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I am quite sure that the U.S. national debt will double in far less then 25 years.
Both parties have shown they are completely incompetent when it comes to balancing the budget.
The national debt has risen 150% in just the last ten years - and the trend is getting worse, not better.
The days of American economic supremacy are numbered unless drastic action is taken - and it won't be (imo).
The politicians are too corrupt/economically stupid and the masses are too weak/economically stupid.
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Google Image Result for http://theeconomiccollapseblog.com/wp-content/uploads/2010/12/The-National-Debt2.png
That's impossible, Obama said we haven't spent very much during his term, so we're on the right tra...
OH SHI....
The only idiotic thing we can do right now is NOT borrow more. In real terms, we are presently able to borrow at negative interest rates. If we borrow and spend the money on sensible things like infrastructure improvements those projects generally net a positive return return of at least a percentage or two in direct revenue enhancement going forward and over the long haul. And that isn't even considering keynsian amplification effects, if you're in the group that doesn't believe in keynsian economics. In other words, by not borrowing we are literally giving away free money.
Austerity does work. That it is "hurting" Greece right now is because Greece dug hole that deep. But continue to increase debt so as to fund their lard-ass largesse is doomed. Spending what we ain't got is what created this mess. Spending more of what we ain't got will not fix it.
Here is true austerity. And it works. Estonia.
News Headlines
Hey. We gave Obama a trillion bucks. For all those shovel-ready infrastructure jobs. And he blew it.
Your assumption is that the government will spend the money wisely. Big fail. Proven fail. Massive mistake.
"Free money" ............. that's ****ed-up right there.
The only idiotic thing we can do right now is NOT borrow more. In real terms, we are presently able to borrow at negative interest rates. If we borrow and spend the money on sensible things like infrastructure improvements those projects generally net a positive return return of at least a percentage or two in direct revenue enhancement going forward and over the long haul. And that isn't even considering keynsian amplification effects, if you're in the group that doesn't believe in keynsian economics. In other words, by not borrowing we are literally giving away free money.
I am sure you know that currently, the buyer of most of our debt issuance is the Federal Reserve. So I guess you are saying that Obama should borrow more money from his buddy Bernanke. While it is true that we can borrow at low rates currently, as this debt you hope we incur will not be repaid, what will be the rate you want to impose on our children.
It is interesting that the administration lapdogs like Summers and now the post above are now advocating this same Obama pitch.
Nice try but I doubt people will be again fooled by another lousy "stimulus" deal.
The "Estonian miracle" is a myth, unfortunately.
Destroying Estonia » Counterpunch: Tells the Facts, Names the Names
Macro Matters: Is Estonia the austerity crown jewel?
That's a silly statement. First, it wasn't a trillion dollars. Second, only a portion of the $800 billion was spent on infrastructure, with the biggest single portion going to payroll tax cuts (people keeping more of their money), and the second biggest portion going to states to bolster their flagging budgets. Only about 6% of the stimulus was directed at infrastructure, and it was used to complete thousands of worthwhile projects. It's actually quite funny seeing all the anti-stimulus Republican legislators posing for pictures at ribbon cutting ceremonies for infrastructure projects opening in their districts as a result of stimulus spending. http://thinkprogress.org/wp-content/uploads/2011/06/hanna.jpg
I am sure you know that currently, the buyer of most of our debt issuance is the Federal Reserve. So I guess you are saying that Obama should borrow more money from his buddy Bernanke. While it is true that we can borrow at low rates currently, as this debt you hope we incur will not be repaid, what will be the rate you want to impose on our children.
It is interesting that the administration lapdogs like Summers and now the post above are now advocating this same Obama pitch.
Nice try but I doubt people will be again fooled by another lousy "stimulus" deal.
His article tries to excuse Estonia's numbers. Meanwhile, Estonia is doing well, and getting better.
All we have managed to do in accumulating debt, and as is far more evident in Greece, is to subsidize becoming non-competitive. And accumulate huge debt. Continuing to do what got us in this mess is not the solution. Austerity means belt tightening. And it will fix our broken foundation.
Its the classic them and us deal. We get to play Santa Claus and borrow and spend TODAY, but they have to play Grinch and pay for it TOMORROW.
It's the classic penny wise, pound foolish philosophy. We think we're being smart by pinching pennies now, but we are actually blowing a huge opportunity that will cost future generations more in the long run. See Herbert Hoover.
The notion that Hoover was an Austrian Schooler is a false one.It's the classic penny wise, pound foolish philosophy. We think we're being smart by pinching pennies now, but we are actually blowing a huge opportunity that will cost future generations more in the long run. See Herbert Hoover.
Just what has the new $5T in federal debt done for us lately? Would doubling down be your call? Yes he did!
And where is your unbiased, factual proof that these could not have been accomplished with a balanced budget?Hmm, what has it done for us...? It's provided a national security, killed OBL and Qaddafi, provided food and sustenance to the unemployed and elderly, maintained our highways, kept the planes in the air, lowered unemployment, increased GDP....
Or was that a rhetorical question?
And where is your unbiased, factual proof that these could not have been accomplished with a balanced budget?
If you have a lick of common sense you should be able to figure that one out.
In other words - you have presented NO unbiased, factual proof that these could not have been accomplished with a balanced budget.
Noted.
Oh I agree that people will not be "fooled" by reality, and thus we will be stuck in a lengthy, Japan-style economic slump. There are WAY too many stupid people in this country.
Again, common sense. If we don't borrow money we can't PAY FOR $5 trillion worth of defense and discretionary spending, i.e. that spending has to be eliminated.
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