Comments from the cow side on...Politics?

[Overnight]

Never saw them get this into it. Heh.

"A RESET FOR FISCAL RESPONSIBILITY

Campaign years are always times of promises and monetary enticements designed to win-over votes and voters. The rise of populism assigns a devil's role to the haves and promises the world to the have-nots. Democrats have a tradition of fiscal irresponsibility and give-aways, but Trump is joining the bandwagon this year and each side is using the unlimited checkbook of our government to fund the irresponsible spending.

Sanders and Warren promise free health care, free college education, and guaranteed minimum wages to the populous without any accounting for the costs. The balance of the progressives in the democratic party assure new programs designed to benefit the working poor with safety nets that promise no one will suffer hard times. All these promises are backed with penalties for the rich and successful in our society.

The Republicans led by President Trump are joining the reckless promises and spending binges. President Trump in a speech in Colorado Springs said, "Don’t tell anybody, but we spent two and a half trillion dollars. But when it comes to our military and our safety and our security, we don’t worry about budgets, right? We don’t worry about budgets."

Trump raised the possibility of more aid to American farmers if purchases of our ag products fail to materialize because of the virus. The administration has already spent $28 billion over the past two years to help make up for the trade wars with China. He tells us the open check book is still holding blank signed checks.

Even the nonpartisan Federal Reserve Bank fought off the ravages of the 2008 crash in economy by a huge buying program in which the Federal Reserve purchases bonds sold by the U.S. Treasury known as quantitative easing and thus expanding the national balance sheet with more debt. As all business people know, debt is debt and must be dealt with at some point in time. Our country might navigate through times of run away debt so long as the 10 year treasury pays on 1.5% interest but accelerate those interest rates to a more normalized number and you have a fiscal crisis.

There was a time when Congress required all additional expenditures in the budget to be matched with equal sources of income to pay for the expenditures. Little attention is given to this process of fiscal responsibility today or it is covered up with unrealistic estimates of tax revenues. We need fiscal responsibility to return to political campaigns as a platform on which to run. Otherwise we leave future generations of Americans to sort out the mess we left."

 

[The Humble Bunch]

Every shit that comes out of a liberals mouth is B.S. They are basically competing for who can give out the most free money and stuff. It was never about "fiscal responsibility", rather the slow desensitization of socialism and communism. They ban straws they later use themselves, Mini mike bans sodas over 16oz and hot dogs, while THEY themselves eat and drink as they please. No wonder socialism is a one way stop to communism. If the expenditures crossed equal sources of income, as they say, but don't approve military expenditures? where is the balance of power? Idk... just my thoughts

 

[zdave83]

Never saw them get this into it. Heh.

"A RESET FOR FISCAL RESPONSIBILITY

Campaign years are always times of promises and monetary enticements designed to win-over votes and voters. The rise of populism assigns a devil's role to the haves and promises the world to the have-nots. Democrats have a tradition of fiscal irresponsibility and give-aways, but Trump is joining the bandwagon this year and each side is using the unlimited checkbook of our government to fund the irresponsible spending.

Sanders and Warren promise free health care, free college education, and guaranteed minimum wages to the populous without any accounting for the costs. The balance of the progressives in the democratic party assure new programs designed to benefit the working poor with safety nets that promise no one will suffer hard times. All these promises are backed with penalties for the rich and successful in our society.

The Republicans led by President Trump are joining the reckless promises and spending binges. President Trump in a speech in Colorado Springs said, "Don’t tell anybody, but we spent two and a half trillion dollars. But when it comes to our military and our safety and our security, we don’t worry about budgets, right? We don’t worry about budgets."

Trump raised the possibility of more aid to American farmers if purchases of our ag products fail to materialize because of the virus. The administration has already spent $28 billion over the past two years to help make up for the trade wars with China. He tells us the open check book is still holding blank signed checks.

Even the nonpartisan Federal Reserve Bank fought off the ravages of the 2008 crash in economy by a huge buying program in which the Federal Reserve purchases bonds sold by the U.S. Treasury known as quantitative easing and thus expanding the national balance sheet with more debt. As all business people know, debt is debt and must be dealt with at some point in time. Our country might navigate through times of run away debt so long as the 10 year treasury pays on 1.5% interest but accelerate those interest rates to a more normalized number and you have a fiscal crisis.

There was a time when Congress required all additional expenditures in the budget to be matched with equal sources of income to pay for the expenditures. Little attention is given to this process of fiscal responsibility today or it is covered up with unrealistic estimates of tax revenues. We need fiscal responsibility to return to political campaigns as a platform on which to run. Otherwise we leave future generations of Americans to sort out the mess we left."

No worries ... Berine has MMT ! The interview is a year old ... but I think Bernie's got this !

Bernie Sanders’ 2016 economic advisor Stephanie Kelton on Modern Monetary Theory and the 2020 race

She’s a proponent of Modern Monetary Theory (MMT), the economic rational cited by rising political stars like Rep. Alexandria Ocasio-Cortez D-N.Y.

Kelton currently works as a professor of public policy and economics at Stony Brook University. Previously, she served as chief economist for the Democrats on the U.S. Senate Budget Committee and was a senior economic advisor to Bernie Sanders′ 2016 presidential campaign.

