Federal Government, Government, Congress discussed on TED Talks Daily
In a word deficits we've all been conditioned to worry about deficits so lawmakers are looking for ways to spend more without adding to the deficit. That's what this whole pay for. game is about. Unfortunately deficits have gotten a bad rap. They're almost always seen in a negative life. And i would like to change that. When we hear the word deficit we probably think of a deficiency or shortfall. Had deficit always sounds ominous. So when we hear that the federal government just ran a three trillion dollar budget deficit. It can sound worrying and it can even anger people. But there's another way to think about government deficits just as a six becomes a nine when we view it from a different angle. A government deficit becomes a financial surplus when we look at it from another perspective. Here's what i see. I see what's happening on the other side of the government's ledger. When the government spends more than it taxes away from us it makes a financial contribution to some other part of the economy. They're reading is our blacking. When you look at it this way it becomes clear that every deficit is good for someone the question is for whom. And what are those deficits being used to accomplish. It matters how the money is spent and who ends up with the resulting surplus tax cuts that deliver shoes windfalls for those at the top without sparking investment and opportunity for the rest of the population. Don't make good use of deficits on the other hand spending trillions to support the economy during the pandemic put the deficit to good use. We just had the shortest recession in. Us history to me. That was fiscally responsible. Being responsible shouldn't mean running the government's finances like a household instead of trying to keep the deficit in check. Congress should be focused on keeping inflation in check. That's the real limit on spending and it's the thing to watch out for if you're thinking about spending trillions on things like infrastructure health care and free college instead of asking. How will we pay for it..