try to stimulate spending monetary policy is very simple it causes some people to go from being a saver to being a spender it's you know very Keynesian in that way that with with low interest rates you're willing to spend a little bit more money buy that car uh maybe a business is willing to make a investment with lower interest rates that that
It's really about getting the right credit card. It's really frequent spender programs now. So get the right credit card.
Why? What stabilized the economy? The wrong thing. Government became the big spender in the middle that balanced supply and demand. Alright, before the New Deal government, the federal government budget was maybe two to 4% of GDP. Since the New Deal it's varied from between 18 and 42% of GDP. That's quite a change.
see, it's more than a lot of the major technology companies put together. And China, South Korea, Japan are apparently the biggest spenders . The United States is up their fourth with about $14 billion. So, the number there that's pretty whopping is that more than $3,000 is spent every second on porn. And of course, the amount spent in the US is more than all of the three mainstream networks put together.
Obviously, part of the premise that I want to push to you is we've got to shift that because we have to prevent illness. We are the number 1 spender in the world on healthcare, and we're ranked 32nd. Washington has ex bandwidth for health, and most of it, if not all of it, is spent on healthcare finance.
What it showed is the worst professions were hairdressers who stood in one place, or the typists who sat in one place. But we're the number one spender in healthcare in the world, and our results are dismal.
After trillions of dollars of spending, we still have significant unemployment in this country. We are also the largest spender in health care. And yet, we have some of the worst outcomes in health care out of all developed nations.
Class? Robert Reich: Well who's the spender of last resort? Who else can spend?
They can make much more money and have much easier lives if they were not there fighting the fights that they are fighting on either side of the aisle. But the point is that government is the spender of last resort. Keynesianism from 1946 up until the late 70s was basically the idea that we had.
And there was an economist that actually had a singularity, this thought that if these United States of America, and therefore the world, because we're the biggest wasters, the biggest spenders of everything, if we did certain very smart moves, which is to balance the budget and all that stuff, everybody could be hypothetically rich.
We've talked a lot about AIPAC and Israel though, even here today. Because because people ask about it. And they're also the biggest spender in the race. AIPAC has inserted themselves in this race. They didn't have to. They made a choice to do that. I am focused on being a a a senator from Michigan.
Well, I think my mother was extremely helpful when we were young. Well, to begin with, my father was a big spender . He liked to live extravagantly.
jobs for people on farms that paid all that much. Yes. male #9: You started out your talk by saying the government is the spender of last resort but of course the debt hysteria seems to be ruling out fiscal stimulus but the modern
to try and shape one US Senate seat so that we can send billions of your tax dollars somewhere else. I think everybody in the country should be a little bit little bit surprised, frankly outraged that they are the biggest spender in this race. How does this affect the lives of people in Michigan?
So it's not an unusual journey by any means. So in terms of looking at that journey, let's start in the home of the big spender . Let's start in the US where one in six of every dollars of GDP, output income, however you would look at it each year
How do you get and insure adequate, aggregate demand? And that's why, when I said to you and you said back to me, actually I asked you and you said back to me government, that's why government has got to be the spender of last resort. There is really no issue here.