Quotes about deficit

A collection of quotes on the topic of deficit, budget, governance, government.

Quotes about deficit

“Only the insane equate pain with success."
"The uninformed must improve their deficit, or die."
_Cheshire Cat”

Lewis Carroll (1832–1898) English writer, logician, Anglican deacon and photographer

Source: Alice's Adventures in Wonderland & Other Stories

“No party has a monopoly on wisdom. No democracy works without compromise. But when Governor Romney and his allies in Congress tell us we can somehow lower our deficit by spending trillions more on new tax breaks for the wealthy - well, you do the math. I refuse to go along with that. And as long as I'm President, I never will.”

Barack Obama (1961) 44th President of the United States of America

Democracy, Wisdom

“The central idea is that government fiscal policy, its spending and taxing, its borrowing and repayment of loans, its issue of new money and withdrawal of money, shall be undertaken with an eye only to the results of these actions on the economy and not to any established traditional doctrine what is sound and what is unsound …Government should adjust its rates of expenditure and taxation such that total spending is neither more or less than that which is sufficient to purchase the full employment level of output at current prices. If this means there is deficit, greater borrowing, "printing money," etc., then these things in themselves are neither good or bad, they are simply the means to the desired ends of full employment and price stability.”

Abba Lerner (1903–1982) American economist

On Functional Finance: (1943, pg.354) http://papers.ssrn.com/sol3/papers.cfm?abstract_id=174849

Money, Idea

“And rising inequality and declining mobility are also bad for our families and social cohesion -- not just because we tend to trust our institutions less, but studies show we actually tend to trust each other less when there’s greater inequality. And greater inequality is associated with less mobility between generations. That means it’s not just temporary; the effects last. It creates a vicious cycle. For example, by the time she turns three years old, a child born into a low-income home hears 30 million fewer words than a child from a well-off family, which means by the time she starts school she’s already behind, and that deficit can compound itself over time.”

Barack Obama (1961) 44th President of the United States of America

2013, Remarks on Economic Mobility (December 2013)

School, Family, Home, Study

“I am not worried about the deficit. It is big enough to take care of itself.”

Ronald Reagan (1911–2004) American politician, 40th president of the United States (in office from 1981 to 1989)

Joke at the Gridiron Club annual dinner (24 March 1984)
1980s, First term of office (1981–1985)

“It is paradoxical that an administration that came to office rejecting the whole apparatus of Keynesian economics finds itself presiding over a stream of what threaten to be permanent deficits.”

Thomas J. Sargent (1943) American economist

Thomas J. Sargent "Back to Basics On Budgets", The New York Times (August 10, 1983).

“As a child, Zaphod had been diagnosed with ADHDDAAADHD (ntm) ABT which stood for Always Dreaming His Dopey Days Away, Also Attention Deficit Hyperflactulance Disorder (not to mention) A Bit Thick.”

Eoin Colfer book And Another Thing...

Source: And Another Thing...

Dreams

“Those with a moral deficit put on a good show, and sleep like a baby.”

Paul Newman (1925–2008) American actor and film director

Sleep, Baby

“Rafe didn't just flirt-he charmed girls right up to the point where they fell for him, then he changed his mind. I called him a player with attention deficit disorder.”

Kelley Armstrong The Gathering

Source: The Gathering

Girl, Change

“I could end the deficit in five minutes. You just pass a law that says that any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election.”

Warren Buffett (1930) American business magnate, investor, and philanthropist

Interview on CNBC http://www.cnbc.com/id/43670783 (1 July 2011)

Law, Time

“I keep asking, how long will we go on defending South Korea from North Korea without payment? South Korea is a very very rich country. They're rich because of us. They sell us televisions, they sell us cars. They sell us everything. They are making a fortune. We have a huge deficit with South Korea. They're friends of mine. I do deals with them. I've been partners with them, no problem. But they think we're stupid. They can't believe it. We are defending them against North Korea, we're doing it for nothing. We're not in that position. When will they start to pay us for this defense? Isn't it really ridiculous when you think of it? They make a fortune on the United States and then they got some problems, and what happens? They call the United States to defend them, and we get nothing?”

Donald J. Trump (1946) 45th President of the United States of America

"From the Desk of Donald Trump: South Korea" https://www.youtube.com/watch/?v=agk9ZCrYol4 YouTube (10 April 2013) 2010s, 2013

Stupidity, Cars, Problem, Thinking

“Economists may insist we are running a trade deficit, but in reality, we are running a margin surplus.”

Andy Kessler (1958) American writer

Part VII, The Margin Surplus, Why It's Imperative to Drive a Beemer, p. 275 (See also:Robert Kuttner).
Running Money (2004) First Edition

Reality

“Consumer debt is the lifeblood of our economy. All modern nation states are built on deficit spending. Debt has come to be the central issue of international politics. But nobody seems to know exactly what it is, or how to think about it.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter One, "On The Experience of Moral Confusion", p. 4

Thinking

“That's a hard answer to accept, especially for those American policy intellectuals who recoil from the dreary task of reducing deficits and raising the national savings rate. But economics is not a dismal science because the economists like it that way; it is because in the end we must submit to the tyranny not just of the numbers, but of the logic they express.”

Paul Krugman (1953) American economist

Pop Internationalism (1996), Asia's Miracle (1994)

Way, Science

“You win the presidency by connecting with the American people's gut insecurities and aspirations. You win with a concept. The concept I'd argue for is "neoliberalism." More Americans today are natural neolibs, than neocons. Neoliberals believe in a muscular foreign policy and a credible defense budget, but also a prudent fiscal policy that balances taxes, deficit reduction and government services.”

Thomas Friedman (1953) American journalist and author

New York Times (11 June 2002) "Read My Lips".

People, Nature

“In fact, before the Reform Party really became a force in the late '80s, early '90s, the leadership of the Conservative party was running the largest deficits in Canadian history.”

Stephen Harper (1959) 22nd Prime Minister of Canada

1990s, Speech to the Council for National Policy (1997)

History

“Tax revenues are up 59 percent since 1980. Because of our economic growth? No. During Carter's four years, we had growth of 37.2 percent; Reagan's five years have given us 30.7 percent. The new revenues are due to four giant Republican tax increases since 1981. All republicans rightly chastised Carter for his $38 billion deficit. But they ignore or even defend deficits of $220 billion, as government spending has grown 10.4 percent per year since Reagan took office, while the federal payroll has zoomed by a quarter of a million bureaucrats… big government has been legitimized in a way the Democrats never could have accomplished. It was tragic to listen to Ronald Reagan on the 1986 campaign trail bragging about his high spending on farm subsidies, welfare, warfare, etc… the IRS has grown bigger, richer, more powerful, and more arrogant. In the words of the founders of our country, our government has "sent hither swarms" of tax gatherers "to harass our people and eat out their substance." His officers jailed the innocent George Hansen, with the President refusing to pardon a great American whose only crime was to defend the Constitution. Reagan's new tax "reform" gives even more power to the IRS. Far from making taxes fairer or simpler, it deceitfully raises more revenue for the government to waste… I want to totally disassociate myself from the policies that have given us unprecedented deficits, massive monetary inflation, indiscriminate military spending, an irrational and unconstitutional foreign policy, zooming foreign aid, the exaltation of international banking, and the attack on our personal liberties and privacy.”

