Well, Now at least David Stockman is half right... There is a very simple issue going on here. Fewer dollars are in the hands of people who spend them therefore the economy is facing a severe head wind. The only thing that is keeping the economy moving forward at all is inflation of the money supply. If we stopped inflating the money supply without fixing the underlying structural problems, then we would instantly be in a severe deflationary position.
@sfjeff1089 (continued). Much of our physical economy is already gone under the constant pressure of fewer and fewer earnings dollars in the hands of people who buy stuff (after netting out asset purchases which bubbled). Our mostly flat performance included huge growth in the asset industries. When the asset industries disappear, only an obscene money multiplier can make up for the vanishing middle class. We need to fix the problem.
Dear Lord people! He is saying that the policies used in 1981 when the taxes were sky high will not work in 2011 when the taxes are to the floor low. He basically is saying that this is a different type of problem vs. 1981. You don't use antibiotics to cure a virus or a vaccine to cure a bacteria...
Why are teabaggers so in love with Ronald Reagan? He's totally unlike them. Ronald Reagan raised taxes 11 times, gave amnesty to illegal aliens, tripled the debt, had Reaganomics & "trickle down" effect that didn't work, never worked & will never work, left office with the BIGGEST national debt & deficit in history & was involved in the Iran Conta scandal. Ronald Reagan may talk like a Republican but he governs like a Democrat. Ronald Reagan is a RINO
Where's the American people ! ! ! Bernanke & Obama are now bailing out European Banks ! Are Americans that Stupid ! You are all fucked if you don't stand up for your constitution and lock up the Criminals in Washington and Wall street !
Clinton "lowered the deficit" because he used funds from intragovernmental holdings to pay down the public debt. Look up your facts. Clinton did have a $230 billion dollar surplus in the public debt in his last year, but he paid it off by sucking money of of Social Security... a scam that many have pulled off. This is why we need a specific fund for Social Security - one that is not influenced by the national debt and budgets.
What are you basing this on? During the Carter administration, no one had money. Standard of living increase dramatically during Reagan's terms. The numbers and facts hurt, I know, but that is just how it went.
Recreating history, the economy, and reality of what happened between Carter's term and Reagan's term doesn't work. We are back in the Carter times now, it seems. Getting back to a Reagan level standard of living would be a godsend.
@brendanmcwilliams Really, how about this. Jimmy Carter managed to create 9million new jobs in 4 years while St. Reagan only managed 8. Inflation was a problem, which did create a perception of declining standard of living. Carter's FED reacted properly by RAISING interest rates, restoring confidence in the USD. Carter's FED chairman (Volcker) was so incompetent, that Reagan reappointed him. Carter mirrored the FED by keeping taxes high, which crushed inflation. Basic Macro econ.
@naym2011 That's nice, but that doesn't diminish the correctness of Carter's fiscal policy, nor the policy of then FED chairman Volcker (Carter's appointee). At that time the USD was the ONLY currency that was universally viable. Increased interest rates made the availability of dollars rarer, increasing the purchasing power of dollars. Plus new technology, and cheating by OPEC members made the embargo unsustainable. As for the claim or Israel, I chalk that up to your bigotry.
@brendanmcwilliams Oh and let's not forget that St. Reagan raised taxes 11 times. 11 TIMES!! See he realized that his initial policy of tax breaks didn't work, so he reversed himself. I'm very sorry but your religion of absolutist free market-ism and cult of supply side economics is nothing more than fantasy on par with the bullshit stories of religion.
Real, meaningful and serious spending and budget cuts is all that will balance the budget and restore more faith in the US dollar. We must not go in debt any more but reduce the debt by having a surplus. Government can never be trusted under either party to close down unconstitutional spending because there are too many "wet finger" politiians in both parties. This is due mostly to the ignorance of the voters and a nearly 50% public sector voter base in this country. Ron Paul 2012!! 4 America!
