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BoardGameGeek» Forums » Everything Else » Religion, Sex, and Politics

Subject: The Fiscal Ship rss

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Neil Carr
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Here's a web game that people here might find interesting.

I'm going to be using it in my social studies class this quarter to help my students get a better appreciation of the scope and complexity of issues that the country is grappling with today.

Here is a link to the game's FAQ, I can only assume that the game's implementation could bring up many different critiques.
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Oliver Dienz
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I cringe when I read this in the FAQ:

Quote:

How did you define “fiscal sustainability?”

We define fiscal sustainability as lowering the ratio of the federal debt held by the public to the gross domestic product in 2041 from a projected 126% to 75%, roughly where it is today. Although there is no consensus on just how much debt is “sustainable,” experts are generally in agreement that the current trajectory of ever-rising debt is economically risky. To be sure, some economists and some politicians argue that reducing the debt/GDP ratio to 75% over the next 25 years is not enough.


Contrast this with this paper: http://scindeks-clanci.ceon.rs/data/pdf/1452-595X/2011/1452-...
Quote:
4. Summary and Conclusions
As Lerner (1947) recognized in an essay entitled Money as a Creature of the State, there is an important link between sovereignty over money and sovereignty over policy. Governments that control their own currencies can coordinate their fiscal and monetary operations and prevent financial markets from dictating the terms of finance. They can spend first and borrow later, as Bell (2000) and Fullwiler (2006) have shown. They can “afford” anything that is for sale in the domestic unit of account. They can sustain the debt at any level. They can restore growth and eliminate economic insecurity, implementing their policies in accordance with the principles of Functional Finance.

As the US is a sovereign currency issuer (the reserve currency to boot) it can sustain any debt level. In fact, government debt equals the savings of the private and foreign sector. Thus, saying we have too much debt implies we also have too much savings! (see here: https://en.wikipedia.org/wiki/Sectoral_balances )

The real constraints the government has to observe in its spending policies are the rates of unemployment and inflation. It wants to adjust its deficit spending to achieve full employment and stable prices. As long as we have unemployed workers we CAN afford it.


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Brian Leet
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There are seven possible policy actions under Social Security, and none of them is to raise the taxable income limit?!

Ahh - I found it under Income and Payroll Taxes. Other policies are cross-listed, I wonder why not this one.
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Josh
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Nothing happens for a reason, but everything happens by a mechanism
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God is a cruel croupier, he dealeth and he taketh away
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This thread title is très sexy when talk-sung in a Jim Morrison voice.
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