Arguments Against Raising Minimum Wage Don't Hold up

Ricter said:
Those figures are our debt, not the deficit. And most of "Obama's increase" has been non-discretionary spending, the counter-cyclical factors of rising social safety net spending, but coupled with falling tax receipts.
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Whether it's debt or deficit is irrelevant. Do we not owe $17 trillion?
 
DHOHHI said:
Whether it's debt or deficit is irrelevant. Do we not owe $17 trillion?
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They are very relevant. A $17 trillion deficit would be (inconcievably) alarming, but a $17 trillion debt made up mostly of "deposits" from your own citizens is not nearly so.

Yes, we do owe that. But if I say to you, "I owe $300k", how do you judge the weight of that debt, in terms of your income, or my income?
 
Ricter said:
They are very relevant. A $17 trillion deficit would be (inconcievably) alarming, but a $17 trillion debt made up mostly of "deposits" from your own citizens is not nearly so.

Yes, we do owe that. But if I say to you, "I owe $300k", how do you judge the weight of that debt, in terms of your income, or my income?
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Ah yes, the Krugman mantra of "debt doesn't matter". Pray tell, what citizens own all this debt again?
 
Tsing Tao said:
Ah yes, the Krugman mantra of "debt doesn't matter". Pray tell, what citizens own all this debt again?
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Wealthier ones I suppose. I own some of it.

So get back to work and pay your taxes so I can redeem in a few years.
 
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