Debt Now Equals Total U.S. Economy - Thanks Dims (employment, middle east)
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As long we have 'sacred cows' like the runaway military budget, wars, social security, medicaid and other entitlements expect us to be hundreds of billions underwater vs. GDP by the same time next year. Isn't it the definition of insolvency? Basically no polititian gives a damn anymore... R or D, they just care about votes and pork in their districts.
As long we have 'sacred cows' like the runaway military budget, wars, social security, medicaid and other entitlements expect us to be hundreds of billions underwater vs. GDP by the same time next year. Isn't it the definition of insolvency? Basically no polititian gives a damn anymore... R or D, they just care about votes and pork in their districts.
It's all coming to an end soon. I would be very frightened right now if I were in the legislature.
"We don't have a spending problem, we have a revenue problem"
Signed,
your garden variety liberal
We have the saqme problem as a parent who gives his child a credit card i a candy store. The aprent is the governamnt and the child is the dependent liberal congress and its suporters. That is why they basically have a policy that discourages hiring new employees in this economy.Yet the gripe about not having eqaul incoem when their policy maen just that.
We have the saqme problem as a parent who gives his child a credit card i a candy store.
Sometimes, and sometimes not. As a pragmatist, I see several possibilities and draw conclusions accordingly. For example, an unemployed without any income... should he/she spend to appear on an interview for a job? After all, it would mean spending while not earning, to simply print resume and travel for the interview. It would not be irresponsible to spend to do so, even if the effort and spending didn't result in a job.
Do you agree? Or, would you rather sit at home and hope an invisible hand will get it done?
Unfortunately, insolvency is our best option at this time.
1. default will affect the bond investors
2. the world economy will be rocky for about a year, then recover
3. default will ensure fiscal responsibility- no more easy credit, no more easy spending
4. default will prevent the disasterous, drawn out consequences of hyper inflation or currency devaluation.
5. Social security, the main holder of US debt, will be eliminated, as well most other social programs.
$5.8 trillion in addition debt over 4 years. That was great! Now we have Obama trying to load on additiona debt for the 2012 budget.
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