[lbo-talk] Toxic fiscalism

[Max B. Sawicky]

Michael Perelman wrote:
> The obvious reason to support large government debt is that when debt gets too low, 
> conservatives get greedy for tax cuts.  I remember when Jerry Brown started to put 
> money away for a rainy day, the anti-tax crowd used to as an excuse to launch 
> proposition 13.  Think about Greenspan's horror when Clinton cut the national debt, 
> leading the Maestro to worry that the government might have to use the surplus in 
> the stock market.
> 

The awesome thing about Greenspan's horror is that now huge amounts of 
private capital
are coming under government ownership -- except it's foreign governments.