselves and neutering their own supposed political agenda. One wonders if the party, increasingly reliant on an elite capitalist donor class, is actually using deficit reduction to weasel out of the responsibility to make life better for the working-class majority of their constituency. The GOP inevitably spends every penny the Democrats save; the difference is that they spend it advancing right-wing policies, not left-wing ones, and lining the pockets of the rich, not the rest of us. The Republicans may be hypocrites, but the

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Dick Cheney was right: deficits don’t matter. If only Democrats would learn.…
Attempting to balance a commitment to deficit reduction alongside a theoretical responsibility to protect and expand public programs, Democrats end up imposing false limitations on themselves and neutering their own supposed political agenda. One wonders if the party, increasingly reliant on an elite capitalist donor class, is actually using deficit reduction to weasel out of the responsibility to make life better for the working-class majority of their constituency. The GOP inevitably spends every penny the Democrats save; the difference is that they spend it advancing right-wing policies, not left-wing ones, and lining the pockets of the rich, not the rest of us. The Republicans may be hypocrites, but the Democrats are either suckers or they’re throwing the game. 
Not MMT, but useful.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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