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I've been thinking about the debt, the debt ceiling, and Obamacare.
It seems insane that restraining spending requires politically-impossible "defunding" of programs that have autopiilot funding because they have been granted "mandatory spending" status. No Congress should have authority to bind spending of any future Congress beyond debt service - perhaps a Constitutional amendment is in order?
How soon will the debt reach $20 trillion? Should Congress consider a future red line beyond which the debt ceiling will not be raised? (e.g. when the debt reaches N trillion dollars or N percent of GDP)
I've been thinking about the debt, the debt ceiling, and Obamacare.
It seems insane that restraining spending requires politically-impossible "defunding" programs that have autopiilot funding because they have been granted "mandatory spending" status. No Congress should have authority to bind spending of any future Congress beyond debt service - perhaps a Constitutional amendment is in order?
How soon will the debt reach $20 trillion? Should Congress consider a future red line beyond which the debt ceiling will not be raised? (e.g. when the debt reaches N trillion dollars or N percent of GDP)
yes it will and the majority of us will carry on like it does not matter
The cyclical nature of the American (and global) economy ensures that we are destined for financial ruin due to our burgeoning debt load. This is not hyperbole. Historical economic cycles demonstrate that it's not possible to sufficiently pay down the debt to "acceptable" levels before the next recession (debt incursion) begins its next cycle. It's the "snowball effect" and it should be acknowledged by all, liberals and conservatives alike, so that we can at least TRY to get a handle on the situation.
The United States as we know it is a thing of the past. Now it's just a matter of time before we unravel completely. Bet on it.
Hopefully enough cities will be forced into bankruptcy prior to the fed going completely over the financial cliff that people will start to wake up.
If not, the wake-up call will be when the government shuts down the banks and seizes funds over X threshold.
The important thing is that we keep pretending like we can borrow and spend without issue. Let's just kick that can down the road. I hear that people in extreme credit card debt can avoid the pitfalls as long as they just throw all of the statements and warnings in the trash and refuse to answer the phone.
But those who don't believe such a plan will work, do fret, some people have come up with a plan. We tax the rich and businesses more and drive more jobs out of the US which reduces the amount of tax revenue and makes the situation even worse. It's kind of cool.
yes it will and the majority of us will carry on like it does not matter
Yes it will. And some of us will get richer based on the majority's misunderstanding of the nature of money/debt.
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