Madame Macroeconomist
Nancy Pelosi still has no remorse over her spending habits and claims American’s would rather go into debt then not have a job. It is not uncommon for her to flip-flop twice in the same speech. She starts her phone-conference with ThinkProgress, a popular liberal news outlet, saying that she is “concerned about deficit reduction” then states “the defecit growth is stunning… in another ten years.. our debt service on the national debt will be 700 billion dollars… money down the rat hole” and ends her call saying that the American people are more concerned about their jobs than the national debt.
If somebody has the idea that the percentage of GDP of what our national debt is would go up a little bit, but they will, and their neighbors, and their kids, will have jobs, they will absorb that.
While this may be true on an individual basis, she fails to acknowledge that the national debt itself may be responsible for our high unemployment numbers. If Congress hadn’t recklessly spent so much of our taxpayer’s money, and the treasury didn’t have to pay such large interest payments on the money they have borrowed already, they would have some money left over for today’s rain. Nancy Pelosi’s textbook explanation of the Keynesian solutions that supposedly revived our economy out of the great depression do not address what caused it.
If we pull our punch, as they did in the mid-30’s, we shouldn’t be surprised if history repeats itself.
Unemployment rates are linked with our monetary policy Pelosi, and until we address how our money is created and loaned, we will never be able to boost the economic confidence it takes to invest in human capital.
