{"id":31130,"date":"2018-02-17T09:35:50","date_gmt":"2018-02-17T14:35:50","guid":{"rendered":"http:\/\/olduvai.ca\/?p=31130"},"modified":"2018-02-17T09:36:06","modified_gmt":"2018-02-17T14:36:06","slug":"31130","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=31130","title":{"rendered":"When Budget Deficits Will Really Go Vertical"},"content":{"rendered":"
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When Budget Deficits Will Really Go Vertical <\/a><\/h3>\n<\/div>\n
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Mnuchin Gets It<\/strong><\/p>\n

United States Secretary of Treasury Steven Mnuchin has a sweet gig.\u00a0 He writes rubber checks to pay the nation\u2019s bills.\u00a0 Yet, somehow, the rubber checks don\u2019t bounce.\u00a0 Instead, like magic, they clear. How this all works, considering the nation\u2019s technically insolvent, we don\u2019t quite understand.\u00a0 But Mnuchin gets it.\u00a0 He knows exactly how full faith and credit works \u2013 and he knows plenty more.<\/p>\n

\"\"Master of the Mint and economy wizard Steven Mnuchin and his wife at the annual ritual greenback burning festival. [PT]<\/p>\n

In fact, Mnuchin\u2019s wife, Louise Linton, says<\/a> she admires him because \u201che understands the economy.\u201d\u00a0 And Mnuchin, no doubt, admires Linton, a Scottish actress 18 years younger, because \u201cshe loves SoulCycle Snapchat filters that make people look like puppies and piglets.\u201d\u00a0 Naturally, Mnuchin gets the importance of puppy and piglet filters and how this bizarre fad fits into the big picture of the economy.<\/p>\n

Unlike Mnuchin, we find the economy, and its infinite and dynamic relationships, to be beyond comprehension.\u00a0 But that doesn\u2019t deter us from attempting to make some sense of it each week.\u00a0 When it comes to Snapchat filters we know nothing \u2013 and we could care less.\u00a0 Still, who are we to question Snap Inc.\u2019s $24 billion market capitalization?<\/p>\n

What we do understand is simple arithmetic.\u00a0 So, too, we care a great deal about the increasingly precarious predicament the 115th U.S. Congress is putting the American people in.\u00a0 As far as we can tell, the approaching disaster is much closer than Mnuchin will publicly recognize.<\/p>\n

\"\"<\/a>US public debtberg-to-GDP ratio \u2013 cruising for a bruising. The growth in public debt in recent years is unprecedented in peace time (arguably, the term \u201cpeace time\u201d is not an accurate description of the current era). Lettuce not forget, this is just the debt they actually admit to, so to speak.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

When Budget Deficits Will Really Go Vertical Mnuchin Gets It United States Secretary of Treasury Steven Mnuchin has a sweet gig.\u00a0 He writes rubber checks to pay the nation\u2019s bills.\u00a0 Yet, somehow, the rubber checks don\u2019t bounce.\u00a0 Instead, like magic, they clear. How this all works, considering the nation\u2019s technically insolvent, we don\u2019t quite understand.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5728,11763,15208,18634],"class_list":["post-31130","post","type-post","status-publish","format-standard","hentry","category-economics","tag-acting-man","tag-mn-gordon","tag-steve-mnuchin","tag-us-budget-deficit"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31130"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31130\/revisions"}],"predecessor-version":[{"id":31132,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/31130\/revisions\/31132"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}