As an ageing economist befuddled with age and beer.
To lay the blame at any specific economic event, political party, ideology or even, heaven forbid, economic theory would be folly.
It amazes me how many people feel able to give an opinion on economics without the degree, yet will defer to any other (part) qualified professional.
There used to be a standard we all adhered to. We provide credentials as proof of our competence to comment.
To read the previous 70+ comments this competency is missing. The arguments are peripheral, bordering on irrelevant, and in the most rubbish. Gold standard!!! For fucks sake! Even his own party thinks he's weird. And the other ideas. WTF.
it is not the issuing of coin, or bonds or even declaring the tooth fairy real that is at the heart of the matter. Who is economically tied to who? We all owe each other, we are all in defecit to each other, deficit spending, borrowing is the spur to economic growth. No deficit no borrowing, no growth. that is the simple equation. The economy requires input, do not withdraw.
Income tax is a tax on income - so any tax that applies to your income is an income tax - the poor spend the biggest proportion of their income to live - a proportion of that is retail taxes etc. - therefore they pay the biggest proportion of their income. (be that income pension,benefit or whatever).
The deficit is not the problem. Repeat : the deficit is not the problem.
The absolute value is not the problem. Are you ready to do business on an even basis with the rest of the world? If it is then your economic headache will last 10 years. If you want to battle the rest of the world then 50 years, and you will lose.