Debt Ceiling Theatrics Hide the Truth of GOP Spending | Dame Magazine

Facebook Twitter Email Share Facebook Twitter Email Share Claire Bond Potter Feb 15, 2023 This article was made possible because of the generous support of DAME members. During our Spring Member Drive, we urgently need your help to keep publishing. Will you contribute just $5 a month to support our journalism?

Republican debt-ceiling theater is particularly annoying to experts. “To any economist or historian, it’s like the sound of fingernails scraping on chalkboards,” said my New School colleague, labor economist Teresa Ghilarducci. And as Paul Krugman explained in 2013, “An economy is not like a household. A family can decide to spend less and try to earn more. But in the economy as a whole, spending, and earning go together: My spending is your income; your spending is my income.

Newsletter Never miss another story. With"This Week In DAME" delivered straight to your inbox on Fridays, your weekend reading is set! New Deal legislation authorized federal spending to put husbands to work, provide pensions for the elderly, widows with children, and the disabled, and create housing for workers. After 1945, an expanded version of this theory, the G.I. Bill, prevented a post-war recession.

Reagan rode this mythic parable of linked government and family failure all the way to the White House in 1980. Three months later, he extended the metaphor in his first national address on the economy, in which he argued that only a tax cut would bring an “out of control” Congress to its senses. “You know, we can lecture our children about extravagance until we run out of voice and breath,” Reagan opined. “Or we can cure their extravagance by simply reducing their allowance.

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