“Armaments and wars, usually financed by budget deficits, are also a source of this kind of profits.”

— Michał Kalecki

Source: Theory of Economic Dynamics (1965), Chapter 3, The Determinants of Profits, p. 52

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Michał Kalecki 16

Polish economist 1899–1970

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Michał Kalecki (1899–1970) Polish economist

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“In a sense the budget deficit can be considered as an artificial export surplus.”

Michał Kalecki (1899–1970) Polish economist

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“I repeat: our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve--and I believe this can be done--a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future.”

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“The American people want a balanced budget. They want Congress to stop this barbaric practice of perpetual deficit spending. It really, if you think about it, is a form of taxation without representation. We fought a war over that issue and we won that war.”

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Tea Party Senator Mike Lee: We Need to Change the Way We Spend Money in Washington http://www.foxnews.com/transcript/2011/04/12/tea-party-senator-mike-lee-we-need-change-way-we-spend-money-washington.html (April 12, 2011)

“In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 3, The Determinants of Profits, p. 51

“The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the Congressional Budget Office, will rise significantly as the baby boomers start to retire in 2008. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

March 10, 2005 http://www.federalreserve.gov/boarddocs/speeches/2005/20050310/default.htm.
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“Nobody is a fiscal conservative anymore. All this talk about concern for the deficit and the budget has been bogus for as long as it's been around.”

Rush Limbaugh (1951) U.S. radio talk show host, Commentator, author, and television personality

" Rush Limbaugh just admitted Republicans have totally abandoned a core party principle https://edition.cnn.com/2019/07/17/politics/rush-limbaugh-debt-trump/index.html", CNN (July 17, 2019)
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“The House of Lords, in rejecting the Budget which provides for the national expenditure of the year, are refusing, for the first time since the great Rebellion, aids and supplies to the Crown, and by that fact and by their intrusion upon finance they commit an act of violence against the British Constitution. There is no precedent of any kind for the rejection of a Budget Bill by the House of Lords in all the long annals of the British Parliament, or, before that, in the still more venerable annals of the English Parliament. The custom of centuries forbids their intrusion upon finance.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

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“Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget just as it will never produce enough jobs or enough profits. Surely the lesson of the last decade is that budget deficits are not caused by wild-eyed spenders but by slow economic growth and periodic recessions, and any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”

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1930s

“Armaments and wars, usually financed by budget deficits, are also a source of this kind of profits.”

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Michał Kalecki 16

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