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The truth is there is no one in U.S. politics prepared to do what is needed due to the extreme short term pain that would have to endured to actually balance the books and start paying off the debt rather than just the interest. Even Ron Paul could not fix it as the truth is the banks hold all the trump cards. If Paul decided to reduce M3 to reign in inflation liquidity would dry up and loans would be unavailable. Increase M3 and inflation goes up with the devalued dollar.
Not even the poster of this video really understands what Stockman is saying. Tax cuts without spending cuts do not lower taxes, they simply defer higher ones. And a mentality of 'deficits don't matter' have allowed both parties to engage in ballooning their preferred programs with no pain on the part of the populace.
The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama! Raising the Ceiling 18 times during the eight Reagan years meant a Ceiling battle every 5.3 months (on average), with an average rise of only $102 billion per increase. So… does Obama really want to get the Reagan Treatment?
@neverfearchrisishere Clearly you need to understand that the devaluation of the dollar was already taken into consideration. Just Google "Obama debt" in images and look at all the charts.
@vechorik please don't promote propaganda to further your view. It is a credibility killer. Most people know the debt and deficits were caused by republicans. Especially the illegal wars and the greatest zionist heist in history orchestrated by the bush jews. You can hate Obama for many reasons but the mess is a deliberate zio/con operation.
@vechorik You wrote "The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama!"
Yeah in 1988 a Toyota Camry cost $15,000 today it's $25,000!
Also consider that Reagan didn't inherit a 10 trillion dollar debt with a 1.2 trillion dollar budget deficit, the worst financial bank crisis since the Great Depression, 2 wars and an economy retracting at 8% of GDP either!
“I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them. It is not to inaugurate new programs, but to cancel old ones that do violence to the Constitution or that have failed their purpose, or that impose on the people an unwarranted financial burden. " -Barry Goldwater defining what conservatism means
"...swallowing up the nation's wealth and handing it to Washington."
Christ Stockman! Are you listening to this punk's rhetoric? You can't let that kind of propoganda by without even a comment. Repeat after me: "It is the People's money that the government would simply be RECOVERING from the thieves who stole it."
It's time to put these little self-serving, delusional whores in their place. You can't let things like that pass on public television.
@JejuLee He knew more about what happened with Reaganomics than you do. Trickle down was a big lie. Another lie that Republicans have to spit out. Just so their rich friends can get richer!
I'm for the GOP. Give millionaires back exactly what they paid - with reasonable interest and not one cent more when it comes to Social Security, Medicare, VA, any government assistance. I watched a lady that inherited $2 million during her last 6 months of cancer. Medicare paid all her medical bills and she drew a SS check off her husband. She never worked or paid into the system. She died with $2 million dollars in the bank and with America in more debt than any time in history. Reform now!
We need to feed the rich so we can eat their poo
NowPleaseReadThis 2 weeks ago
Well, Now at least David Stockman is half right... There is a very simple issue going on here. Fewer dollars are in the hands of people who spend them therefore the economy is facing a severe head wind. The only thing that is keeping the economy moving forward at all is inflation of the money supply. If we stopped inflating the money supply without fixing the underlying structural problems, then we would instantly be in a severe deflationary position.
sfjeff1089 3 weeks ago
@sfjeff1089 (continued). Much of our physical economy is already gone under the constant pressure of fewer and fewer earnings dollars in the hands of people who buy stuff (after netting out asset purchases which bubbled). Our mostly flat performance included huge growth in the asset industries. When the asset industries disappear, only an obscene money multiplier can make up for the vanishing middle class. We need to fix the problem.
sfjeff1089 3 weeks ago
MSMBC all propaganda
questioneverything2 1 month ago
Dear Lord people! He is saying that the policies used in 1981 when the taxes were sky high will not work in 2011 when the taxes are to the floor low. He basically is saying that this is a different type of problem vs. 1981. You don't use antibiotics to cure a virus or a vaccine to cure a bacteria...
tc545 1 month ago
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Why are teabaggers so in love with Ronald Reagan? He's totally unlike them. Ronald Reagan raised taxes 11 times, gave amnesty to illegal aliens, tripled the debt, had Reaganomics & "trickle down" effect that didn't work, never worked & will never work, left office with the BIGGEST national debt & deficit in history & was involved in the Iran Conta scandal. Ronald Reagan may talk like a Republican but he governs like a Democrat. Ronald Reagan is a RINO
MsLlcools 1 month ago
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Where's the American people ! ! ! Bernanke & Obama are now bailing out European Banks ! Are Americans that Stupid ! You are all fucked if you don't stand up for your constitution and lock up the Criminals in Washington and Wall street !
vid009 2 months ago
What does he mean china has an account deficit? Does he mean trade deficit or that the chinese government needs to borrow money?
