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Where is your evidence that federal deficit and debt crash the economy?
In fact, every Federal surplus / deficit reduction has been succeeded with a recession.
Sure, the taxpayer pays down the debt and the government takes their money to do it through higher taxes.. they rob the buying power of the American people to pay for their government spending and bingo , Recession.
American taxpayer can't pay the deficit .. it is too big now. That is the problem.. The government bailed out the banks and gave that debt to the taxpayer.
The fed is not a part of the government.. they are the banking system separate from the government. They watch out for themselves, and our government is hand and hand with them .. The American people are being robbed.. the banks are not even giving interest to those who have money in their banks.. they are robbing them of the interest.
No, I believe the U.S. should cut spending to get rid of the deficit. Things the U.S. can and should cut immediately are:
Foreign Aid: $37 Billion https://www.nationalpriorities.org/b...-us-give-away/
Essential Air Service: $214 million House Votes to Boost Subsidies for Flights to Rural Areas - Bloomberg
Closing all the foreign military bases and bringing the troops home: Estimate $273.1 Billion, total defense department budget is $718 Billion, but a lot of money (Have heard up to $2 Trillion) is unaccounted for. Cutting the wars could close most of the budget deficit, maybe even the whole gap but neither party would ever do that.
"Not surprisingly, when it comes to such contracts and given our recent wars, the top two countries into which taxpayer dollars flowed were Afghanistan and Iraq (around $160 billion). Next comes Kuwait ($37.2 billion), where the military has had a significant presence since the first Gulf War of 1990-1991, followed by Germany ($27.8 billion), South Korea ($18.2 billion), Japan ($15.2 billion), and Britain ($14.7 billion). While some of these costs are for weapons procurement, rather than for bases and troop support, the hundreds of thousands of contracts believed to be omitted from these tallies thanks to government accounting errors make the numbers a reasonable reflection of the everyday moneys flowing to private contractors for the world of bases the United States has maintained since World War II."
Get rid of the Department of Housing and Urban Development: About $50 Billion HUD/U.S.
This is before the U.S. government goes deeper into its books to look for waste, and other items. The U.S. does not need to raise taxes, all the U.S. needs to do is cut spending.
Sorry but the idea of not raising taxes and trying to cut your way out of this will not work. You have a Republican Party to tied to the Corp. world and will just keep spending without the revenue to back it up.
Reagan/bush1 nearly tripled the debt from 1 trillion to 3 trillion
Clinton nearly doubled the debt from 3 trillion to 5.87 trillion
bush nearly doubled the debt from 5.87 trillion to 10.6 trillion
Obama is well on his way of doubling the debt from 10.6 trillion to the current (at the 5 year mark) 17.8 trillion
why do liberals lie
GW Bush took office with a national debt growth rate of (-)2%. Then Bush handed Obama a debt growth rate of 15.9%. Obama has brought our debt growth rate down to 7% and 8% levels. http://www.skymachines.com/US-Nation...ental-Term.htm
Why do conservatives hide GW Bush turning a balanced budget into a debt with a 15.9% growth rate, and these use spin to blame Bush's debt growth rates on Obama?
Obama took office with a 15.9% debt growth rate and cut that in 1/2, isn't that good??
I love how Leftists rationalize O's reckless spending. When the financial system collapses again, you'll all be asking where your government cheese went.
Yes democrats will spend $100's of (millions) of dollars on things like free cell phones for the poor. But republicans spend (trillions) of dollars on federal subsidies, and trillions of dollars on unneeded defense spending.
-Republicans increase defense spending as a favor for defense corporations that give them campaign money.
Opin - you are uttering nonsense and making yourself look foolish.
IMO he makes way more sense than most. Because most do not have a good grip on the true nature of our fiat money and debt. Modern money is no longer hooked on gold. And national debt is unlike personal debt.
Readings on Monetary Realism and Modern Monetary Theories are my recommendation.
I think Cullen Roche has the best practical answers.
....but you still haven't explained why the government needs cut the deficit.
Your argument is an example of:
Appeals to emotion Attempting to manipulate an emotional response in place of a valid or compelling argument.
"We need to cut the deficit. I can't tell you why... we just need to. It can't be good."
Let me take a shot at answering this question. We are exiting a recession, and appear to be far enough out of it that letting off the gas pedal (deficit spending) appears reasonable. Theres a body of evidence that says that as your deficit increases it has a small drag on your GDP growth. It would behoove us to start reducing the debt in order to keep from damaging our long term GDP growth.
Additionally its vital to get your deficit down so that when the time comes for deficit spending again you have enough of a cushion to do it properly.
Let me take a shot at answering this question. We are exiting a recession, and appear to be far enough out of it that letting off the gas pedal (deficit spending) appears reasonable. Theres a body of evidence that says that as your deficit increases it has a small drag on your GDP growth. It would behoove us to start reducing the debt in order to keep from damaging our long term GDP growth.
Additionally its vital to get your deficit down so that when the time comes for deficit spending again you have enough of a cushion to do it properly.
Sounds reasonable, but proof is lacking.
Show me your body! And I hope it looks nothing like Rogoff, et al...
<LOL>
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