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Actually no. Monetary sovereign governments need to run perpetual deficits to expand the currency supply. Surpluses are currency contraction, which basically drains the private sector balance. Insolvency for the United States is impossible.
I think Greece, Cyprus and Spain and would disagree with you. They outspent their GDP and look where they are. It may take longer for the US to get there but we'll get there. Also, what happens when China calls our loans due?
Quote:
Originally Posted by DogMomDeb
As a member of the dwindling middle class I already pay more as a percentage of my income than the wealthier in this country do. But yes I would pay more to give those who are a product of cumulative disadvantage some help early on. I don't know a number amount to give you.
Fair enough, how about a tax rate of over 50%? That is average in Europe. Don't forget to add up to 20% VAT (value added tax) on everything you buy. Can you afford that?
I think Greece, Cyprus and Spain and would disagree with you. They outspent their GDP and look where they are. It may take longer for the US to get there but we'll get there. Also, what happens when China calls our loans due?
Is that a joke? They couldn't print their own money. They are members of the EU. Monetary policy is not controlled by each individual country.
In fact, there are many studies that show that had they not been in the EU, they would be in a much better situation.
China owns a small fraction of our debt. The Federal Reserve "bought" more treasuries than we owe China just in the past 5 years. China buys our debt to keep their currency low and the dollar high (in relation to the yuan). They use us just like we use them.
[quote=netbrad;35053455]I'm not wealthy and yet somehow I got a tax cut. How much extra are you willing to pay in taxes to fund these mandates?
I did the math. That "100%" comes from us, going to a government that is insolvent. When the federal government defaults on their debt where does that leave NC? NC would be completely dependent on a financially unstable institution and when the bottom falls out where will Medicaid funding come from?
Impossible for the US to become insolvent, unless the Repub. in congress ( see Ted Cruz) force the govt. (shut down) to stop paying its bills. The dream that the world will come to an end is over, except for those who keep repeating the same nonsense over and over till they believe it.
Is that a joke? They couldn't print their own money. They are members of the EU. Monetary policy is not controlled by each individual country.
In fact, there are many studies that show that had they not been in the EU, they would be in a much better situation.
China owns a small fraction of our debt. The Federal Reserve "bought" more treasuries than we owe China just in the past 5 years. China buys our debt to keep their currency low and the dollar high (in relation to the yuan). They use us just like we use them.
Move along now.
Being able to print your own money is not necessarily a good thing. All three of the countries I mentioned had a financial crisis in part due to their spending more than GDP. The US is in the same boat and it doesn't look good.
As for the EU, I wouldn't call taking 10% of every private individual's savings account in Cyprus a positive thing. The EU member countries are having troubles of their own: rising entitlement spending, failed green energy programs, immigration problems, outspending GDP. Sound familiar?
Impossible for the US to become insolvent, unless the Repub. in congress ( see Ted Cruz) force the govt. (shut down) to stop paying its bills. The dream that the world will come to an end is over, except for those who keep repeating the same nonsense over and over till they believe it.
The decision not to expand medicaid was a disaster which is closing rural hospitals and literally killing people because of the time it takes for them to get to a hospital. The GOP in the legislature has an ideological agenda that is immune to facts, reason, and reality.
The decision not to expand medicaid was a disaster which is closing rural hospitals and literally killing people because of the time it takes for them to get to a hospital. The GOP in the legislature has an ideological agenda that is immune to facts, reason, and reality.
If true sounds like a good use of a lawsuit. If anything maybe it will wake them up.
Being able to print your own money is not necessarily a good thing. All three of the countries I mentioned had a financial crisis in part due to their spending more than GDP. The US is in the same boat and it doesn't look good.
As for the EU, I wouldn't call taking 10% of every private individual's savings account in Cyprus a positive thing. The EU member countries are having troubles of their own: rising entitlement spending, failed green energy programs, immigration problems, outspending GDP. Sound familiar?
Insulting people isn't very nice.
Will you please stop parroting FauxNews talking points? Do some reading on your own.
Being able to print your own money is not necessarily a good thing. All three of the countries I mentioned had a financial crisis in part due to their spending more than GDP. The US is in the same boat and it doesn't look good.
As for the EU, I wouldn't call taking 10% of every private individual's savings account in Cyprus a positive thing. The EU member countries are having troubles of their own: rising entitlement spending, failed green energy programs, immigration problems, outspending GDP. Sound familiar?
Insulting people isn't very nice.
It is not meant to be insulting.. you just have no idea what you are talking about. I recommend you read up on monetary sovereignty and our modern banking system.
How much a country "spends" relative to GDP is irrelevant. Japan is at 250% of GDP, for example.
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