Comments about ‘Why are we so scared to talk about the economy?’

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Published: Thursday, Feb. 13 2014 7:00 a.m. MST

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SCfan
clearfield, UT

Gee, you don't suppose that the mainstream media is not reporting much about our economy because it is "their" guy in the White House, do you?

One reason I am scared to talk about the economy is because of that herd of elephants in the room called the national debt. Over 17 trillion and, thanks to yesterdays vote in the Senate, likely to be 18 trillion this time next year.

FatherOfFour
WEST VALLEY CITY, UT

I don't think it is so much a "fear" to talk about the economy as much as a lack of knowledge. People regularly confuse microeconomics with macro and think their personal finance class somehow relates to foreign bond transactions. Most people don't understand the role the deficit plays in a liquidity trap or what the zero lower bound is. Most people do not know where spending bills originate or understand the fact that the president cannot spend a single penny without congressional approval. It is human nature to hate what you do not understand. Deficit spending has been reduced 50% over the last five years. That was done by congress. That is also a bad thing because we are currently in a liquidity trap and should be expanding the deficit.

But it is much easier for the average person to take no effort in trying to understand macroeconomic models and just blame whoever is in the White House at the time.

kiddsport
Fairview, UT

FatherOfFour- You forgot to mention that your Keynesian economic views are not universally held by economists and many of Keynes' models have been largely debunked. Unfortunately, too many politicians have no greater grasp of economics than the average guy on the street. I learned in my time in financial services there is an old saying that goes something like this: "Economists have predicted twenty of the last two recessions." Translation: they don't have a clue, either.
History, on the other hand, has a hard way of teaching us that, as in Rome, the build up of public debt presages a country's downfall.

happy2bhere
clearfield, UT

FatherOfFour

There is not much to not understand about twelve zeros. We have currently borrowed over $17,000,000,000,000. And you say we should be borrowing more?

What in Tucket?
Provo, UT

The mainstream media does not like to talk about Mr. Obana's failure to help the economy. Actually the government cannot spend us to prosperity. Better to lower taxes and cut government spending. It would help to reduce some of the 40,000 new regulations we got this year.

4601
Salt Lake City, UT

We are afraid to talk about the economy or national debt because we are afraid our children and grandchildren will catch on that we have spent their inheritance. They should sue us for failure to meet our fiduciary responsibility. Our president can decide to selectively enforce congressional laws. Maybe he can wave his wand and reduce our debt.

The Real Maverick
Orem, UT

Because it would force us to finally admit that the tax cuts to the rich aren't working and the growing gap between the haves and the have nots is bad.

Trickle down economics aren't working. So obviously, all those politicians bought off by big oil, banks, and Wall Street don't want to talk about it.

Shaun
Sandy, UT

@kiddsport and happy2bhere. FatherOfFour is right, most do not understand macro economics.

Our monetary system is debt based. Every dollar whether it is cash, deposit, etc, is a representation of debt. Most people think when they borrow money from a bank that they are borrowing money from the banks owners or other depositors. They are not. The bank simply creates the money and puts it's in your account. It is called fractional reserve lending.

The tools the Federal Reserve use to stimulate economic growth have not been working because the public doesn't want to borrow money. The only other option is for the government to borrow money and spend it to encourage the economy and the private sector to start borrowing money again.

Paying off the national debt can never happen. It is mathematically impossible with our monetary system that is based on debt.

Don't believe me read modern money mechanics and research the topic, money as debt.

patriot
Cedar Hills, UT

17 trillion in debt is pretty scary...but wait...next year it will be 18 trillion. Thanks Barack for adding almost 9 trillion in new debt in 5 years. That is nearly 4 times the amount any previous president has added.

"What - me worry" Alfred E Newman

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