Ron Paul (1935) American politician and physician

Letter to chairman of the RNC http://www.textfiles.com/politics/ron_paul.txt Frank Fahrenkopf (March 1987). 1980s

People, Way, Personality, Country

“President Obama has weakened our military by weakening our economy. He's crippled us with wasteful spending, massive debt, low growth, a huge trade deficit and open borders.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2016, April, Foreign Policy Speech (27 April 2016)

“I may have vetoed more legislation than the other forty-nine governors in the country combined. And it wasn't just saying, "no," it was really looking at what we were spending our money on and what we were getting for the money we were spending. And I really do believe in smaller government, I really believe that there are consequences of legislation that gets passed and maybe it isn't in our best interest to pass all the legislation that we pass, that it layers bureaucracy on transactions that aren't made any safer by you and I, but that just end up making it so much more cumbersome, so much more burdensome, and ends up adding a lot of money as opposed to the notion of liberty and freedom and the personal responsibility that goes along with that… My entire life I watched government spend more money than what it takes in and I just always thought that there would be a day of reckoning with regard to that spending, and I think that day of reckoning is here, that it's right now, and it needs to be fixed… But what I said then and I'll say now, I think that Republicans would gain a lot of credibility in this argument if Republicans would offer up a repeal of the Prescription Health Care Benefit that they passed when they had control of both houses of Congress and ran up record deficits.”

Gary Johnson (1953) American politician, businessman, and 29th Governor of New Mexico

Announcement of Intention to Run for the Republican Nomination for President of the United States
YouTube
2011-04-21
http://youtu.be/lBlA7yEiiZs
2012-02-24
Sound Government

Life, Money, Health, Thinking

“Attention Deficit Democracy produces the attitudes, ignorance and arrogance that pave the way to political collapse.”

James Bovard (1956) American journalist

From Attention Deficit Democracy (Palgrave, 2006) http://www.jimbovard.com/Epigrams%20Attention%20Deficit%20Democracy.htm

Way, Democracy

“I would summarize the Keynesian view in terms of four points:1. Economies sometimes produce much less than they could, and employ many fewer workers than they should, because there just isn’t enough spending. Such episodes can happen for a variety of reasons; the question is how to respond.
2. There are normally forces that tend to push the economy back toward full employment. But they work slowly; a hands-off policy toward depressed economies means accepting a long, unnecessary period of pain.
3. It is often possible to drastically shorten this period of pain and greatly reduce the human and financial losses by “printing money”, using the central bank’s power of currency creation to push interest rates down.
4. Sometimes, however, monetary policy loses its effectiveness, especially when rates are close to zero. In that case temporary deficit spending can provide a useful boost. And conversely, fiscal austerity in a depressed economy imposes large economic losses.”

Paul Krugman (1953) American economist

Keynesianism Explained http://krugman.blogs.nytimes.com/2015/09/15/keynesianism-explained (September 15, 2015) The Conscience of a Liberal blog

Money, Pain, Question, Loss

“Voluntary exchanges are by definition advantageous to their participants. Within this voluntary, mutually beneficial relationship, I give up an item I value less, for something I value more: a fee for the desired product or service. My trading partners, whose valuations are in complementary opposition to mine, reciprocate in kind. Ceteris paribus (all other things being equal), there's nothing wrong with my running a trade deficit with Costco, my hair stylist or my GTI dealer, as I do—just as long as I pay for my purchases. However, the data demonstrate that Americans, in general, are not paying for their purchases.”

Ilana Mercer South African writer

"Trump and Trade," http://praag.org/?p=21936Praag.org, March 12, 2016. 2010s, 2016

“To the deficit commission, a depression is the solution to the problem, not a problem.”

Michael Hudson (economist) (1939) American economist

" Why Government is More Afraid of Debt than Depression http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6002" Video Interview, The Real News Network (TRNN) (December 16, 2010)

Problem

“I have… instituted systematic, voluntary measures of cooperation with the business institutions and with State and municipal authorities to make certain that fundamental businesses of the country shall continue as usual, that wages and therefore consuming power shall not be reduced, and that a special effort shall be made to expand construction work in order to assist in equalizing other deficits in employment… I am convinced that through these measures we have reestablished confidence. Wages should remain stable. A very large degree of industrial unemployment and suffering which would otherwise have occurred has been prevented. Agricultural prices have reflected the returning confidence. The measures taken must be vigorously pursued until normal conditions are restored.”

Herbert Hoover (1874–1964) 31st President of the United States of America

State of the Union Address (3 December 1929)

Confidence, Business, Effort, Suffering

“Such budget deficits are unsustainable. We must put a stop to smuggling - estimated by foreign institutions to be as much as $10 billion (as P480 billion) a year. The uncollected VAT alone would be over P50 billion.”

Francis Escudero (1969) Filipino politician

2009, Speech: The Socio-Economic Peace Program of Senator Francis Escudero

“The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit…people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less…coming on top of a massive income investment boom, it's all been just a bit too much of a good thing.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Conservative Party Conference (13 October, 1988).

People, Fear, Feeling, Confidence

“I now say that the world has the technology – either available or well advanced in the research pipeline – to feed on a sustainable basis a population of 10 billion people. The more pertinent question today is whether farmers and ranchers will be permitted to use this new technology? While the affluent nations can certainly afford to adopt ultra low-risk positions, and pay more for food produced by the so-called “organic” methods, the one billion chronically undernourished people of the low income, food-deficit nations cannot.”

Norman Borlaug (1914–2009) American biologist

30th Anniversary Lecture, The Norwegian Nobel Institute, Oslo, September 8, 2000; Quoted in: Ronald Bailey (2002) Global warming and other eco-myths. p. 59

People, World, Food, Question

“If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. … There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.”

Paul Krugman (1953) American economist

on CNN's "Fareed Zakaria GPS", August 21, 2011. http://www.huffingtonpost.com/2011/08/15/paul-krugman-fake-alien-invasion_n_926995.html

World, Peace, Time

“We cannot expect that everyone, to use the phrase of a decade ago, will "talk sense to the American people". But we can hope that fewer people will listen to nonsense. And the notion that this Nation is headed for defeat through deficit, or that strength is but a matter of slogans, is nothing but just plain nonsense.”

John F. Kennedy (1917–1963) 35th president of the United States of America

1963, Remarks Prepared for Delivery at the Trade Mart in Dallas

People, Hope, Sense

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.”

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

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966 1950–60s

Secret, Way, Understanding, Wealth

“Any one country can be in any of four possible disequilibrium situations. It can be (1) a surplus country with a domestic slump, (2) a surplus country with a domestic boom, (3) a deficit country with a domestic slump, or (4) a deficit country with a domestic boom.”

James Meade (1907–1995) British economist

Source: The balance of payments, 1951, p. 158; As cited in: Metaxas & Weber (2013, p. 20)

Country

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

Michał Kalecki (1899–1970) Polish economist

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

Sense

“Structural reforms and respecting European treaties are the two pre-requisites to reduce deficits in the long-term and boost the economy’s potential growth rate which, at around 1%, is much lower than the government estimates (close to 4%). It is the French economy’s ‘corsets’ that are to blame for the country’s weak growth (both potential and recorded) which itself generates the deficits and not the austerity policies made necessary by galloping deficits as partisans of the so-called demand- led policy think. The French economy is primarily ill because of its public finances.”

Éric Pichet (1960) economist

Le programme de stabilité et le pacte de responsabilité : la trajectoire des finances publiques de 2014 à 2017 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2499496 Article in Revue de Droit Fiscal n31-35 (2014). Structural reforms, The French Economy corsets

Thinking, Country

“There are 1011 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.”

Richard Feynman (1918–1988) American theoretical physicist

from a 1987 class, as quoted in David L. Goodstein, "Richard P. Feynman, Teacher," Physics Today, volume 42, number 2 (February 1989) p. 70-75, at p. 73
Republished in the "Special Preface" to Six Easy Pieces (1995), p. xx.

