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That analogy presumes that something good will come out of the job interview.
Point taken.
It's like buying a new set of work boots and gloves with your credit card so you can go to work at your new job. Conventional wisdom now says you shouldn't spend the money because you already have a balance from last month, not allowing you to work.
That is correct, but the austerity ghouls want to use the debt as a excuse to impose genocidal cuts to the social safety net. Beware of Obama the Wall Street puppet and his use of left cover to betray his base and impose genocidal austerity measures on the American people.
Yes, who cares what an incredibly brilliant Nobel peace prize winner who has devoted their entire life to studying economics has to say about it? I just don't like it. Great logic there.
Plenty of brilliant minds have made mistakes before, he wants us to continue with our mistake. Our debt is not sustainable in todays world, maybe back in the early 2000's but not now. Why do I say not now? The world is becoming increasingly independent of the USA therefore eventually they won't see us as a safe-haven for investing aka buying stock bonds. People such as yourself believe that America can continue to abuse its power in a fiat based currency but the sad reality is China, Russia, Etc. are coming up fast in the world and they will eventually yield much more economic strength than us (combined at least). You think these countries are stupid or something? They are beginning to realize the US can't pay them back that's why they are lowering their amount of bonds, Japan will soon again be our largest creditor and most of our debt will be in the hands of our allies which will also be in debt. Russia and China are preparing themselves to be independent of us, I give it a decade or two and we will be in the same boat as the UK.
I like the example you gave about using a credit card to go to a job interview but thats not how its happening here. You can put yourself a few thousand into debt if the job is going to pay well over a thousand dollars, but if the job is only paying $500 then you'll never be able to get out of debt. That's what essentially is happening now. America doesn't have the capabilities to pay back how much debt it now has, I don't think anyone wants our debt slate to be wiped clean because thats also terrible for the world economy but to say we should be allowed to spend far more than we'll ever take in is bad news. I don't mind increasing the debt, that's not the problem, its increasing it to levels that can't be paid back. If the USA is spending $4 trillion annually without a plan to ever increase revenues to $4.1 trillion then that means a debt problem will continue on and therefore its a crisis. Maybe you haven't heard of the USSR and why it collapsed, I don't want us to go down that route.
Plenty of brilliant minds have made mistakes before, he wants us to continue with our mistake. Our debt is not sustainable in todays world, maybe back in the early 2000's but not now. Why do I say not now? The world is becoming increasingly independent of the USA therefore eventually they won't see us as a safe-haven for investing aka buying stock bonds. People such as yourself believe that America can continue to abuse its power in a fiat based currency but the sad reality is China, Russia, Etc. are coming up fast in the world and they will eventually yield much more economic strength than us (combined at least). You think these countries are stupid or something? They are beginning to realize the US can't pay them back that's why they are lowering their amount of bonds, Japan will soon again be our largest creditor and most of our debt will be in the hands of our allies which will also be in debt. Russia and China are preparing themselves to be independent of us, I give it a decade or two and we will be in the same boat as the UK.
Wow, there are so many falsehoods in your post, I don't know where to start.
Both china and Japan just bought a huge amount of US bonds at the end of last year, so apparently they didn't get your news about us not being able to pay them back. China is not preparing to be independent of us, their best customer, because without us they would have no economy. Japan, despite worse debt to GDP ratio than us, just passed a huge stimulus to spur their economy. The UK's shoty economic outlook,which is still not a new recession, makes investing in US dollars all the more attractive.
That is correct, but the austerity ghouls want to use the debt as a excuse to impose genocidal cuts to the social safety net. Beware of Obama the Wall Street puppet and his use of left cover to betray his base and impose genocidal austerity measures on the American people.
Yes disappointing to hear talk of austerity from both sides!
Wow, there are so many falsehoods in your post, I don't know where to start.
Both china and Japan just bought a huge amount of US bonds at the end of last year, so apparently they didn't get your news about us not being able to pay them back. China is not preparing to be independent of us, their best customer, because without us they would have no economy. Japan, despite worse debt to GDP ratio than us, just passed a huge stimulus to spur their economy. The UK's shoty economic outlook,which is still not a new recession, makes investing in US dollars all the more attractive.
Ok; so how far should we increase the debt? $100 trillion? The budget should be $7 trillion annually with $3 trillion in revenues?
Enough to get the economy rolling again. Thats kind of the whole argument.
You can't make a square roll no matter how much money you spend.
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