A Quote by Paul Samuelson
Keynes's contribution was not just to advocate spending government money in the middle of a recession. Every government had done that going back to the days of the Irish potato famine. What he gave to us was a way of thinking about the magnitude and the dimensions and so forth.
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What does it mean when Republicans and Democrats alike warn us about the 'pain' involved in cutting government spending - in their spending less of our money? For the average citizen, what pain is there in his keeping more of his money to invest it the way he wants? Taxes cost people. Tax cuts do not cost government.
As John Maynard Keynes taught us in the 1930s, in such situations, government is the only entity with both the motive and the ability to boost total spending by enough to put people back to work. As it happens there are long lists of important public projects that cry out to be done.
There are times when a market such as housing, transportation or the stock or mortgage market keep rising and people with capital want to join in this growth. Soon the markets become overheated, partly because of the abundance of investment money and speculation. This is when the government should raise interest rates and increase the cost of borrowed money. Governments are shy about doing this because it could cause the very recession. Yet this is the best time to do this so that the inevitable recession never reaches the magnitude of the recent Great Recession.
The best way to encourage economic vitality and growth is to let people keep their own money.When you spend your own money, somebody's got to manufacture that which you're spending it on. You see, more money in the private sector circulating makes it more likely that our economy will grow. And, incredibly enough, some want to take away part of those tax cuts. They've been reading the wrong textbook. You don't raise somebody's taxes in the middle of a recession. You trust people with their own money. And, by the way, that money isn't the government's money; it's the people's money.
Tony Blair a couple years ago was going around apologizing for everything. He apologized for the Irish potato famine. The Canadian government apologized for how it treated Indian school children.When is the Democratic Party going to apologize for being the biggest slave-holding-supporting institution on the planet and sticking with racism for the century after the abolition of slavery?
The government has to spend money during a recession, because their spending is our earning.
Do you know that all of the money that we are spending, that the government is spending, must come from you? The government has no great pile of gold to which it can go to get what it gives you. The government has not one cent that it does not take from your pockets. Do not imagine, do not believe, do not go on the theory that you are not to pay this bill, unless the fundamentals of our government are to be overturned.
If you have a private firm and you spend a ton of money to pay employees, but what you produce is a flop, there will be no value to GDP. But government spending all gets counted as contributing to economic growth. That's why in the early days of creating these measurements, some people didn't want to count government spending.
We're now moving into a stage where the green economy isn't just going to be the place for people to spend money. It's going to become a place where a lot more people can earn money, and also save more money. These kind of solutions require collective action and government action. So as an advocate for government change, even somebody like me gets to have a role.
And I just think that we're at a point in our economic life here in our state - and - and, candidly, across the country, where increased taxes is just the wrong way to go. The people of our state are not convinced that state government, county government, local government has done all they can with the money we already give them, rather than the money that we have...
Government shutdowns do not actually become what the term implies. Two-thirds of the government cannot shut down. We're only talking about the third of government that's discretionary spending, and even at that, nobody loses their jobs, and nobody loses their Thanksgiving turkey. The whole thing has resulted from the Republican Party thinking they bought the farm back in 1995.
It wasn't government that gave us nearly 50 million uninsured Americans and denials for pre-existing conditions. It wasn't government that gave us the yearly and lifetime caps on insurance coverage that have sent so many people into bankruptcy when they've faced a serious illness or accident... It wasn't government that gave us a system in which the gap between what we spend and what we get is so enormous. It was the free market.
The question is: How do we reduce spending from 25% of GDP, which is where Obama put us? The focus is on total government spending. Can we bring it down, in a reasonable and politically acceptable way? That's what the Paul Ryan plan does. It puts us on a gradual reform path to reducing the size of government.
Lord, you're Irish," said Will. "Can you make things that don't have potatoes in them? We had an Irish cook once when I was a boy. Potato pie, potato custard, potatoes with potato sauce.
Puerto Rico is a government that is spending money that it doesn't have. What's coming in and what's going out don't match. That is, what they are receiving in taxes is not sufficient to cover the spending that they are taking on. And any entity that does that, whether a family, a business, a government, is going to go broke and bankrupt. They are asking to be given the right to declare bankruptcy, which I think should be an option, as a last resort, if there is no other resource.
We are not spending the Federal Government's money, we are spending the taxpayer's money, and it must be spent n a way which guarantees his money's worth and yields the fullest possible benefit to the people being helped.
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