Star

“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. 2000s

Baby

“Pro-slavery impulse still governs the Democratic Party, the party of government sinecures. It is the party that wants to use political power to tax us not for any common good, but to eat while we work. Consider the Great Society and its legacy. In the fall of 1964, I was on the speech-writing staff of the Goldwater campaign. In September and October I went on a number of forays to college campuses, where I debated spokesmen for our opponents. My argument always started from here. In 1964 the economy, thanks to the Kennedy tax cuts, was growing at the remarkable annual rate of four percent. But federal revenues were growing at 20 percent; five times as fast. The real issue in the election, I said, was what was to happen to that cornucopia of revenue. Barry Goldwater would use it to reduce the deficit and to further reduce taxes; Lyndon Johnson would use it to start vast new federal programs. At that point I could not say what programs, but I knew that the real purpose of them would be to create a new class of dependents upon the Democratic Party. The ink was hardly dry on the election returns before Johnson invented the war on poverty; and proved my prediction correct. One did not need to be cynical to see that the poor were not a reason for the expansion of bureaucracy; the expansion of bureaucracy was a reason for the poor. Every failure to reduce poverty was always represented as another reason to increase expenditures on the poor. The ultimate beneficiary was the Democratic Party. Every federal bureaucrat became in effect a precinct captain, delivering the votes of his constituents. His job was to enlarge the pool of constituents. But every increase in that pool meant a diminution of our property and our freedom.”

Harry V. Jaffa (1918–2015) American historian and collegiate professor

1990s, The Party of Lincoln vs. The Party of Bureaucrats (1996)

War, Failure, Freedom, Time

“Mr. Speaker, in the brief time I have let me give you five reasons why I'm opposed to giving the President a blank check to launch a unilateral invasion and occupation of Iraq and why I will vote against this resolution.One: I have not heard any estimates of how many young American men and women might die in such a war, or how many tens of thousands of women and children in Iraq might also be killed. As a caring nation, we should do everything we can to prevent the horrible suffering that a war will cause. War must be the last recourse in international relations, not the first.Second, I am deeply concerned about the precedent that a unilateral invasion of Iraq could establish in terms of international law and the role of the United Nations. If President Bush believes that the US can go to war at any time against any nation, what moral or legal obligation can our government raise if another country chose to do the same thing.Third, the United States in now involved in a very difficult war against international terrorism, as we learned tragically on September eleventh. We are opposed by Osama Bin Ladin and religious fanatics who are prepared to engage in a kind of warfare that we have never experienced before. I agree with Brent Scowcroft, Republican former national security adviser for President George Bush senior, who stated and I quote, "An attack on Iraq at this time would seriously jeopardize if not destroy the global counter-terrorist campaign we have undertaken."Fourth, at a time when this country has a six-trillion dollar national debt and a growing deficit, we should be clear that a war and a long-term American occupation of Iraq could be extremely expensive.Fifth, I am concerned about the problems with so-called unintended consequences. Who will govern Iraq when Saddam Hussein is removed? And what role will the US play in an ensuing civil war that could develop in that country? Will moderate governments in the regions who have large Islamic fundamentalist populations be overthrown and replaced by extremists? Will the bloody conflict between Israel and the Palestinian Authority be exacerbated? And these are just a few of the questions that remain unanswered.”

Bernie Sanders (1941) American politician, senator for Vermont

Speech on Iraq War Resolution in US House of Representatives https://www.youtube.com/watch?v=NdFw1btbkLM (9 October 2002) 2000s

Women, Men, War, Children

“We want an extraordinary heavy taxation, with a progressive character, on capital, that will represent an authentic partial expropriation of all wealth; seizures of all assets of religious congregations and suppression of all the ecclesiastic Episcopal revenues, in what constitutes an enormous deficit of the nation and a privilege for a minority; revisions of all contracts made by the war ministers and seizure of 85% of all war profits.”

Benito Mussolini (1883–1945) Duce and President of the Council of Ministers of Italy. Leader of the National Fascist Party and subsequen…

From Mussolini's Fasci Italiani di Combattimento (Italian Combat Fasci), Il Popolo d'Italia newspaper, June 6, 1919. Speech published in Revolutionary Fascism, by Erik Norling, Lisbon, Finis Mundi Press (2011) p. 92.
1910s

War, Wealth

“Nor was my attendance at the Polo Grounds limited to baseball games. I sat in the lower left field stands to watch the championship professional football game between the undefeated Chicago Bears led by Bronc Nagurski and the New York Giants. Because the field was so icy slick—the temperature dipped to four degrees above zero that Sunday afternoon—the Giants' owner Wellington Mara had a minion at halftime break into Manhattan College's gymnasium and steal the school's basketball sneakers. Clad in sneakers and suddenly able to keep from sliding all over the joint, the Giants turned a 13-3 deficit into a 30-13 victory. All this despite an advisory to his teammates from a former Chicago linebacker named George Halas, "Step on their toes! Step on their toes!"”

Arnold Hano (1922) American writer

From his Foreword https://books.google.com/books?id=jF7v30gqs_0C&pg=PA8&dq=%22Nor+was+my+attendance%22&hl=en&sa=X&ved=0CBQQ6AEwAGoVChMIr7rJg_3UxwIVRDc-Ch0APQ6M#v=onepage&q=%22Nor%20was%20my%20attendance%22&f=false to The Early Polo Grounds Sports-related

School, Game, Victory, Football

“EU countries lose approximately €1,000 billion with tax avoidance. If Finland would receive of this €1,000 billion 1 % in relation to its population in the EU, it would be €10 billion. The famous deficit would be fixed up. If tax avaidance is not restricted we continue to have deficits and budget cuts.”

Satu Hassi (1951) Finnish politician and MEP

Variant: EU countries lose approximately €1,000 billion with tax avoidance. If Finland would receive of this €1,000 billion 1 % in relation to its population in the EU, it would be €10 billion. The famous deficit would be fixed up. If tax avaidance is not restricted we continue to have deficits and budget cuts.
Source: Satu Hassi: Veronkierto vai hyvinvointivaltio, Voima 10/213 In Finnish: EU-maiden arvioidaan menettävän veronkierron vuoksi 1000 miljardia euroa. - Jos Suomi saisi tuosta 1000 mrd eurosta prosentin, eli väestöosuutemme EU:ssa, se olisi 10 mrd. euroa. Kuuluisa kestävyysvaje olisi hoidettu. Ellei veronkiertoa suitsija, vajeista ja budjettileikkauksista päästä eroon.

Country

“My research leads me inescapably to the opinion that the major cause of the American Negro's intellectual and social deficits is hereditary and racial genetic in origin and thus not remediable to a major degree by practical improvements in environment.”

William Shockley (1910–1989) American physicist and inventor

Interview with Black journal.

“So the game plan is not merely to free the income of the wealthiest class to “offshore” itself into assets denominated in harder currencies abroad. It is to scrap the progressive tax system altogether. … How stable can a global situation be where the richest nation does not tax its population, but creates new public debt to hand out to its bankers? … The “solution” to the coming financial crisis in the United States may await the dollar’s plunge as an opportunity for a financial Tonkin Gulf resolution. Such a crisis would help catalyze the tax system’s radical change to a European-style “Steve Forbes” flat tax and VAT sales-excise tax…. More government giveaways will be made to the financial sector in a vain effort to keep bad debts afloat and banks “solvent.” As in Ireland and Latvia, public debt will replace private debt, leaving little remaining for Social Security or indeed for much social spending. … The bottom line is that after the prolonged tax giveaway exacerbates the federal budget deficit – along with the balance-of-payments deficit – we can expect the next Republican or Democratic administration to step in and “save” the country from economic emergency by scaling back Social Security while turning its funding over, Pinochet-style, to Wall Street money managers to loot as they did in Chile. And one can forget rebuilding America’s infrastructure. It is being sold off by debt-strapped cities and states to cover their budget shortfalls resulting from un-taxing real estate and from foreclosures. Welcome to debt peonage. This is worse than what was meant by a double-dip recession. It will be with us much longer.”

