This website is a new, and, we believe, a more realistic view of economics and politics of the 65+ population in the United States. We have been through the era of deficit hysteria in which politicians in both parties have inadvisably promoted budget restraints for and even cuts in retirement, medical care, and other federal programs much needed for a decent quality of life in elderhood.
Unnecessarily restraining and reducing benefits for the elderly as a means to reduce deficits and debt is a bankrupt economic model and contrary to social justice. Belief that balanced budgets are good and, conversely, a belief that deficits and debts related to budgeting are inherently bad has been debunked by the large deficits and low inflation of the past couple of decades. Indeed a balanced budget and a surplus on the federal balance sheet is a drag on the economy.
Our views have been significantly influenced by Modern Monetary Theory, incubated at the University of Missouri, Kansas City by L. Randall Wray, Stephanie Kelton and others. A balanced budget or a surplus is not beneficial for a robust economy. Furthermore, a sovereign country cannot go bankrupt in its own currency. Therefore, money spent by government or invested in capitalist enterprises results in a healthier economy if it boosts the wellbeing of the people.
Social Security, Medicare, and Medicaid, federally provided housing, and other programs for the elderly inject energy into the economy, result in a higher standard of living, and boosts economic growth. Furthermore, the strength of an economy is appropriately measured by its contribution to the quality of life for all residents.
Merely measuring GDP growth while placing restraints on social insurance and social welfare spending is misguided. We will present evidence to support this belief in our blog posts and articles.