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Republicans, fearing Greece, agreeing to tax hikes

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November 15, 2011 – Comments (0)

Is the concern that the US will go the way of Greece warranted? Not even remotely.

This is based on a fundamental misunderstanding of how our monetary system works. This 'fear of deficits / deficits are inherently evil' mentality which is driving the US toward austerity will not only hurt the economy, but more importantly hurts of lives of everyday Americans: The Main Street which has been abandoned in all of the mainstream economic theories and politicizing of the fiscal environment based on these flawed theories. This quote by Bill Mitchell is very apt: "The evidence mounts – day by day – that the mainstream economic position is deeply flawed and incapable of resolving the economic disaster that its application caused."

I propose that the correct problems be identified, the fictional problems be ignored, the interests of overall economy (not just a greedy financial sector) and more importantly the citizens of the US be the priority of all fiscal policy decisions, and monetary policy be relegated to its rightful place (which is mostly worthlessness, instead of the Monetarist obsession which it currently is): Why Deficit Spending and Creative Destruction are not Mutually Exclusive Positions

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Republicans, fearing Greece, agreeing to tax hikes
Posted by WARREN MOSLER on November 15th, 2011

http://moslereconomics.com/2011/11/15/republicans-fearing-greece-agreeing-to-tax-hikes/

Shows the Republicans truly do fear the US becoming the next Greece, as they begin to lean towards tax hikes.

Meanwhile, they continue keeping us on the road to Japan. Or worse. A lot worse.

    Republicans Consider Breaking No-Tax Vow as Deadline Looms

    By Brian Faler

    November 15 (Bloomberg) — For Senator John Cornyn, it was the situation in Greece.

    The Texas Republican said he is willing to back tax increases as part of a major deficit-reduction deal because he fears the European debt crisis could spread to the U.S.

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