Michael Hudson (economist) (1939) American economist

Obama's Bushism http://michael-hudson.com/2010/12/obamas-bushism/ (December 8, 2010) Michael-Hudson.com, 1998-

Money, Game, Effort, Change

“I have Attention Deficit Disorder. I have learning disabilities. I don't even have a high school diploma. I'm smart, but you can't prove it on paper. I do have a GED, and if you don't know what GED stands for…you probably got one, too.”

Ron White (1956) American comedian

A Little Unprofessional

School, Learning

“I mean, for Pete’s sake, you can’t get into the military, or used to not be able to get into the military, who knows now, if you had asthma, psoriasis, attention deficit disorder, but we’re going to bring in people with an extremely peculiar and rare mental illness…and have the taxpayers pay for it.”

Ann Coulter (1961) author, political commentator

Trump's transgender ban tweets were a good distraction from his Sessions tweets: Ann Coulter
2017-07-27
Fox News Business
http://www.foxbusiness.com/politics/2017/07/27/trumps-transgender-ban-tweets-were-good-distraction-from-his-sessions-tweets-ann-coulter.html
2017

People

“By 1939 the national debt had reached 37.4 billion marks. The reemployment of millions of jobless and the rearmament of German military forces had been financed by borrowing gigantic sums of money. Even Goebbels, who otherwise mocked the government’s financial experts as narrow-minded misers, expressed concern in his diary about the exploding deficit.”

Götz Aly (1947) German journalist, historian and social scientist

Source: Hitler’s Beneficiaries: Plunder, Racial War, and the Nazi Welfare State (2007), p. 39

Money

““You’ll find God among the poor,” they say. Is that true anymore? Is the connection between poverty and divinity simply a panacea for the world’s destitute, an assurance that they’ll be rewarded in the hereafter? Or does a material deficit provide space for God? My love of God elevates the intention of this book beyond the dry and admirable establishment of collectivized communities. I am enraptured by the magnetic pull of evolution: What is this energy that heals the body and escalates one cell to two, that repairs and creates and calculates in harmony with environment, outside of time? Where is evolution trying to go? Evolutionary psychologists would likely say the imposition of an anthropocentric concept like “trying” or “intending” is naïve, but I’m not going to ask one, they get enough airtime, the killjoys. I remain uncharmed by the incessant rationalization that requires the spirit’s capitulation. The infusion of the scientific with the philosophical is materialism. The manifesto for our salvation is not in this sparse itinerary.”

Russell Brand book Revolution

Revolution (2014)

Love, God, Books, World

“Ultimately, taxes are being paid for by your and my freedom because we have to spend more time to make the money to pay for those taxes. The current reality is that with a deficit that is going to double in the next eight years is that taxes, currently, as it stands right now, taxes are going up, unless there becomes a real movement to understand that we should be reducing taxes and not allowing taxes to increase.”

Gary Johnson (1953) American politician, businessman, and 29th Governor of New Mexico

Statement on Taxes
YouTube
2011-08-23
http://youtu.be/227YyBf7-KQ
2012-02-24
2011

Money, Understanding, Reality, Freedom

“Despite a relative control over expenditure in 2013, the persistence of a very high public deficit (4.3%) was mainly due to an unprecedented and unexpected drop in tax revenue which confirms the existence of a tax tolerance threshold, specific to each country, and which may have been reached in France. Above this threshold, any tax increase has a counterproductive effect as compulsory taxes stifle activity by further weakening the economy’s growth potential.”

Éric Pichet (1960) economist

Country

“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.”

Mike Lee (U.S. politician) (1971) American politician

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)

War, People, Thinking

“I have tried to draw attention to South Korea’s dangerous state-loyalty deficit, by which I mean citizens’ lack of a sense of identification with their republic. In doing so I have noted the obvious parallels with South Vietnam, another state fatally weakened by nationalism. On this point too, I seem to be talking to the wall. Even Americans interested in the nuclear crisis feel no need to learn about party politics in South Korea. It’s a thriving, prosperous democracy, and that’s all that matters.”

Brian Reynolds Myers (1963) American professor of international studies

2010s, On Some Counter-Arguments (October 2017)

Feeling, Democracy, Sense, Learning

“We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion—that governments could spend and borrow their way to prosperity, and fine-tune the performance of the economy through something known pretentiously as demand management…It used to be an establishment nostrum that you need a budget deficit to get economic growth. That was the belief which lay behind the notorious letter by 364 economists in March 1981. We have given the lie to that, decisively. There can no longer be any argument about it. Everyone—or almost everyone—now accepts that the proper role of macro-economic policy is to keep downward pressure on inflation and to maintain a stable framework in which the private sector can expand.”

Nigel Lawson (1932) British Conservative politician and journalist

Nigel Lawson, Tax Reform: The Government's Record (Conservative Political Centre, June 1988).

War, Lie, Way, Decision

“We're already in honk up to, above our ears. You can't continue to run these fiscal deficits. It has to be eliminated!”

Michael O'Leary (businessman) (1961) businessman, CEO of Ryanair

Newsnight Interview (February 24, 2011)

“Take a unit, halve it, halve the result, and so on continually. This gives—1 1⁄2 1⁄4 1⁄8 1⁄16 1⁄32 1⁄64 1⁄128 &c.;Add these together, beginning from the first, namely, add the first two, the first three, the first four, &c;… We see then a continual approach to 2, which is not reached, nor ever will be, for the deficit from 2 is always equal to the last term added.
…We say that—1, 1 + 1⁄2, 1 + 1⁄2 + 1⁄4, 1 + 1⁄2 + 1⁄4 + 1⁄8, &c.; &c.;is a series of quantities which continually approximate to the limit 2. Now the truth is, these several quantities are fixed, and do not approximate to 2. …it is we ourselves who approximate to 2, by passing from one to another. Similarly when we say, "let x be a quantity which continually approximates to the limit 2," we mean, let us assign different values to x, each nearer to 2 than the preceding, and following such a law that we shall, by continuing our steps sufficiently far, actually find a value for x which shall be as near to 2 as we please.”

Augustus De Morgan (1806–1871) British mathematician, philosopher and university teacher (1806-1871)

The Differential and Integral Calculus (1836)

Truth, Law

“When you look at February's (2011) deficit spending alone, and the fact that it was larger than what our total deficit spending was in 2007, the proposals that the Senate is sending us simply are ridiculous, because it's not even a solution. It doesn't address the amount of spending that we have in a week's time. We need to get serious.”

Kristi Noem (1971) South Dakota politician

Reisner, Hiram. Rep. Noem: Senate Budget Proposals ‘Ridiculous’ http://www.newsmax.com/InsideCover/Noem-Budget-Proposals-Ridiculous/2011/03/11/id/389116, NewsMax, March 11, 2011.

Time

“At the beginning of the 1980s the world community faces much greater dangers than at any time since the Second World War. It is clear that the world economy is now functioning so badly that it damages both the immediate and longer-run interests of all nations…The problems of poverty and hunger are becoming more serious; there are already 800 million absolute poor and their numbers are rising; shortages of grain and other foods are increasing the prospect of hunger and starvation…Between 20 and 25 million children below the age of five die every year in developing countries…A number of poor countries are threatened with the irreversible destruction of their ecological systems while many more face growing food deficits and possibly mass starvation. In the international economy there is the possibility of… a collapse of credit with defaults by major debtors, or bank failures… [and] an intensified struggle for influence or control over resources leading to military conflicts.”

