Former chief economist to Vice President Joe Biden, Jared Bernstein claims Republicans are hypocrites about the federal budget deficit, pretending to care when the Democrats hold power, shrugging it off when Republicans pass tax cuts for the wealthy. The truth is Republican elites haven’t cared about the deficit for decades, Democrats would do well to do the same and stop claiming to be the Party that “really cares” about the deficit. That politically attractive pose is not simply dishonest and financially illiterate, it is also a trap.
There will be no true economic recovery – or growth – until world leaders stop confusing government finances with that of a household budget, writes economist, Dr Steven Hail.
In this Renegade Short, Professor Steve Keen explains why the government isn’t supposed to balance it’s accounts like a household.