Rancid wrote:This show how effective elitist propaganda is in the US. That is to say, the wealthy elites and politicians in America have convinced us that we should look down on poor working class people. This effectively means we are giving out power to the elites.
I remember people saying this in 2008, yet... here we are.
They probably will, but the US has had a balanced budget in the past. It can be done, but the political climate will prevent that of course.
Having a balanced budget for many years is only possible if the nation has a large trade surplus. Very few nations can have trade surpluses.
In the 1800s the US has 5 or 6 Bank Panics, aka depressions. In the 1900s it had the great Depression after a surplus in the late 20s.
You still don't grok it. When a nation has a trade deficit, it must have fiscal deficits to replace the income lost each year as money is spent to import stuff, which gives the income to foreigners. The nation also needs to replace the money going into savings. To some extent the money created by banks making loans helps, but it will always cause a slow down to turn into the downturn, and then into a recession or depression, unless the Gov increases deficit spending.
. . . If the money-supply/income keeps going down there will always be a recession, always. Then maybe a depression unless the gov. steps in and massively deficit spends.
So, no the US can almost never go back to having a balanced budget because it will never have a trade surplus.