Willy Brandt (1913–1992) German social-democratic politician; Chancellor of the Federal Republic of Germany

Attributed in "Are We Nearing Armageddon?", article on The Watchtower magazine, 1980, 10/15.

Hunger, War, Children, Age

“I will not be proposing a course which has been under some public discussion recently — deficit financing. It is wholly inappropriate to our economic situation. In its least extreme form it is based on the theory that additional money generated by a Government deficit (and given currency, as necessary, by use of the printing press) will stimulate consumption and thereby production, in time to match the excess money with goods before real inflationary harm is done. Unfortunately we don't, and can't, produce more than a small fraction of what we consume, and increased consumption would merely mean increased imports without matching exports; and a severe balance of payment crisis, which would destroy Hong Kong's credit and confidence in the Hong Kong dollar; and which we could not cure without coming close to ruining ourselves. Keynes was not writing with our situation in mind. In this hard world we have to earn before we spend.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 27, 1963, page 50.
Official Report of Proceedings of the Hong Kong Legislative Council

Money, World, Confidence, Time

“History will record that the two biggest deficits of the Obama administration were the failure to create a robust economy and the president's retreat from the terrorist battlefield. For years, Talking Points has been telling you the Obama administration has no strategy to defeat the ISIS threat. But President Obama somehow does not seem to understand that the civilized world is losing the fight against ISIS. Just hours before the Paris attack the president said 'we have contained' ISIS. Obviously that is not true. They are a threat worldwide, they continue to kill people with impunity. Nevertheless, the president is unrepentant and unwilling to admit that his strategy has failed. At a press conference today in Turkey he said, 'The strategy we're pursing is the right one.' The Republican Party is taking note. Senator Ted Cruz says 'Barack Obama does not wish to defend the country,' and Senator Lindsey Graham warns, 'There's a 9/11 coming, and it's coming from Syria if we don't disrupt their operations inside of Syria.”

Bill O'Reilly (1949) American political commentator, television host and writer

It is long past time that we the people demand ISIS be defeated, not contained. The O'Reilly Factor http://www.billoreilly.com/show?action=viewTVShow&showID=4059&destinationpage=/mobile/tvshow.jsp (16 November 2015)

People, World, History, Failure

“But public works, economic protectionism, cheap money, 'deficit-financed government spending,' and 'the animal spirits of the spendthrift' in the service of boosting 'consumption demand'… Doesn't Keynesianism simply appeal to the worst in human nature?”

Ilana Mercer South African writer

"John Maynard Keynes: Where’s The Genius?! (Part 2) http://www.economicpolicyjournal.com/2013/08/john-maynard-keynes-wheres-genius-part-2.html Economic Policy Journal, August 23, 2013. 2010s, 2013

Money, Nature, Animals

“Our country is wallowing in a miasma of political and class conflict, of greed and special interest, with regard to budget deficits, inflation and rising unemployment, the threats of both a bloody war and a devastating recession. How did we get into this mess? Because the press, during the 1980s committed one of the greatest crimes of the 20th century. The media took a dive, caved in, and did not tell the American people the price they would eventually pay for Reaganomics.”

Carl Rowan (1925–2000) American journalist

while accepting the Allen H. Neuharth Award for Excellence in Journalism from the University of South Dakota in 1990.
Quoington Star article entitled "Has President Nixon Gone Crazy?"

War, People, Country

“We are in a bit of a policy box and it's going to require us being willing to give up one of the two, which is it's okay to take on more deficits but lets put in some massive spending. Alternatively to say, 'we're going to go through structural unemployment for a while because we want to address deficits.”

Indra Nooyi (1955) Indian-born, naturalized American, business executive

Top 15 quotes from PepsiCo CEO Indra Nooyi

Box

“I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.”

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

Source: 2000s, The Age of Turbulence (2008), Chapter Ten, "Downturn", p. 218.

“Overconsumption by US citizens, US buy-outs of foreign companies and dollars the Pentagon spends abroad all end up in foreign central banks. These governments face a hard choice: either recycle the dollars back to America by buying US Treasury bonds or let the “free market” force up their currencies relative to the dollar – thereby pricing their exports out of world markets, creating domestic unemployment and business failures. US-style free markets hook them into a system that forces them to accept unlimited dollars. Now they want out. … The US is the world’s largest debtor, yet has avoided the pain of “structural adjustments” imposed on other debtor nations. US interest rate and tax reductions in the face of exploding trade and budget deficits are seen as the height of hypocrisy in view of the austerity programmes that Washington has forced on other countries via the International Monetary Fund and other vehicles.”

Michael Hudson (economist) (1939) American economist

Washington cannot call all the shots http://michael-hudson.com/2009/06/washington-cannot-call-all-the-shots/ (June 14, 2009) Michael-Hudson.com, 1998-

Pain, World, Failure, Business

“To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.”

Ben Bernanke (1953) American economist

Speech given on Apr. 7, 2010 to the Dallas Regional Chamber of Commerce, "Economic Challenges: Past, Present and Future" http://www.federalreserve.gov/newsevents/speech/bernanke20100407a.pdf. (See pages 13-14 of the speech transcript).

Education

“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

“As Simone Weil— perhaps the strangest and most unlikely Thoreauvian solitary, outcast, and transcendentalist of all— wrote, echoing Thoreau's sense of awareness: "The authentic and pure values— truth, beauty, and goodness— in the activity of a human being are the result of one and the same act, a certain application of the full attention to the object." Or, more tersely yet: "Absolutely unmixed attention is prayer."
It is perhaps the saddest, most hopeless thing we can say about our culture that it is a culture of distraction. "Attention deficit" is a cultural disorder, a debasement of spirit, before it is an ailment in our children to be treated with Ritalin.”

Curtis White (1951) American academic

"The spirit of disobedience: an invitation to resistance"

Children, Truth, Beauty, Sense

“I was informed this afternoon by the distinguished Secretary of the Treasury that his preliminary estimates indicate that our balance of payments deficit has been reduced from $2.8 billion in 1964 to $1.3 billion, or less, in 1965. This achievement has been made possible by the patriotic voluntary cooperation of businessmen and bankers working with your government. We must now work together with increased urgency to wipe out this balance of payments deficit altogether in the next year. And as our economy surges toward new heights we must increase our vigilance against the inflation which raises the cost of living and which lowers the savings of every family in this land. It is essential, to prevent inflation, that we ask both labor and business to exercise price and wage restraint, and I do so again tonight. I believe it desirable, because of increased military expenditures, that you temporarily restore the automobile and certain telephone excise tax reductions made effective only 12 days ago. Without raising taxes—or even increasing the total tax bill paid—we should move to improve our withholding system so that Americans can more realistically pay as they go, speed up the collection of corporate taxes, and make other necessary simplifications of the tax structure at an early date.”

