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Reagen Bush I and Bush II are pretty much responsible for our entire national debt.
I haven't calculated what percentage of the debt they are responsible for, but I'm sure it's pretty high. That being said, I'll bet you that by the time Obama leaves office he'll make them look like misers. And don't forget, Congress has to vote on all these budgets. Lots of blame to go around.
This can ultimately only end badly. How many generations of future Americans will be needed to pay this monster debt off. The answer is that it will never be paid. Something catastropic will happen like a massive devaluation of the dollar or the selling off of American assets to foreigners who own the debt. Foreigners will get sick of getting paper IOUs and will demand real hard and tangible assets. The powers that be will have all the right words to explain it away to us and the average American will be living in poverty by then. This is very sad and I hope that I am dead wrong about this. What a shame to have a wonderful country like ours wrecked by these type of people.
I haven't calculated what percentage of the debt they are responsible for, but I'm sure it's pretty high. That being said, I'll bet you that by the time Obama leaves office he'll make them look like misers. And don't forget, Congress has to vote on all these budgets. Lots of blame to go around.
This can ultimately only end badly. How many generations of future Americans will be needed to pay this monster debt off. The answer is that it will never be paid. Something catastropic will happen like a massive devaluation of the dollar or the selling off of American assets to foreigners who own the debt. Foreigners will get sick of getting paper IOUs and will demand real hard and tangible assets. The powers that be will have all the right words to explain it away to us and the average American will be living in poverty by then. This is very sad and I hope that I am dead wrong about this. What a shame to have a wonderful country like ours wrecked by these type of people.
History has shown us already what will happen. It happened in Post WW1 Germany, modern Mexico, Argentina, and Zimbawe.
Currency values go down with marked increase in supply. Inflation and Interest rates go up dramatically. To a certain extent, the country can pay its bond debt with worthless currency. I am not aware of confiscation of domestic assets by a foriegn creditor, in the absence of a treaty after war. I don;t think a debtor nation can be compelled to sell domestic land to debtor nations. I don't think a foriegn nation can confiscate a military base overseas without conflict.
I don't think that we will have a burden on our children at all. I think the US will default on its bonds. This, of course, will result in a relatively short few years of economic chaos before the ship is righted again.
this is incorrect its is a a common prevailing false doctrine initiated by mr reagan a perversion of manard keynes recovery model, which was a temporary federal injection of capital when the economy is in a slump.
debt is not meaningless. mr richard koo keeps referring to reaganomics and using japan as the recovery model, japan never recovered, there is no rabbit coming out of the hat.
learn to grow tomatoes friend, you guna need it.
W's tax cuts alone were paid for with borrowed money and accounted for $1.35 Trillion in deficit.
Only the liberal mind could conceive of forcing someone to pay them for not taking something that isn't theirs to begin with. Tax cuts never need to be paid for because it isn't anyone's money except the person who earns it. Spending needs to be paid for, but liberals never seem to get the connection there.
The line is not likely to make this week's eulogies to Ronald Reagan, but when Vice President Cheney allegedly declared, "Reagan proved deficits don't matter," he summed up an enduring argument from the former president's economic legacy.
Then-Treasury Secretary Paul H. O'Neill pleaded that the government -- already running a $158 billion deficit -- was careering toward a fiscal crisis. But by O'Neill's account of the meeting, Cheney silenced him by invoking his take on Reagan's legacy.
O'Neill was fired. Now Salon is defending BO by quoting Cheney second hand.
Thanks for the Kool-Aid!
A $158 billion deficit was considered out of sight by Conservatives? I wonder what libs think about $787 billion in one bill and over $400 billion in the next one. Not much comparison there.
I used to think that $500 billion was a horribly big number and then my entitlement, Medicare, had that same amount cut from it by the Obama group. No wonder they want all of us dead. They can save even more money without us.
Using the arguement that Bush ran up the deficit to defend Obama is just as ignorant as blindly defending Obama for spending too much. .
Nobody is defending Obama by pointing fingers at Bush. Rather the author is calling the GOP out for being a group of HYPOCRITES.
Just like the same group of usual suspects who post here every day. They are choosing to ignore their own behavior, and history, while vilifying Obama in the next breath. The same group of people who applauded tax cuts while taking part in two wars simultaneously, now cry out loud about fiscal irresponsibility.
Quote:
Originally Posted by hawkeye2009
I agree. I don't think many conservatives were happy with Bush. He was liberal in action and a republican only in name.
They vehemently defended this man until the bitter end. Bush could have eaten a child on live TV and they would have said the kid had it coming. Now they say they were against his spending the entire time....sure thing.
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