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Back in the 50's, President Eisenhower apologized to the American people, one year, when he didn't balance the Federal budget, and ran a $3 billion deficit!
Back in the 50's, President Eisenhower apologized to the American people, one year, when he didn't balance the Federal budget, and ran a $3 billion deficit!
Sounds like we need to increase revenue to a point that wwe are paying down the debt.
Under current law that's the plan.
Having said that, 25 years from now the debt will still be higher than at anytime after 1951.
And under current law it'll be a painful 25 years for everyone and then of course you're going to have to raise payroll taxes to try and pay for the social safety net.
What do you think the states are going to look like after you suck $500 billion a year from them and the people in them? Of course that doesn't even include increasing the payroll taxes that fund the social safety net.
You folks have absolutely no clue what's coming your way and it may just be a better choice to go stand on a railroad track if you're not planning on it.
And of course you have Rombama who are collectively claiming they're going to keep taxes where they are for the people be they rich, middle class and/or poor.
You have a choice between FUBAR and ultra-FUBAR, choose wisely.
That's what you think is sustainable? Sorry, I just can't help but laugh in your face uncontrollably.
Really? Did you just show me the "reserves"? Well shoe shine boy I am laughing in your face since 2008. Reserves don't mean squat. That model is long gone. Anytime banks want reserves Ben hits the R key. Didn't you see it on TV? You really think banks worry about reserves when making loans? They loan when assets have equity. Did you ever bother to wonder why all those green blips called "reserves" just pile up? Nah...
The dollar will not be a domestic phenomena. We are debt saturated. The dollar threat will be a geopolitical event when and if the dollar is tossed over board or some sort of asset price spike particularly an oil crisis. If cash reserves plunge in an oil panic then you will have an issue, but then it never had crap to do with the "reserves" since no matter what they are it will just wind up using" velocity". Looking at Fed reserves is a joke people like just didn't get going on 5 years now.
Need an asset equity sink hole. Soon as one shows up, we'll talk.
Last edited by gwynedd1; 09-13-2012 at 09:07 PM..
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