Lyndon B. Johnson (1908–1973) American politician, 36th president of the United States (in office from 1963 to 1969)

1960s, State of the Union Address (1966)

Family, Exercises, Business, Speed

“The sense of shame that the Chancellor should have felt is far more personal. It is a sense of shame for having taken over an economy with a £1,000 million surplus and running it to a £2,000 million deficit. It is a sense of shame for having conducted our internal financial affairs with such profligacy that our public accounts are out of balance as never before. It is a sense of shame for having presided over the greatest depreciation of the currency, both at home and abroad, in our history. It is a sense of shame for having left us at a moment of test far weaker than most of our neighbours…There is, I believe, a greater threat to the effective working of our democratic institutions than most of us have seen in our adult lifetimes. I do not believe that it springs primarily from the machinations of subversively-minded men, although no doubt they are there and are anxious to exploit exploitable situations. It comes much more dangerously from a widespread cynicism with the processes of our political system. I believe that the Chancellor contributed to that on Monday. I believe that it poses a serious challenge to us all…None of us should seek salvation through chaos. There is a duty too to recognise that we could slip into a still worse rate of inflation and a world spiral-ling downwards towards slump, unemployment and falling standards, with our selves, temporarily at least, well in the vanguard. What is required is neither an imposed solution nor an open hand at the till. The alternative to reaching a settlement with the miners is paralysis…The task of statesmanship is to reach a settlement but to do it in a way which opens no floodgates for if they were opened, it would not only damage everyone but it would undermine the differential which the miners deserve and which the nation now needs them to have.”

Roy Jenkins (1920–2003) British politician, historian and writer

Speech http://hansard.millbanksystems.com/commons/1973/dec/19/economic-and-energy-situation in the House of Commons (19 December 1973) 1970s

Men, World, Way, Home

“Why should there be hunger and privation in any land, in any city, at any table when man has the resources and the scientific know-how to provide all mankind with the basic necessities of life? Even deserts can be irrigated and top soil can be replaced. We cannot complain of a lack of land, for there are twenty-five million square miles of tillable land, of which we are using less than seven million. We have amazing knowledge of vitamins, nutrition, the chemistry of food, and the versatility of atoms. There is no deficit in human resources; the deficit is in human will. The well-off and the secure have too often become indifferent and oblivious to the poverty and deprivation in their midst. The poor in our countries have been shut out of our minds, and driven from the mainstream of our societies, because we have allowed them to become invisible. Just as nonviolence exposed the ugliness of racial injustice, so must the infection and sickness of poverty be exposed and healed - not only its symptoms but its basic causes. This, too, will be a fierce struggle, but we must not be afraid to pursue the remedy no matter how formidable the task.”

Martin Luther King, Jr. (1929–1968) American clergyman, activist, and leader in the American Civil Rights Movement

1960s, The Quest for Peace and Justice (1964)

Life, Hunger, Food, Knowledge

“In an ever-advancing spiral the public was made to believe that only Hollywood-style extravaganzas were worth seeing and that only they could give an accurate sense of the world of art. The resulting box-office pressure made the museums still more dependent on corporate funding. Then came the recessions of the 1970s and 1980s. Many individual donors could no longer contribute at the accustomed rate, and inflation eroded the purchasing power of funds. To compound the financial problems, many governments, facing huge deficits—often due to sizable expansions of military budgets—cut their support for social services as well as their arts funding. Again museums felt they had no choice but to turn to corporation for a bail-out.”

Hans Haacke (1936) conceptual political artist

1980s, "Museums, Managers of Consciousness," 1983

World, Art, Support, Problem

“Grove quotes me – and the quotes are things I actually said! That is stunningly rare. … What liberals normally do in response to a principled conservative argument is lie, manufacture quotes, and call conservatives names – as some dissolute drunk did in the New York Post a few days later. The left's logic deficit is a topic I explore thoroughly in my book. Buy it and prepare to have your blood run hot.
Oh, and for the record, Howard Kurtz is wrong about the reason I call him the Liberal Ombudsman for Liberal Media Bias in my book – it was not the "girly-boy" quote. Paradoxically, that is the ONLY time Kurtz has quoted me accurately.”

Ann Coulter (1961) author, political commentator

Mentioning comments by journalist Howard Kurtz about his reporting of Coulter calling editors at National Review Online "girly-boys".
2002, Ann Coulter : Left Is 'out to Destroy the Country' (2002)

Lie, Books, Quotes, Boy

“Unfortunately, several decades of Keynesian instruction on the virtues of budget deficits have left the public and our political leaders confused about the costs of running persistent deficits. […] Keynes has been that influential defunct scribbler for the past generation. But who would ever have thought that the politician hearing Keynes's voice in the air might be Ronald Reagan”

Martin Feldstein (1939–2019) American economist

"Counterrevolution in Progress", Challenge (1988).

Past

“You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due.”

Dick Cheney (1941) American politician and businessman

Remarks on Paul O'Neill http://www.cbsnews.com/stories/2004/01/09/60minutes/main592330.shtml (January 9, 2004) 2000s, 2004

“Economic and monetary union…is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible…to have irrevocably fixed exchange rates while individual countries retained independent monetary policies…such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions…taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States…It is clear that Economic and Monetary Union implies nothing less than European Government…and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Royal Institute for International Affairs, Chatham House (25 January 1989), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 910.

Communication, Decision, Future, Country

“Many observers have exposed the democracy deficits of the international and domestic order; identified threats to international peace; warned against the military-industrial and military-financial complexes; and denounced the retrogression in social justice associated with so-called “austerity measures”. The diagnoses of think tanks universities and researchers are fairly clear, their recommendations sensible and implementable, but changing the status quo has proven difficult, primarily because of lack of transparency and accountability in political processes, and because of powerful vested interests. Not without irony it has been noted that often those who are elected do not govern, and those who do govern are not elected.”

Alfred de Zayas (1947) American United Nations official

Alfred de Zayas' comments to the remarks made by NGOs and States during the United Nations (UN) Human Rights Council Session http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=13713&LangID=E Comments by Alfred de Zayas, Independent Expert on the promotion of a democratic and equitable international order, following the Interactive Dialogue on the presentation of his thematic report. 2013

Peace, Justice, Democracy, Thinking

“With all the efforts now to disassociate President Bush from conservatism, I am starting to believe that conservatism itself — not the political machine, mind you, but the ideology — is heading toward that misty land-over-the-ocean where ideologies go after they've shuffled off this mortal coil. Sort of like the way post-Stalinist lefties used to say, "You can't say Communism's failed. It's just never really been tried."But as it was with Communism, so with conservatism. When all the people who call themselves conservatives get together and run the government, they're on the line for it. Conservative president. Conservative House. Conservative Senate.What we appear to be in for now is the emergence of this phantom conservatism existing out in the ether, wholly cut loose from any connection to the actual people who are universally identified as the conservatives and who claim the label for themselves.We can even go a bit beyond this though. The big claim now is that President Bush isn't a conservative because he hasn't shrunk the size of government and he's a reckless deficit spender.But let's be honest: Balanced budgets and shrinking the size of government hasn't been part of conservatism — or to be more precise, Movement Conservatism — for going on thirty years. The conservative movement and the Republican party are the movement and party of deficit spending. And neither has any claim to any real association with limited or small government. Just isn't borne out by any factual record or political agenda. Not in the Reagan presidency, the Bush presidency or the second Bush presidency. The intervening period of fiscal restraint comes under Clinton.”

Josh Marshall Talking Points Memo

Talking Points Memo (2006-06-13) http://www.talkingpointsmemo.com/archives/008733.php

People, Way, Communication, Effort

“Too many people in Connecticut are struggling right now, and the last thing we need is meddling politicians making things worse. Only by cutting deficit spending, reducing burdensome regulations, and letting people keep more of their hard-earned dollars will we get our economy back on track.”

Peter D. Schiff (1963) American entrepreneur, economist and author

2010 Senate Campaign

People

“The administration, through senior Air Force officials, wants the U. S. to achieve military supremacy in outer space. Dominating all earth from outer space will have an out-of-world price tag, perhaps more than $1 trillion.A question: Why reach for the stars with guns in our hands? Are there weapons of mass destruction on Mars?Yesterday 28 Members of Congress signed on to H. R. 2420, a bill to stop the weaponization of space, urging the President to sign an international treaty to ban such weapons. If we work together towards creating peace on earth, we would not bring war to the high heavens.While some fantasize about being "masters of the universe," there are 45 million Americans without health insurance. Corporations are reneging on pension obligations. Social Security is under attack. We are headed towards a $400 billion annual budget deficit, a $600 billion trade deficit, an $8 trillion national debt. The cost of the war in Iraq is over $200 billion. While we build new bases in Iraq, we close them in the United States.Earth to Washington, D. C. Earth to Washington, D. C. D. C., call home.”

