atans1

Why Budget surpluses are bad: No not Chris K but a US president

In Economy, Public Administration on 12/04/2017 at 9:28 am

Albeit one from the 19th century. He thought it unfair for the US to tax the people while keeping the surplus.

“it is indefensible extortion and a culpable betrayal of American fairness and justice” for the government to run a budget surplus, and “multiplies a brood of evil consequences.”

The Treasury was “a hoarding place for money needlessly withdrawn from trade and the people’s use thus crippling our national energies, suspending our country’s development, preventing investment in productive enterprise, threatening financial disturbance, and inviting schemes of public plunder.”

Cleveland, the first Democrat to become president since before the Civil War, was incensed that the federal government was taking in more than it spent.

It bears pausing on that notion. A Democrat in the executive mansion (it wasn’t called the White House until Teddy Roosevelt came along) considered it unfair that Uncle Sam was taxing its people and squirreling away the excess.

In fact, Cleveland felt even more strongly than that. He told the assembled representatives from the then 38 states of the Union that “it is indefensible extortion and a culpable betrayal of American fairness and justice” for the government to run a budget surplus, and “multiplies a brood of evil consequences.”

The Treasury has become “a hoarding place for money needlessly withdrawn from trade and the people’s use,” Cleveland thundered, “thus crippling our national energies, suspending our country’s development, preventing investment in productive enterprise, threatening financial disturbance, and inviting schemes of public plunder.”

http://www.reuters.com/article/us-usa-trade-breakingviews-idUSKBN17D1SU

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