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Take away inflation since the 16th amendment and you look at less than 1 million in debt
that's how monetary systems are intended to work, for good reason.
if people know that dollars will lose value over time, they won't "stuff them in the mattress" (so to speak). they'll invest them in companies that actually do productive things.
I find it sad that you see the solution is in breaking a promise made to the people who financed S.S. for decades as opposed to ending the wasteful spending like with the wars.
I am totally for cutting back on wasteful spending, including in the military. However, when one speaks of 21 trillion dollars, one must address all areas. I simply spoke of Social Security.
People may still retire prior to full retirement age, even if the age is raised to 68. I am retiring come June 30th, just after my 63rd birthday, so I will take a hit on my Social Security, since my full retirement age is 66 and 3 months.
Mind: I have been against these tax cuts signed into law by Trump: as I said before, there is no use in 'stimulating' an already stimulated economy, which, combined with the national debt, will introduce inflation. I am also against Mr. Paul Ryan's opinion, seemingly, that to pay for these tax cuts, which obviously helped the wealthy more than anyone, we must drastically cut back on the entitlement benefits, while increasing the military budget.
I have lived through rampant inflation (1970s). It hurts low-income earners, and those on fixed incomes like Social Security.
However, when one speaks of 21 trillion dollars, one must address all areas.
I have lived through rampant inflation (1970s)
that $21 trillion of public debt isn't what causes inflation in this country, generally speaking.
i'm thinking about buying a house this year. when i go buy it, the capital for my mortgage will be created out of thin air and distributed through various parties til it reaches the seller. that's what causes inflation.
if we were a small nation with little-to-no banking system, then public debt would cause inflation, sure. but in the United States, that's not the case, the private sector is so much larger than the public sector.
I am totally for cutting back on wasteful spending, including in the military. However, when one speaks of 21 trillion dollars, one must address all areas. I simply spoke of Social Security.
People may still retire prior to full retirement age, even if the age is raised to 68. I am retiring come June 30th, just after my 63rd birthday, so I will take a hit on my Social Security, since my full retirement age is 66 and 3 months.
Mind: I have been against these tax cuts signed into law by Trump: as I said before, there is no use in 'stimulating' an already stimulated economy, which, combined with the national debt, will introduce inflation. I am also against Mr. Paul Ryan's opinion, seemingly, that to pay for these tax cuts, which obviously helped the wealthy more than anyone, we must drastically cut back on the entitlement benefits, while increasing the military budget.
I have lived through rampant inflation (1970s). It hurts low-income earners, and those on fixed incomes like Social Security.
We will have to pay the piper someday.
We do but our economic policies have hurt the low income citizens for a very long time.
that $21 trillion of public debt isn't what causes inflation in this country, generally speaking.
i'm thinking about buying a house this year. when i go buy it, the capital for my mortgage will be created out of thin air and distributed through various parties til it reaches the seller. that's what causes inflation.
if we were a small nation with little-to-no banking system, then public debt would cause inflation, sure. but in the United States, that's not the case, the private sector is so much larger than the public sector.
Other countries are not going to allow that forever.
Eisman credits Dodd Frank regulation and specifically (Obama appointed) Daniel Tarullo / Fed Reserve Board with creating the framework that transformed the banking industry and allowed it to better manage risk.
that $21 trillion of public debt isn't what causes inflation in this country, generally speaking.
i'm thinking about buying a house this year. when i go buy it, the capital for my mortgage will be created out of thin air and distributed through various parties til it reaches the seller. that's what causes inflation.
if we were a small nation with little-to-no banking system, then public debt would cause inflation, sure. but in the United States, that's not the case, the private sector is so much larger than the public sector.
Before the Great Depression you would likely need to make a 50% down payment to buy a home. Your mortgage would have matured in 5 years at which point you either paid it off or refinanced it at current mortgage rates. In other words, you the buyer carried the long term interest rate risk.
In those times past the lender maintained your note in its portfolio. If you defaulted it was your lender’s problem. But where did your lender get the $ to lend to you? Well that typically came from people’s deposits.
What happened when people made bank runs? The bank/ savings loan institutions did not have the liquitiy to return depositor’s money. Game over. FDIC did not exist in those days. Depositors were SOL.
Securitization of debt makes the world go around. It is certainly not limited to real estate.
So why didn't Trump hire this guy instead of the other guy who didn't have a clue the recession was happening (not that it was coming that it was in motion when he said it wasn't happening).
Is he on television every day? That's why.
Trump still thinks he's on a reality television show. Note how many Fox news folks are in his cabinet.
The guy is not giving credit to Trump--he's crediting Daniel Turullo, who resigned because of Trump.
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