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View Full Version : The Unstoppable March Toward National Bankruptcy



Peter1469
10-13-2012, 06:33 AM
http://www.forbes.com/sites/markhendrickson/2012/10/11/the-unstoppable-march-toward-national-bankruptcy-whos-to-blame/

The author pretty much blames everyone, but he does start with and spend a lot of time on progressives. He actually makes the case that the progressive want national bankruptcy. They will use it to nationalize more and more and create more dependency.

If so, that is treason.

GrumpyDog
10-13-2012, 07:26 AM
Even if the "Fiscal Cliff" budget takes effect at end of 2012, it will hardly make a dent in the 16 Trillion National Debt.

According to what I have read, only about 110 Billion/year is cut from Defense budget, and a mere 40 Billion from entitlement etc. That is not even enough to balance the 2013 projected budget, let alone create any surplus by end of 2013.

Right now, it will take a HUGE effort that would be something like what happened in WW2 which is both a 91% taxe rate on the upper 10 %, coupled with at at LEAST a 1 Trillion cut/year in Fed. Budget.

That would require an increase in tax revenue to 2.5 Billion, mostly from upper 10% wealthy, plus a 500 billion cut from Military, PLUS another 500 Billion cut from combined reductions in entitlements, welfare, and government employee salaries.

EVEN IF, this PAINFUL solution was implemented, and the Fed yearly Budget reduced to 2 Trillion/year, while the tax revenue increases to create a 1 Trillion/year surplus, it will STILL take 16 years to pay of the National Debt incurred so far.

Very depressing situation we are in.

Peter1469
10-13-2012, 07:35 AM
It is counter productive to raise taxes and shrink the economy. JFK, Reagan, and Bush the Younger proved that you get more tax revenue from a broader tax base with lower tax rates.

Chris
10-13-2012, 11:58 AM
http://www.forbes.com/sites/markhendrickson/2012/10/11/the-unstoppable-march-toward-national-bankruptcy-whos-to-blame/

The author pretty much blames everyone, but he does start with and spend a lot of time on progressives. He actually makes the case that the progressive want national bankruptcy. They will use it to nationalize more and more and create more dependency.

If so, that is treason.

Great article, if for no other reason than it is fair and balanced: "Let’s start by picking the low-hanging fruit: “progressives,” a.k.a, Democrats.... Now for some bipartisanship: The Republicans must share in the blame for the government’s fiscal woes."


He actually makes the case that the progressive want national bankruptcy.

Way I see it progressives seek egalitarianism (French égal) by leveling the playing field, it doesn't matter that that equality means leveling everyone down to the same impoverished bankrupted level, after all, it's fair!

Conservatives too often use the same means to maintain the status quo and keep the rich rich.

Morningstar
10-13-2012, 12:11 PM
It really doesn't matter.