Economic crises? (1 Viewer)

[Tsereve]

http://www.brillig.com/debt_clock/

The numbers listed on the above site is thoroughly unencouraging, to say the least. How many people have 28 grand to spare? The problem is that sooner or later, some other country, say, China, is going to need money, and they're going to ask us to pay off part of our debt. And what will we do then? Say "sure!" and borrow the money from France? The only way the problem is going to resolve itself involves an economic collapse and a few years of anarchy. The US will lose its standing as the world's top nation, chaos will be on the streets, and in all likelihood someone's going to invade us.

Yet, what is the government doing to avert this calamity? The people want tax cuts, and the officials in power are offering them. So we're saving a few bucks now--what about ten, twenty, even fifty years from now? For increased taxes are, indeed, the only thing that can solve this problem. However, the successful government officials are only in positions of power because they are opposing these things. Bush is fighting wars to "spread democracy," yet how democratic is the world going to be once the US bites the dust?

 

[jimmyjack]

http://www.brillig.com/debt_clock/

The numbers listed on the above site is thoroughly unencouraging, to say the least. How many people have 28 grand to spare? The problem is that sooner or later, some other country, say, China, is going to need money, and they're going to ask us to pay off part of our debt. And what will we do then? Say "sure!" and borrow the money from France? The only way the problem is going to resolve itself involves an economic collapse and a few years of anarchy. The US will lose its standing as the world's top nation, chaos will be on the streets, and in all likelihood someone's going to invade us.

Yet, what is the government doing to avert this calamity? The people want tax cuts, and the officials in power are offering them. So we're saving a few bucks now--what about ten, twenty, even fifty years from now? For increased taxes are, indeed, the only thing that can solve this problem. However, the successful government officials are only in positions of power because they are opposing these things. Bush is fighting wars to "spread democracy," yet how democratic is the world going to be once the US bites the dust?

Blame abortion.

Bankruptcy will take affect in about 10-15 years

 

[Iriemon]

http://www.brillig.com/debt_clock/

The numbers listed on the above site is thoroughly unencouraging, to say the least. How many people have 28 grand to spare? The problem is that sooner or later, some other country, say, China, is going to need money, and they're going to ask us to pay off part of our debt. And what will we do then? Say "sure!" and borrow the money from France? The only way the problem is going to resolve itself involves an economic collapse and a few years of anarchy. The US will lose its standing as the world's top nation, chaos will be on the streets, and in all likelihood someone's going to invade us.

Yet, what is the government doing to avert this calamity? The people want tax cuts, and the officials in power are offering them. So we're saving a few bucks now--what about ten, twenty, even fifty years from now? For increased taxes are, indeed, the only thing that can solve this problem. However, the successful government officials are only in positions of power because they are opposing these things. Bush is fighting wars to "spread democracy," yet how democratic is the world going to be once the US bites the dust?

"For increased taxes are, indeed, the only thing that can solve this problem."

Deficits = Tax revenues - Spending, when spending is greater than tax revenues.

The deficit could be solved by cutting spending by $550 billion; or a combination of cutting spending and increasing tax revenues.

As a practical matter, the Conservatives have had power 6 years and have shown no courage to effect significan spending cuts -- quite the contrary; so I agree raising taxes is the only viable alternative to an increasingly oppressive debt burden.

 

[tecoyah]

As a practical matter, the Conservatives have had power 6 years and have shown no courage to effect significan spending cuts -- quite the contrary; so I agree raising taxes is the only viable alternative to an increasingly oppressive debt burden.

And mark my words....it will not be a conservative that decides to be the martyr of increased taxes.....but they will certainly rip whoever it is apart.

 

[Iriemon]

And mark my words....it will not be a conservative that decides to be the martyr of increased taxes.....but they will certainly rip whoever it is apart.

Your words certainly have a historical basis.

Passing tax increases is very unpopular, and takes courage. The last major tax increase was in 1993 when the Dems still controlled Congress, but barely.

Despite the fact that the budget deficit the year before was $320 billion, and that the national debt had quadrupled to $4 trillion over the previous 12 years of the Reagan/Bush1 administrations, the pass the buck Republicans opposed the Democrats right down the line. The tax increase only passed with Gore's pro tem vote in the Senate.

And you are right, Tecoyah, the Republicans made the Democrats pay for that little bit of courage, and the Dems were swept out of power by the Republicans' Contract for America theme, which featured lowering taxes.

The 93 tax increase expanded the tax base, dramatically increased revenues, and was a big reason why we almost miraculously had a balanced, surplus actually, budget in 2000.

Tragically it was short-lived; the Republicans got the WH in 2000; passed their tax cuts, and instead of paying down the debt, another 2.5 trillion has been piled on to America's 8.4 trillion debt burden.

When a Democrat is elected in 2008, Bush will pass the buck and hand off both the huge deficits and the Iraq quagmire. And the Democrat will try to fix it, and as you say, be ripped apart by the pass the buckers.

 

[Provoker]

Tsereve:

Hole in one. The recession is inevitable. With the US dollar decaying at the rate it is, people will continue to say FU to the Americans by cashing in their degenerated notes for some gold. While Bush is implimenting the last short-term fixes left in his arsenal, and printing more and more unwarrented money leaving the economy inflated like a bubble, eventually that bubble must get popped. But who's going to drop the bomb? Will it be a technocratic-hacker who will design a virus that will encrypt all banking files and mark the beginning of the collapse? OR will it be the latte-drinker and spandex-wearers' greed that will excessively exceed, and not compromise for, terms like "loan" and "lease". That person upon who is seduced and self-deceived into thinking that interest-rates won't ever go up; can't go up!? THat self-trapping and naive mind that believes that their gas-guzzling hummer that they've financed will magically be paid off with a 50k a year job. Yes have I not just described the the typical American? It is an immune and innate instinct to blame the political-narcissists, but maybe plane old AMerican-Greed in-voke the inevidable economic collapse.