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Musical Chairs
musicalchairs.bsky.social
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Techy 🧵 warning: Surplushes
Look at years when pink bars are negative. These 'govt budget surpluses' happen when (i) our current account deficit (w rest of world) is low & (ii) private debt is booming. This combo boosts domestic spending & tax revenue enabling Govt to tax more than they spend [1/n]
2024-12-17T05:12:38.053Z