Episode 58 – Debating Debt, Deficits and Job Creation

In this episode, Jeff and Glenn continue to the spirit of their National Debate Series and have a constructive argument over the national debt, annual deficits and how more jobs can be created. Is the Stimulus working as promised? Can it be expected to create jobs, or does that burden fall to the private sector? Are the banks, flush with cash from the bailouts and a record year on Wall Street, lending to small businesses or are they hoarding the money and making risky bets on financial instruments? In the end, they find common ground…and then wade into the politically explosive abortion issue.  Always entertaining and informative, it’s PoliTalk, your weekly political podcast.

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2 responses to “Episode 58 – Debating Debt, Deficits and Job Creation

  1. I subscribe to the podcast, and am hopeful that you will continue to refine and develop it. It may not be the best step to take at this time, but at some point including a 3rd person in the discourse might be nice to keep the two of you from falling into too predictable of a pattern of dialogue.

    Regarding the content of the most recent episode, after the semi-collapse of the economy TARP was enacted to stabilize what remained. The reason it bailed out the financial sector at taxpayer expense is because we have a woefully top-heavy, trickle-down system and at the same time we are utterly dependent on international commerce (to a far greater degree than is either necessary or intelligent, if you ask me), so propping it up in this manner was of paramount importance just to maintain the confidence of our international creditors.

    By contrast, the stimulus is an effort to provide mid-level support. But there are a lot more people and industries requiring assistance at that level than there are in the financial sector, and that broad swath of the economy has been starved of funds for years, so it would take much more to really provide any lasting effects.

    What really has to happen for long-term stability is a severe scaling back of the corporatist element that is starving the rest of society. But that very element has become so strong in part as a response to the economic giant that China is becoming, as well as the rising up of other global competitors. So what we’re seeing is a deflation of our domestic economy compared with much of the rest of the world.

    If this crisis is viewed wisely as an opportunity, the weak dollar will provide excellent opportunities to reinvest in domestic productivity. But to make the social progress necessary to stave off something like this happening again, our government has to act responsibly as the conscience of the marketplace and restrict the corporatist element as well as reinvest in education in a meaningful way. If, however, the multinational corporations are able to maintain their stranglehold on government as they haul it to the bathtub to drown it, we’re pretty much screwed for a long time.

  2. Phat article, great looking blog, added it to my favs.

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