Newenlightenmentnow 2 months ago in playlist Debt, Deficits and Economics
Can I get a 15trillon?
unstroxii 3 months ago
Clinton "lowered the deficit" because he used funds from intragovernmental holdings to pay down the public debt. Look up your facts. Clinton did have a $230 billion dollar surplus in the public debt in his last year, but he paid it off by sucking money of of Social Security... a scam that many have pulled off. This is why we need a specific fund for Social Security - one that is not influenced by the national debt and budgets.
danielznelson 3 months ago
What are you basing this on? During the Carter administration, no one had money. Standard of living increase dramatically during Reagan's terms. The numbers and facts hurt, I know, but that is just how it went.
Recreating history, the economy, and reality of what happened between Carter's term and Reagan's term doesn't work. We are back in the Carter times now, it seems. Getting back to a Reagan level standard of living would be a godsend.
brendanmcwilliams 3 months ago
@brendanmcwilliams Really, how about this. Jimmy Carter managed to create 9million new jobs in 4 years while St. Reagan only managed 8. Inflation was a problem, which did create a perception of declining standard of living. Carter's FED reacted properly by RAISING interest rates, restoring confidence in the USD. Carter's FED chairman (Volcker) was so incompetent, that Reagan reappointed him. Carter mirrored the FED by keeping taxes high, which crushed inflation. Basic Macro econ.
Newenlightenmentnow 2 months ago in playlist Debt, Deficits and Economics 3
@Newenlightenmentnow inflation that carter saw, was international and due to middle east oil crises started by isreal
naym2011 1 month ago
@naym2011 That's nice, but that doesn't diminish the correctness of Carter's fiscal policy, nor the policy of then FED chairman Volcker (Carter's appointee). At that time the USD was the ONLY currency that was universally viable. Increased interest rates made the availability of dollars rarer, increasing the purchasing power of dollars. Plus new technology, and cheating by OPEC members made the embargo unsustainable. As for the claim or Israel, I chalk that up to your bigotry.
Newenlightenmentnow 1 month ago
@brendanmcwilliams Oh and let's not forget that St. Reagan raised taxes 11 times. 11 TIMES!! See he realized that his initial policy of tax breaks didn't work, so he reversed himself. I'm very sorry but your religion of absolutist free market-ism and cult of supply side economics is nothing more than fantasy on par with the bullshit stories of religion.
Newenlightenmentnow 2 months ago in playlist Debt, Deficits and Economics 6
Real, meaningful and serious spending and budget cuts is all that will balance the budget and restore more faith in the US dollar. We must not go in debt any more but reduce the debt by having a surplus. Government can never be trusted under either party to close down unconstitutional spending because there are too many "wet finger" politiians in both parties. This is due mostly to the ignorance of the voters and a nearly 50% public sector voter base in this country. Ron Paul 2012!! 4 America!
nalejbank 3 months ago
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RESTORING THE AMERICAN DREAM: Search for free millions of jobs on the largest #1 job site worldwide, with over 50 million unique visitors and 1 billion job searches per month and is available in more than 50 countries and 26 languages, covering 94% of global GDP. We have jobs in every state county and city in the US. Plus job and resume posting. Find the job that interest you today.
