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Tue Feb 12, 2013, 07:33 AM

The Real Debt Issue: Itís Not How Much We Will Owe, Itís Who Will Hold the Note

http://www.commondreams.org/view/2013/02/12



Thereís a dirty little secret lurking behind the Republicanís debt and deficit hysteria.

No, itís not the fact that austerity during an economic downturn is a proven way to shrink the economy and create debt. Although true, thatís hardly a secret. Economists are just about screaming it out to anyone who will listen.

And no, itís not the fact that every country thatís tried austerity in an economic downturn is either experiencing a double dip recession or approaching one. Thatís a matter of record that folks like Krugman, and Reich and Stiglitz have been pointing out on a near daily basis.

And no, itís not the fact that countries like Iceland and China that ignored the austerity mongers have prospered.

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Reply The Real Debt Issue: Itís Not How Much We Will Owe, Itís Who Will Hold the Note (Original post)
xchrom Feb 2013 OP
libtodeath Feb 2013 #1
1-Old-Man Feb 2013 #2
Yo_Mama Feb 2013 #3

Response to xchrom (Original post)

Tue Feb 12, 2013, 08:14 AM

1. Our debt issue is from billions of dollars pulled out of our economy and stashed

in tax havens.
Repatriate that back and pump it into the economy and watch the debt go down.

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Response to xchrom (Original post)

Tue Feb 12, 2013, 09:37 AM

2. First things first - - It is the Social Security Administration that holds 2/3 of the National Debt

The money collected for Social Security is the first money used for operations of the Federal Government and the Social Security Administration takes special bonds to represent that money. So two-thirds of the debt is money we owe to ourselves.

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Response to xchrom (Original post)

Tue Feb 12, 2013, 09:48 AM

3. Austerity? That's not what's happening

This is not austerity:


I think we need to remain conversant with reality.


http://research.stlouisfed.org/fred2/series/FYGFGDQ188S?cid=5

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