Dennis Kucinich (1946) Ohio politician

Speech on the floor of the House of Representatives, Congressional Record (19 May 2005) http://frwebgate1.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=239723145903+0+0+0&WAISaction=retrieve.

War, Health, World, Peace

“As is often the case with major disputes in economics, the argument over fiscal policy went on for years, with some critics of fiscal policy still defending their position when this book went to press. It seems fair, however, to say that among economists a more or less Keynesian view of the effects of fiscal policy came to prevail. Careful statistical studies at the International Monetary Fund and else where showed that austerity policies have historically been followed by contraction, not expansion. Recent experience, in which countries like Spain and Greece that were forced into severe austerity also experienced severe slumps, seemed to confirm that observation. Furthermore, it was clear that those who had predicted a sharp rise in U. S. interest rates due to budget deficits, leading to conventional crowding out, had been wrong: U. S. long-term interest rates remained near record lows even during the years from 2009 to 2012, when the government ran very large deficits.”

Paul Krugman (1953) American economist

Source: Economics (4th ed., 2015), Chapter 33. Macroeconomics: Events and Ideas

Books, Study, Country

“In terms of the future, our country has a hung parliament where no party has an overall majority and we have some deep and pressing problems — a huge deficit, deep social problems, a political system in need of reform. For those reasons, I aim to form a proper and full coalition between the Conservatives and the Liberal Democrats. I believe that is the right way to provide this country with the strong, the stable, the good and decent government that I think we need so badly.
Nick Clegg and I are both political leaders who want to put aside party differences and work hard for the common good and for the national interest. I believe that is the best way to get the strong government that we need, decisive Government that we need today.”

David Cameron (1966) Former Prime Minister of the United Kingdom

2010s, 2010, First speech as UK Prime Minister (2010)

Way, Problem, Thinking, Decision

“The combined efforts of Government policy since 1979 have been not to improve but substantially to worsen our competitive position. We have gone from a huge manufacturing surplus of £5.5 billion in 1980 to a 1986 third quarter deficit of £8 billion a year…Even with oil production continuing for some time, the current account has gone from a £3 billion surplus to a deficit predicted by the Chancellor of £1.5 billion…Sadly, the Government's great contribution, having refused to stimulate the economy by more respectable means, is a roaring consumer boom, which there is not the slightest chance of their moderating before an election. A roaring consumer boom does not, to any significant extent, mean more employment. In our competitive position, worsening under the Government, it means overwhelmingly higher imports, a still worse balance of payments position and a classic path to perdition. To have produced, after seven and a half years, the combination of total monetary muddle, a worsened competitive position, a widespread doubt in other countries as to how we are to pay our way in the future, a desperately vulnerable currency and the prospect of an unending plateau of the highest unemployment in a major country in the industrialised world is a unique achievement over which the Chancellor is an appropriate deputy acting presiding officer.”

Roy Jenkins (1920–2003) British politician, historian and writer

Speech http://hansard.millbanksystems.com/commons/1986/nov/06/economic-policy in the House of Commons (6 November 1986) 1980s

World, Way, Effort, Chance

“The pale, liberal patriarchy is a pioneer in forever scrutinizing itself for signs of racism and deficits in empathy toward 'The Other,' while readily accusing others of the same. It's as though liberal men derive erotic pleasure from prostrating themselves to assailants and ceding to racial claims-making.”

Ilana Mercer South African writer

"Better Orbán than Corbyn," http://www.quarterly-review.org/better-orban-than-corbyn/ The Quarterly Review, April 30, 2018. 2010s, 2018

Men, Pleasure

“It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.
The connection between 'external' profits and imperialism is obvious.”

Michał Kalecki (1899–1970) Polish economist

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

“Anything that's done to address unemployment in terms of massive stimulus spending is going to exacerbate deficits. And anything that's done to address deficits in the short-term is going to exacerbate unemployment.”

Indra Nooyi (1955) Indian-born, naturalized American, business executive

Top 15 quotes from PepsiCo CEO Indra Nooyi

“I actually think it will be interesting to listen to the President tonight. What I'd like him to do is report on his promises but there are forgotten promises and forgotten people. Over the last four years, the President has said that he was going to create jobs for the American people and that hasn't happened. He said he would cut the deficit in half and that hasn't happened. He said that incomes would rise and instead incomes have gone down. And I think this is a time not for him not to start restating new promises but to report on the promises he made. I think he wants a promises reset. We want a report on the promises he made. And that means let's hear some numbers. Let's hear 16. Sixteen trillion dollars of debt. This is very different than the promise he made. Let's hear the number 47. 47 million people in this country on food stamps. When he took office, 33 million people were on food stamps. Let's understand why it was he's been unsuccessful in helping alleviate poverty in this country. Why so many people have fallen from the middle class into poverty under this president. Let's have him explain to the American people the 50% number. Why 50% of college graduates can't find work or work that is consistent with their college degree. The President needs to report tonight on his promises rather than try and reset a whole series of new promises that he also won't be able to keep.”

Mitt Romney (1947) American businessman and politician

2012-09-06
http://mittromneycentral.com/2012/09/06/romney-on-obamas-speech-tonight-americans-want-a-report-on-presidents-promises/
Romney on Obama’s Speech Tonight: Americans Want A Report On President’s Promises
Mitt Romney Central
2012

People, Food, Understanding, Thinking

“…that Chancellor of the Exchequer is the very man who comes down to corrupt whatever there is of financial virtue in us, and to instil into our minds those seductive and poisonous ideas that it does not, after all, matter very much if there is a deficit, and that it is extremely disagreeable when commerce is not in the most flourishing state to call upon the people to pay. Was that the practice of Sir Robert Peel? … he came to Parliament and stood at his place in the House of Commons, pointed out the figures as they stood, and said to them—I ask you, will you resort to the "miserable expedient" of tolerating deficit, and of making provision by loans from year to year? That which he denounced as the "miserable expedient" has become the standing law, has become almost the financial gospel of the Government that is now in power.”

William Ewart Gladstone (1809–1898) British Liberal politician and prime minister of the United Kingdom

Speech in Edinburgh (29 November 1879), quoted in W. E. Gladstone, Midlothian Speeches 1879 (Leicester University Press, 1971), p. 152.
1870s

People, Law, Idea, Housing

“Mundell’s models allowed a significant role for fiscal policy, especially under fixed exchange rates. However, the treatment was entirely Keynesian—an increased budget deficit operated solely by raising the aggregate demand for goods. Moreover, increases in government spending and cuts in taxes had pretty much the same effect on the economy.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 23

“Once we have funded our national security and our homeland security, the final great priority of my budget is economic security for the American people. To achieve these great national objectives — to win the war, protect the homeland, and revitalize our economy — our budget will run a deficit that will be small and short-term, so long as Congress restrains spending and acts in a fiscally responsible manner. We have clear priorities and we must act at home with the same purpose and resolve we have shown overseas: We'll prevail in the war, and we will defeat this recession.”

George W. Bush (1946) 43rd President of the United States

2000s, 2002, State of the Union address (January 2002)

War, People, Home

“I sincerely ask those watching at home tonight who supported President Bush four years ago: did you really get what you expected from the candidate you voted for? Is our country more united today? Or more divided? Has the promise of compassionate conservatism been fulfilled? Or do those words now ring hollow?
For that matter, are the economic policies really conservative at all? For example, did you expect the largest deficits in history, year after year? One right after another? And the loss of more than a million jobs?”

