Why the Hawley hype? (user search)
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  Why the Hawley hype? (search mode)
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Author Topic: Why the Hawley hype?  (Read 7387 times)
Former President tack50
tack50
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« on: June 24, 2020, 08:03:32 PM »

Reading the exchanges between Yankee and H/R, I wonder what both, but especially Yankee think about the general Marxist principle that capitalism will inevitably lead to a proletarian revolution and the establishment of a socialist/communist society.

I personally think said point has actually been debunked fairly easily (the USSR has not been around for almost 30 years now; and even something like Hugo Chavez pales in comparison to people like Lenin or Fidel Castro). Still the inevitability of socialism is a big point of Marxist philosophy

Anyways, is Socialism/Communism inevitable under capitalism? Or can it be stopped? (And if so how?)
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Former President tack50
tack50
Atlas Politician
Atlas Icon
*****
Posts: 11,882
Spain


« Reply #1 on: June 27, 2020, 06:02:39 AM »


Certainly, I'd agree with you that the Republican congress was responsible for balancing the budget, It's one of the reasons why I voted for John Kasich in 2016 primaries, he was the house budget committee chairman. Of course, it was much easier to balance the books when the economy was booming in the 1990s.
Regarding Obama, the deficit did in fact go down, he didn't impose major cuts, but he did raise taxes. And the economy was growing hence budget revenue increased. The graph shows the budget deficit since 1981.





Regarding the deficit, I think an interesting point to make is a comparison with Europe. Here are, for example the criteria to join the Euro (not like the US would ever do that, but it is an interesting thing to look at to get an idea of "how" the deficit should be ran)

As of now, the EU mandates a maximum deficit of 3% under normal circumstances (ie without covid-19).

It also mandates that the debt/GDP ratio of the country must be either:
a) Below 60%
b) Declining by at least 5% per year on a 3 year rolling average

So if in terms of the deficit, the US are failing miserably, with a 4.6% budget deficit and a debt/GDP ratio of 107% with no real declines

If the United States were an EU country, they would not be in the "good economies" club along the likes of Germany and the Netherlands; but rather on the "finanacial disasters" club alongside Spain and Greece.

It does not matter at all since the US has a lot of other advantages compared to Spain/Greece (literally "haha money printer go brrr") but it is still a bad sign
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