The Post-Star, after behaving gallantly about Trump and the Queensbury Republicans as the tip of a corrupt iceberg, seems to have retreated with a guest editorial "Republicans are only hope to shrink deficit." What nonsense! Nonsense in either microeconomics or macroeconomics.
At the microeconomic level, in my term as city councilman at-large chairing the Budget Committee for four years, I infuriated many local Republicans by holding the tax rate flat for three years and reducing taxes the fourth. Infuriated because only Republicans were supposed to shrink deficits or cut taxes. I and the Democrats who were the majority showed which party was fiscally responsible. Worse of all is the thorough misunderstanding or refusal to understand the nature of the national level economy.
Whenever you hear a politician comparing the national level to "kitchen table economics" hold your wallet tightly. There is no comparison between family and national level economics. The family can't print money, increase or decrease the money supply or control, like the federal government can, the velocity of money. Families can't issue any kind of note least of all in "fiat" currency or notes with their value based solely on our say-so or government decree.
In the same fashion, deficits are also designated investments because that is what they are. If you strive solely and blindly to "balance the budget" (gee, just like at the “kitchen table”) you seriously risk eliminating the investments in our country that drive and improve the economy. Here, for one point, the "kitchen table" is relevant. Would you never take out a car loan, a mortgage, an education loan because you can’t stand a deficit? Hardly.
I challenge anyone to question Jack Diamond about fiscal responsibility, or John Strough who has never wasted a nickel of taxpayers’ money.
Richard Dudley, Glens Falls
Editor’s Note: The Post-Star provides its readers with a variety of viewpoints — liberal, conservative and in between — in the form of guest editorials published from newspapers around the country. We see nothing wrong with readers consuming editorials that challenge their own beliefs. That leads to an informed electorate.