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Old 06-22-2011, 01:08 PM
 
Location: Planet Eaarth
8,954 posts, read 20,602,843 times
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Sally Kohn: "Don't Believe the Hype About U.S. Debt"

http://www.usatoday.com/news/opinion...ebt-hype_n.htm
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Old 06-22-2011, 01:13 PM
 
Location: NJ
31,771 posts, read 40,468,370 times
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"We’re joined by Sally Kohn. She’s a community organizer, a political commentator, founder and chief education officer of Movement Vision Lab."


HAHAHAHAHAHHaHAA!!!!
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Old 06-22-2011, 01:15 PM
 
Location: NJ
31,771 posts, read 40,468,370 times
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"SALLY KOHN: You know, Boeing, IBM, JPMorgan. JPMorgan has a debt-to-income ratio of 50 to one. The United States government? One to one. "

this woman is clearly a genius!
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Old 06-22-2011, 01:22 PM
 
Location: NJ
31,771 posts, read 40,468,370 times
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are you posting this article to mock this idiot or do you think she has a valid point?
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Old 06-22-2011, 01:42 PM
 
Location: San Diego California
6,795 posts, read 7,256,838 times
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NationalJournal.com - CBO Releases Daunting Long-Term Outlook - Wednesday, June 22, 2011


The CBO dissagrees, they basicly say we are screwed. But hey don't worry.... just keep drinking the koolaid..... nothing to see here... move along.
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Old 06-22-2011, 05:42 PM
 
3,753 posts, read 5,269,417 times
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Thanks for the link Tightwad.

Sally Kohn must be using the expenditure definition of GDP (Gross domestic product - Wikipedia, the free encyclopedia):

GDP (Y) is a sum of Consumption (C), Investment (I), Government Spending (G) and Net Exports (X - M).
Y = C + I + G + (X − M)

So, under the BO economy consumption could go to 0, investment to 0, net exports to 0, and the $14.5 trillion represent government spending and, in her mind, the economy is still healthy. Yes, put everyone on the government payroll, that's the solution!! Borrow it all, year after year.

Way to go, Sally! Community Organizers for the Dim Bulb President!
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Old 06-22-2011, 05:54 PM
 
Location: Planet Eaarth
8,954 posts, read 20,602,843 times
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Quote:
Originally Posted by CaptainNJ View Post
"We’re joined by Sally Kohn. She’s a community organizer, a political commentator, founder and chief education officer of Movement Vision Lab."


HAHAHAHAHAHHaHAA!!!!
Quote:
Originally Posted by CaptainNJ View Post
"SALLY KOHN: You know, Boeing, IBM, JPMorgan. JPMorgan has a debt-to-income ratio of 50 to one. The United States government? One to one. "

this woman is clearly a genius!
Quote:
Originally Posted by CaptainNJ View Post
are you posting this article to mock this idiot or do you think she has a valid point?
You wasted three ,yes three!, post to disrespect the source of the linked story's but.......DID YOU BOTHER TO READ THEM!
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Old 06-22-2011, 07:41 PM
 
12,867 posts, read 14,854,418 times
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i will have to agree with the posters that she is clueless. as pointed out in the comments section succinctly:

GDP is more analogous to net worth for a government. Tax revenue is income. The author should point out what happens to businesses when their debt passed their net worth.

Bankruptcy.

i will say SHAME ON HER for trying to fool the public. people can make some bad decisions when they are misled-as some poor people found out during ALL of the freaking bubbles that have been blown, all of the government statistical lying, (notice how many sites are changing the "way they compile statistics" now, and ALL of the false information that was provided by the ratings agencies.

as denninger pointed out in his column today:

We've replaced 10% of the economy with government borrowing. If that borrowing stops then the economy contracts by at least that much, plus whatever follow-through comes with it in the form of the pass-through economic activity that no longer takes place.

The problem with the policies of the last three years is that they were incapable of working. They were incapable because they were nothing more than an attempt to extend the Ponzi Scheme of debt leverage once it hit the wall and consumers became unable to continue piling leverage upon leverage.

This policy was destined to fail because the underlying financial reality was bankrupt from the start; restarting the ponzi scheme does not make things better, it makes them worse! (end)

government borrowing is NOT the same as productive growth for our country.
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Old 06-22-2011, 08:03 PM
 
Location: NJ
31,771 posts, read 40,468,370 times
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Quote:
Originally Posted by Tightwad View Post
You wasted three ,yes three!, post to disrespect the source of the linked story's but.......DID YOU BOTHER TO READ THEM!
look at what she said regarding the "debt to income" ratios of those companies compared to america. either she is clueless or she thinks the people who will listen to her speak are clueless.

i admit, i didnt go past the debt to income ratio claim. i went to look at the balance sheet of boeing to see if she was misrepresenting numbers or if she was just pulling them out of her rear end. i believe she was pulling them out of her rear end.
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Old 06-23-2011, 06:54 AM
 
Location: Great State of Texas
86,052 posts, read 84,125,061 times
Reputation: 27718
Reduce this to simple logic...

If you spend more than you take in and continue to do so you run a huge debt with your borrowing.
Eventually you get to the point that you cannot borrow anymore to spend.

It happens to people and businesses. You see that happening today all around.
Why do you think this CANNOT happen to a government ?
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