The GOP gets away with a big lie! The GOP has convinced millions that the GOP is the party of smaller government coupled with smaller debts and deficits. The fact is: EVERY Democratic regime at least since World War II has presided over smaller debts and deficits than any GOP regime and --at the same time --has created more jobs and greater growth in GDP.
Now if you happen to believe that creating fewer jobs and --worse --exporting them to China is a good thing, then, by all means, vote GOP! Like clockwork, jobs will migrate and GDP will, naturally as a result, take a dive. And, by voting GOP, you will have helped bring about that outcome. Live with yourself! The GOP, in the meantime, will routinely lie to you about this issue if they cannot avoid it. I often wonder why it seems never to come up in debates.
At present, the gross federal debt as a percentage of GDP (83.4% at the end of 2009) is higher than it has ever been since the late 1940s. This is the Bush Jr legacy. By way of background, the debt briefly reached over 100% of GDP in the aftermath of World War II.
Debt of any type increases when money is borrowed. The Federal debt, likewise, increases whenever the government borrows money, whenever the Treasury or other agencies issue 'securities', very literally a 'promissory note'.
The public debt increases or decreases as a result of annual unified budget deficit or surplus. The federal government budget deficit or surplus is defined as the the cash difference between government receipts and government spending; it ignores intra-governmental transfers.
Some recent historyThat outcome is clearly by design and by definition it is not Marxism. Nor ---as the 'brown suit' says --is wealth created by so-called 'free market capitalism'. Rather --it is unrestrained, free market capitalism that has, in fact, created every depression since the Great Depression which began with the stock market crash of 1929.
The facts are clear enough and available to anyone who will bother to access the U.S. Commerce Department-B.E.A., the Bureau of Labor Statistics, and non-partisan think tanks. That rules out Brookings! In the video below, the CATO spokesman ignores the lessons of history and the stats I've posted above. The right wing would rather not mention these numbers. The right wing would rather you had never read or accessed them; the right wing would rather you remain uninformed, in the dark, ignorant! The right wing cannot sell its bullshit to informed and intelligent people.
With respect to the video, someone should include among their talking points that the transfer of wealth upward to just 1 percent is just as destructive to the economy as would be the utter destruction of all that wealth in a nuke, just as destructive as loading up dollars and assets on a ocean liner and shipping it abroad. It matters not where. That's true because the very, very wealthy invest their moneys offshore. The do not put the money back into a local economy as the Building and Loan had done in the classic film with Jimmy Stewart: "It's a Wonderful Life".
The End of Capitalism? [video h/t Vera Narishkin]