To get started just Google ( Jobs Linked To You ) Then start your job searching,
robvar83 4 months ago
The truth is there is no one in U.S. politics prepared to do what is needed due to the extreme short term pain that would have to endured to actually balance the books and start paying off the debt rather than just the interest. Even Ron Paul could not fix it as the truth is the banks hold all the trump cards. If Paul decided to reduce M3 to reign in inflation liquidity would dry up and loans would be unavailable. Increase M3 and inflation goes up with the devalued dollar.
boeingdriver29 5 months ago
msnbc, is this a comedy show?
bishopm5 6 months ago
Not even the poster of this video really understands what Stockman is saying. Tax cuts without spending cuts do not lower taxes, they simply defer higher ones. And a mentality of 'deficits don't matter' have allowed both parties to engage in ballooning their preferred programs with no pain on the part of the populace.
Worldslargestipod 6 months ago
The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama! Raising the Ceiling 18 times during the eight Reagan years meant a Ceiling battle every 5.3 months (on average), with an average rise of only $102 billion per increase. So… does Obama really want to get the Reagan Treatment?
vechorik 7 months ago
@vechorik erm. Clearly someone needs to explain Inflation to you. 1.85 trill 30 years ago is ALOT MORE that 3 trill now in real terms.
Assuming 5% inflation each year, that 1.85 trill would be equivalent to 4.32 Trill now.
The actual inflation varied, but was slightly above 5%, so that 1.85 trill would be the same as 5.076 trillion now.
neverfearchrisishere 6 months ago
@neverfearchrisishere Clearly you need to understand that the devaluation of the dollar was already taken into consideration. Just Google "Obama debt" in images and look at all the charts.
vechorik 4 months ago
@vechorik please don't promote propaganda to further your view. It is a credibility killer. Most people know the debt and deficits were caused by republicans. Especially the illegal wars and the greatest zionist heist in history orchestrated by the bush jews. You can hate Obama for many reasons but the mess is a deliberate zio/con operation.
callouschristian 2 months ago
@callouschristian -- Hey don't blame me for constant war. I'm voting Ron Paul!
vechorik 2 months ago
@vechorik Prime example of a conservative idiot. Have you even thought about taking inflation into consideration?
0611hi87 5 months ago
@vechorik You wrote "The Debt Ceiling under President Reagan was raised eighteen times to a total of $1.85 trillion (See Table 7.3). This is less than the $3 trillion-plus already raised under President Obama!"
Yeah in 1988 a Toyota Camry cost $15,000 today it's $25,000!
Also consider that Reagan didn't inherit a 10 trillion dollar debt with a 1.2 trillion dollar budget deficit, the worst financial bank crisis since the Great Depression, 2 wars and an economy retracting at 8% of GDP either!
luvitluvitbaby 4 months ago
“I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them. It is not to inaugurate new programs, but to cancel old ones that do violence to the Constitution or that have failed their purpose, or that impose on the people an unwarranted financial burden. " -Barry Goldwater defining what conservatism means
evandonghue2 7 months ago
Bush 41 called Reaganomics "Voodoo Economics" and he proved to be right. Excellent comments by Stockman!
TheGroupiemom 7 months ago
"...swallowing up the nation's wealth and handing it to Washington."
Christ Stockman! Are you listening to this punk's rhetoric? You can't let that kind of propoganda by without even a comment. Repeat after me: "It is the People's money that the government would simply be RECOVERING from the thieves who stole it."
It's time to put these little self-serving, delusional whores in their place. You can't let things like that pass on public television.
JejuLee 10 months ago
@JejuLee He knew more about what happened with Reaganomics than you do. Trickle down was a big lie. Another lie that Republicans have to spit out. Just so their rich friends can get richer!
jrwel14 8 months ago
The country is truly fucked when a moron like Paul Ryan warrants this type of consideration.
Off with his head and let's get serious.
JejuLee 10 months ago 3
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I'm for the GOP. Give millionaires back exactly what they paid - with reasonable interest and not one cent more when it comes to Social Security, Medicare, VA, any government assistance. I watched a lady that inherited $2 million during her last 6 months of cancer. Medicare paid all her medical bills and she drew a SS check off her husband. She never worked or paid into the system. She died with $2 million dollars in the bank and with America in more debt than any time in history. Reform now!
vechorik 6 months ago