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Technically true but as a practical matter POTUS is going to affect those spending bills substantially. Congress can pass bills all day long, it doesn't mean they will become law without his signature.
This is mostly supported by user fees as it should be. I'd agree they don't need to profit however that has it's own issues because there is no reason to do it efficiently when you can just raise the tax. I think this can be better performed by hybrid system similar to utilities where you have private industry given a monopoly with price controls. Monopolies and price controls are not a good thing but it's the only practical way.
They may not need to but they certainly are where automobiles are concerned. Fuel tax (part of which is used to fund mass transit), sales tax on vehicles, license fees, inspection fees, title transfer fees, registration fees, emission testing fees, parking/speeding tickets, toll roads/bridges, excise tax on tires, the vast amount of tax revenue ranging from car washes to automobile manufactures and when you park in a Philadelphia parking authority parking lot half of the cost going to the city and school district.....
When you start adding up all the tax/fee revenue that is directly or indirectly generated by automobiles it's a mountain of cash.
I think that utilities are our best solution for certain industries like electric, gas and water. One day this may apply to healthcare.
The Federal Gov't can operate without taxes. Taxes are not necessarily needed for revenue when a Gov't can create the money. Taxes are more for control of businesses and the people. Federal taxes are also a way to control inflation by destroying money. Make no mistake about it, not many Federal taxes are sequestered away from the general fund. Even the highway fund has been repeatedly raided. And any program linked to or funded by the general fund could just as well be paid for with new money/deficit spending as opposed to taxes. The answer is political, and IMO today not enough in favor of the lagging middle class.
So we create that money centrally in order to fund all that new/repair infrastructure. Infrastructure that will provide many new jobs and opportunities for our middle class. As opposed using to some highway fund or gas tax.
This is already happening, between Russia and China.
How does Russia or China take over the USD's role as a world reserve without creating a massive amount of new sovereign debt of their own to send out to the rest of the world?
Maybe they will. Other countries are tired of us and will go along with whatever is done. I'm not an international monetary expert, but it's obvious other countries are starting the move against the dollar while we are making our situation worse.
Maybe they will. Other countries are tired of us and will go along with whatever is done. I'm not an international monetary expert, but it's obvious other countries are starting the move against the dollar while we are making our situation worse.
Sure China will eventually. And in due time with many $T's of conventional debt out in the world just like we have with USD based today.
So one might be worried about the too many USD and too much USD based debt in the world, but not this new reserve's debt?
And that is the cognitive dissonance I hear so often.
I can see China and Russia conspiring (not really the right word)........working together in knocking the dollar off its perch.
It will take time but the worse it's going to be for us as long as we continue on our current debt path.
Hmmm i don't know. China and Russia have bad history and I'm sure China has eyed Russia's vast resources many times.
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Originally Posted by pknopp
Maybe they will. Other countries are tired of us and will go along with whatever is done. I'm not an international monetary expert, but it's obvious other countries are starting the move against the dollar while we are making our situation worse.
And China is inherently a better country to be in charge?
I think you are a few years too late here. Right now China and much of the world isn't in great shape. China may not make it to far before their whole system falls apart, from the environment to the massive bubble, they got some serious problems over there.
And China is inherently a better country to be in charge?
Who is better has absolutely nothing to do with my point. What is going to happen has nothing to do with who I believe is better.
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I think you are a few years too late here. Right now China and much of the world isn't in great shape. China may not make it to far before their whole system falls apart, from the environment to the massive bubble, they got some serious problems over there.
I'm not concerned over what happens in China so much. It's what happens with our debt when countries start rejecting the dollar.
Why would they reject the safest, most secure and liquid investment and store of value on planet Earth?
No other currency comes close. No other currency today can satisfy the demands of the world. But you are right in the sht happens.
If we reach a time where the USD and USD based debt is not demanded by the world, our debt will not be our major concern. Staying alive, food and water will be too pressing an issue to worry about national debt.
Why would they reject the safest, most secure and liquid investment and store of value on planet Earth?
No other currency comes close. No other currency today can satisfy the demands of the world. But you are right in the sht happens.
If we reach a time where the USD and USD based debt is not demanded by the world, our debt will not be our major concern. Staying alive, food and water will be too pressing an issue to worry about national debt.
That is what concerns many of us and our continual deficit spending. There comes a breaking point where our debt is no longer demanded. When that is, no one can say with extreme confidence. It may be another 50 years, it may be after the election.
And? Both those countries are in bad shape right now. You see Russia actually becoming a major world power any time soon? What's in it for China with Russia? Military tech? Middle eastern oil and gas?
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Who is better has absolutely nothing to do with my point. What is going to happen has nothing to do with who I believe is better.
But ultimately you are trading one "master" for another. I prefer the US and West personally.
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I hope that isn't what you are counting on.
It's what's happening right now. China is propping itself up big time and has some serious issues to overcome.
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