The government does face a budget constraint similar to households or businesses. It’s just not defined by the unit of account, which it can manipulate. It is defined by the real resources of the economy - which the unit of account must reflect, one way or another.
It’s true that there are times when the government can harness those resources by deploying its currency. But a wise government realizes that it can only harness them, not conjure them out of thin air - and that it can easily misdirect or destroy them as well.
In fact, the government’s ability to deploy its currency depends entirely on its credibility - the perceived link between that currency and those real resources. It’s a perception that must be guarded, not abused.
The US reported +972 new coronavirus deaths today, bringing the total to 263,687. The 7-day moving average rose to 1,577 per day, its highest level since May 14th.
The US had +172,103 new confirmed COVID-19 cases today, bringing the total to over 12.7 million. The 7-day moving average rose to over 176,000 per day.
There are now almost 5 million active cases in the US.
The US reported +866 new coronavirus deaths today, bringing the total to 262,696. The 7-day moving average continued rising to 1,546 per day.
The US had +136,627 new confirmed COVID-19 cases today, bringing the total to over 12.5 million. The 7-day moving average declined slightly to just below 173,000 per day.
The number of active cases in the US has risen to over 4.8 million.
My thinking is this: 1) Great lengths should be taken to avoid even the slightest suggestion of political interference; 2) Any prosecution should focus on substantive crimes, not procedural ones, nor ones mainly arising from policy; 3) Let states take the lead.
I think there's an open and disturbing question whether you could find a jury of 12 Americans willing to vote to convict Donald Trump of any crime whatsoever, regardless of evidence.
Which is why I'd say focus on the money, and stay away from anything revolving around political differences.