2 votes

America’s era of free-lunch politics is over

5 comments

  1. [5]
    MimicSquid
    Link
    Um. Isn't balancing taxes and spending exactly what is meant by fiscal responsibility? Yes, but you said that Biden was ignoring inflation when doing that just a paragraph before. But you don't...

    Now President Joe Biden eschews any rhetoric about fiscal responsibility and simply proposes new taxes in order to finance new spending. Even though interest rates remain relatively low, inflation will bring an end to this kind of free-lunch policymaking.

    Um. Isn't balancing taxes and spending exactly what is meant by fiscal responsibility?

    By the same token, new spending on social benefits that puts cash in pockets will be inflationary unless it’s taxed away from somewhere else.

    Yes, but you said that Biden was ignoring inflation when doing that just a paragraph before.

    Deficit spending and protectionist regulations can no longer be justified as stimulus — and it’s not practical to fund programs by taxing the wealth or unrealized capital gains of billionaires.

    But you don't say why.

    By Matthew Yglesias

    Oh, yeah. That explains it.

    This is a puff piece, and it doesn't have a coherent thesis. It implies "spending bad, tax also bad" while having nothing to back any of that up. But that's on par for Matt's brand of libertarianism.

    18 votes
    1. [3]
      cloud_loud
      Link Parent
      I was always under the impression that Yglesias was like a liberal. A shitlib, mind you, but still surprised to realize that that's not the case. Didn't he co-found Vox which is a primarily...

      I was always under the impression that Yglesias was like a liberal. A shitlib, mind you, but still surprised to realize that that's not the case. Didn't he co-found Vox which is a primarily liberal site?

      2 votes
      1. [2]
        grahamiam
        Link Parent
        He was, but now he seems to live in the contrarian centrist wheelhouse.

        He was, but now he seems to live in the contrarian centrist wheelhouse.

        6 votes
        1. cloud_loud
          Link Parent
          I guess since I've stopped being "extremely online" I didn't get to witness his transition.

          I guess since I've stopped being "extremely online" I didn't get to witness his transition.

          3 votes
    2. hungariantoast
      Link Parent
      It doesn't to me. I guess this guy has flown under my radar, but who is Matthew Yglesias? I read his Wikipedia article and nothing really stood out, so if you have something you think I should...

      Oh, yeah. That explains it.

      It doesn't to me. I guess this guy has flown under my radar, but who is Matthew Yglesias? I read his Wikipedia article and nothing really stood out, so if you have something you think I should read I'm all... eyes?

      Also, while reading his Wikipedia article I learned he is apparently "one of the most commonly followed political writers among Biden administration staff on Twitter". I thought that was funny

      1 vote