Kelton: MMT starts with a really simple observation and that is that the U.S. dollar is a simple public monopoly. In other words, the United States currency comes from the United States government. It can’t come from anywhere else. And therefore, it can never run out of money. It cannot face a solvency problem, bills coming due that it can’t afford to pay. It never has to worry about finding the money in order to be able to spend. It doesn’t need to go and raise taxes or borrow money before it is able to spend.

Kelton: Let’s remember what the national debt is. The national debt is nothing more than a historical record of all of the dollars that the government spent into the economy and didn’t tax back that are currently being held in the form of safe U.S. Treasurys. That’s what the national debt is. So the question about whether the debt is too big or too small (or whether it might get too big at some point in the future) is really a question about whether that’s too many safe assets for people to hold 10, 20, 50 years from now.

https://www.cnbc.com/2019/03/01/ber...or-stephanie-kelton-on-mmt-and-2020-race.html

 

[Overnight]

From this week's blurb...

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"INFLATION

Secretary of the Treasury Janet Yellin informs us that we have little to fear of inflation. Fed Chairman Powell says he is keeping an eye on inflationary pressures but will hold interest rates low for the next couple of years and continue purchasing government bonds. All experienced economists, include many Democrats, rationally observe that the un-tempered government spending and circular purchase of our own government debt issues, can have no other outcome than run away inflation.

Both Yellin and Powell failed to notice that consumers prices surged in April 4.2% -- the sharpest increase in years. This announcement immediately caused a sharp increase in yields on government bonds from traders who don't believe the government can hold interest rates down when government spending fueled by the $1.9 trillion assistance plan is reaching the economy.

Those operating in the ag sector of the economy can testify regarding inflation. They need look no farther than one month's bills listing feed cost, fertilizer cost, seed cost, and the many other inputs required to furnish food to the nation's consumers. This does not include the capital expenses for new equipment that has jumped sharply this year due to steel prices that have doubled or anything they build using lumber that also has doubled in price. Not to be overlooked is labor, that is hard to find, and when available must be accompanied by generous benefit packages not seen in years.

Beef producers have suffered another insult by not being allowed to participate in the sharp rise in all food prices. The available profits from beef production have been sequestered and divided between the retailers and processors. Consumers have been forced to pay unnecessarily high beef prices. Breeders, stockers operators, and cattle feeders have responded to the need for more beef but been cut short of the rewards. Eventually, this will all sort out. In the meantime, those in the live sector of beef production will be left with the fallout from rampant inflation."

 

[Overnight]

Seems there's a new weekly blurb. Will have to pay attention to see if they are updating it more than weekly now.

But oh snap, they delivered a smackdown on Booker and Warren.

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WHAT IS FACTORY FARMING?

"To become a factory farmer or avoid being a factory farmer, one needs to understand the definition of a factory farmer. To enlighten those engaged in livestock production, the question was posed to two prominent Senators – Cory Booker and Elizabeth Warren. The staff at both offices chose to avoid a direct answer and referred the inquiry to the web where the definition is defined by those opposed to animal agriculture.

“Factory farmer” is a pejorative term used by opponents of animal agriculture to label those raising and marketing animals as uncaring and cruel. To them “factory farming” is the practice of breeding and raising vast numbers of animals in cramped, unnatural conditions while subjecting them to objectionable conditions to harvest their meat, milk, and eggs (among other body parts). To them “Factory Farming” is the opposite of “Family Farming” or the practice of raising animals in a small caring environment sensitive to the well being of the animals.

The fiction of the “family farm” is the idyllic realm of Ole McDonald’s farm where the cows are in the meadow and the sheep is in the corn. This is the dreamland that makes rich people happy when they buy at the farmer's market and envision the small farm with perky farm animals running around the farm in perfect contentment. It is urban nostalgia for a long forgotten simple country life.

The political proposition advanced by Cory Booker and Elizabeth Warren of ridding the country of the factory farmer and returning to the family farmer, is riddled with logical problems and contradictions. There are no corporate farms. Two thirds of all beef producers are small breeders with less than 50 cows. The entire live beef supply chain is managed mostly by individuals responsible for their own farming operations. Each is interested in economies of scale and producing beef at the lowest possible cost – not evil but the nature of any business enterprise. Beef production is a business.

The 50,000 head feedyard in Kansas is not evil while the 1000 head feedyard in Iowa is good. One is not a factory, and the other is not an exclusive family farm. Both mix feed with a mixer and deliver the feed to feed bunks necessary to finish beef cattle to the consumer’s desired specifications. Both employ cowboys to inspect the cattle daily for herd health and both have nutritionists preparing the properly formulated ration. The Kansas feedyard is not manufacturing parts for a car in an enclosure. It is tending to the needs of the animals just the same as the Iowa feeder.

The beef industry is not a cigarette manufacturer. Instead, it provides healthful protein that has endured centuries of beneficial use and is a major contributor to the strengthening of the human immune system. Eliminating or reducing meat in the diet runs the risk of making people more vulnerable to disease and lessening the proper attributes of a balanced diet."