On Wed, 10 Feb 1999, Max Sawicky wrote:
> > It just seems to me that whether Clinton means to or not, he's setting the
> > country up for demands for economic justice, IOW, they won't have the
> > deficit to through in our faces anymore.
>
> We're there now, and see what he's doing.
Doug wrote a few years ago in LBO that government debt was one way that capital, in the form of bondholders, objectively limits the options of government. You seem to be saying that all that matters is mindset -- that if the democrats were a social democratic party with a big majority, they could have done big social investments 8 years ago, and if the spectrum of social thinking is the same in 20 years as it is now, then such spending will be impossible spending will be seen as impossible if the debt is zero. So whether interest payments take up 10% of the budget or zero is irrelevant? It's all purely a matter of perception and political will?
Michael __________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com