Al Gore (1948) 45th Vice President of the United States

Quotes, DNC Address (2004)

Home, History, Support, Loss

“The crisis has not been overcome, but there are many encouraging signs. The economy is recovering in many countries, the imbalances in European trade are declining and the budget deficits in the monetary union are falling.”

Mario Draghi (1947) Italian banker and economist

spiegel.de http://www.spiegel.de/international/europe/spiegel-interview-with-ecb-president-mario-draghi-a-941489.html.

Country

“A paper monetary standard means there are no restraints on the printing press or on federal deficits. In 1971, M3 was $776 billion; today it stands at $8.9 trillion, an 1100% increase. Our national debt in 1971 was $408 billion; today it stands at $6.8 trillion, a 1600% increase. Since that time, our dollar has lost almost 80% of its purchasing power. Common sense tells us that this process is not sustainable and something has to give. So far, no one in Washington seems interested.”

Ron Paul (1935) American politician and physician

Paper Money and Tyranny, September 5, 2003 http://www.house.gov/paul/congrec/congrec2003/cr090503.htm 2000s, 2001-2005

Sense, Time

“Muscle shoals. The production of nitrogen for plant food in peace and explosives in war is more and more important. It is one of the chief sustaining elements of life. It is estimated that soil exhaustion each year is represented by about 9,000,000 tons and replenishment by 5,450,000 tons. The deficit of 3,550,000 tons is reported to represent the impairment of 118,000,000 acres of farm lands each year.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

Life, War, Peace, Food

“When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans. Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”

Ron Paul (1935) American politician and physician

Deficits Make You Poorer http://www.lewrockwell.com/paul/paul238.html (March 15, 2005). 2000s, 2001-2005

Money, Future

“In the present decade, the U. S. economy has undergone its first major depression since the 1930’s, to the accompaniment of inflation rates in excess of 10 percent per annum. These events have been transmitted […] to other advanced countries and in many cases have been amplified. These events did not arise from a reactionary reversion to outmoded, 'classical' principles of tight money and balanced budgets. On the contrary, they were accompanied by massive government budget deficits and high rates of monetary expansion, policies which, although bearing an admitted risk of inflation, promised according to modern Keynesian doctrine rapid real growth and low rates of unemployment. That these predictions were wildly incorrect and that the doctrine on which they were fundamentally flawed are now simple matters of fact, involving no novelties of economic theory. The task now […] is to sort through the wreckage, determining which features of that remarkable intellectual event called the Keynesian Revolution can be salvaged and put to use and which others must be discarded.”

Robert Lucas Jr. (1937) American economist

As contained in The Rational Expectations Revolution: Readings From the Front Line https://en.wikiquote.org/wiki/Special:BookSources/0262631555, Preston J. Miller, MIT Press (reprint 1994), pp. 5-6 "After Keynesian macroeconomics" 1978

Money, Country

“Economists of the modern school will no doubt protest that I have said nothing of the use of budget deficits or surpluses for the control of the economy in general. I doubt if such techniques would ever be appropriate in Hong Kong's exposed economic position; and I think they are certainly not appropriate at present, when in strict orthodoxy they would suggest the need to plan for a very substantial surplus "to take the heat out of the economy". Although we have in fact run substantial surpluses in recent years we have not done so with deflationary effect because we have not removed them from the economy but have left them inside the Colony's banking system to continue to work for the economy. $500 million or 55% of reserves are so held at present.”

John James Cowperthwaite (1915–2006) British colonial administrator

February 26, 1964, page 47.
Official Report of Proceedings of the Hong Kong Legislative Council

School, Thinking

“Overcoming deficits is an essential part of the fabric of our culture. Our books, movies, and folklore are filled with stories of the underdog who beats one-in-a-million odds. And this leads us to celebrate those who triumph over their lack of natural ability even more than we recognize those who capitalize on their innate talents. As a result, millions of people see these heroes as being the epitome of the American Dream and set their sights on conquering major challenges. Unfortunately, this is taking the path of most resistance.”

Tom Rath (1975) American author

StrengthsFinder 2.0, 2007
Source: Tom Rath, "The Fallacy Behind the American Dream," Business Journal, Feb. 8, 2007 (Excerpted from StrengthsFinder 2.0)

People, Books, Dreams, Nature

“The time has come for a wholly new approach to economic policy in Britain. The overriding need is for a long-term stabilisation programme to defeat inflation, recreate business confidence and provide a favourable climate for economic growth. At the head of such a programme must lie a firm commitment to a steady and gradual reduction in the rate of growth of the money supply, until it is consistent with our best guess at a potentially sustainable rate of economic growth. Only in this way can inflation be wrung out of the system. But this alone is not enough…An equally important part of a long term stabilisation plan has to be a reduction in the present Budget deficit…Indeed, something akin…to the old balanced Budget discipline needs to be restored: the secret of practical economic success, as overseas experience confirms, is the acceptance of known rules. Rules rule: OK?”

Nigel Lawson (1932) British Conservative politician and journalist

The Times (14 September 1978), p. 16.

Money, Lie, Secret, Way

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

Michał Kalecki (1899–1970) Polish economist

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

War

“First, there is really no sign at all of any significant reduction in unemployment without a major change in policy…Unemployment has probably levelled out but at a totally unacceptable figure. Secondly, contrary to what the Secretary of State said, the post-oil surplus prospect—not merely the post-oil prospect, because the oil will take a long time to go, but the surplus, the big balance of payments surplus, which is beginning to decline quite quickly—still looks devastating…our balance of payments is now overwhelmingly dependent on this highly temporary and massive oil surplus. Our manufacturing industry is shrunken and what remains is uncompetitive…We have a manufacturing trade deficit of approximately £11 billion, all of which has built up in the past three to four years. This is containable by oil and by nothing else. Invisibles can take care of about £4 billion or £5 billion but they cannot do the whole job. As soon as oil goes into a neutral position we are in deep trouble. Should it go into a negative position, the situation would be catastrophic…To sell off a chunk of capital assets and to use the proceeds for capital investment in the rest of the public sector might just be acceptable. However, that is not what is proposed, and what is proposed cannot be justified on any reputable theory of public finance; and when it is accompanied by a Minister using the oil—which might itself be regarded as a capital asset; certainly it is not renewable—almost entirely for current purposes, it amounts to improvident finance on a scale that makes the Prime Minister's old friend General Galtieri almost Gladstonian.”

Roy Jenkins (1920–2003) British politician, historian and writer

Speech http://hansard.millbanksystems.com/commons/1985/nov/12/industry-and-employment in the House of Commons (12 November 1985). 1980s

Change, Time, Past, Dependency

“The state of emergency had negative effects on our democracy and economy, because of the state of emergency, the number of foreign investments to our country has been reduced and inflation, interest rates and the current deficit are higher now. The main reason is because Turkey is getting far away from democracy.”

Akif Hamzaçebi

As quoted in Turkey approves controversial security law http://www.middleeasteye.net/news/turkey-approves-controversial-security-law-1364915043 (24 July 2018), Middle East Eye.

Democracy, Country

“Between issuing laws prohibiting discrimination against transgendered individuals and running up a $38 billion deficit, the California Legislature mandated a three-week immersion course in Islam for all seventh-graders.”

Ann Coulter (1961) author, political commentator

It's the winter solstice, Charlie Brown!
2003-09-25
JewishWorldNews
http://www.jewishworldreview.com/cols/coulter092503.asp
2003

Law