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Interesting this, your Republican party do not want the wealthy taxed anymore yet they still want the same amount spent on toys like aircraft carriers etc.
So a question, should the USA default on it's debt or raise the debt level ?
Interesting this, your Republican party do not want the wealthy taxed anymore yet they still want the same amount spent on toys like aircraft carriers etc.
Thats because the tax revenue remains around 18% of the GDP regardless of the tax rate.. Its been that way for 70+ years. Raising the rate, wont generate more revenues..
Quote:
Originally Posted by nzrugby
So a question, should the USA default on it's debt or raise the debt level ?
We've defaulted 3, by some accounts 4 times in the past.. The Democrats would have you believe this equates to the end of the world...
WE'RE STILL HERE!!!
p.s. you pretend its an either/or situation.. Its not
Yes we have..
1) 1971, Nixon taking us off the gold standard
2) 1985, with the Plaza Accord
3) 1933 Roosevelt defaulted on bonds when they refused to honor the agreement to repay the debt in gold
4) 1790 default, which deferred payments till 1801
And others
We defaulted in 1873-1884, with 10 states defaulting (i.e. not technically the federal government)
1841-1842 defaults, (again, 9 states, not technically the federal government)
Interesting this, your Republican party do not want the wealthy taxed anymore yet they still want the same amount spent on toys like aircraft carriers etc.
So a question, should the USA default on it's debt or raise the debt level ?
All the U.S. has to do is pay the interest on the debt, then budget with what's left over. Keep the debt ceiling as is.
No default, no return.
You know the president gets %100 total control of the budget if that happens right?
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The other 4 are federal
