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"Even the economic and financial crisis hit, some ten years ago, US output fell and this raised the budget deficit because of a fall in income"No that's not accurate, net TGA withdrawals in 2009 vs. 2008 were $1.1T higher... "govt spends FIRST..." ie you have to look at the components...Ramanan is falling for the MMT "deficit too small!" BS here....
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"Even the economic and financial crisis hit, some ten years ago, US output fell and this raised the budget deficit because of a fall in income"
No that's not accurate, net TGA withdrawals in 2009 vs. 2008 were $1.1T higher...
"govt spends FIRST..." ie you have to look at the components...
Ramanan is falling for the MMT "deficit too small!" BS here....
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