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Date Posted: 12:24:50 10/04/10 Mon
Author: Jeffman
Subject: Re: Rather astonishing to me
In reply to: Paul Davis 's message, "Rather astonishing to me" on 19:59:11 10/01/10 Fri

There is something called MMT (Modern monetary theory) which says that deficits dont matter and the debt doesnt matter. Since we are no longer on a gold standard, the country can go as far in debt as it wants (since it can just print more cash) until it starts causing inflation by virtue of the devalued dollar. So far inflation is nil. That means we could go with zero Federal taxes to spur the economy and when inflation starts to take hold you then start taxing to bring it back into lockstep.

However it also says that during times of plenty there should be enough taxes to pay debt down to something more acceptable so that you have room during the downtime of the economy to spur growth.

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