les
In a message dated 01-06-19 13:39:20 EDT, you write:
<< Date: Tue, 19 Jun 2001 08:12:39 -0400
From: "Max Sawicky" <sawicky at bellatlantic.net>
Subject: RE: moyhnihan on social security woes
"and what is the Most Powerful Force in the Land? and why do/es i/t/he/y
want surpluses? les"
I pose this question on PEN-L about once a year to see if anyone comes up
with anything new. Don't usually get much reaction.
About 8 yrs ago I wrote a piece on this and my own reasons still seem valid:
surpluses are deflationary; deflation is desirable because it slows down
economic growth. Slower growth means looser labor markets (less upward wage
pressure). Deflation also is good for bond-holders. The bond market is
much bigger than the stock market. >>