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Mon Dec 18, 2017, 11:23 AM

 

20 Trillion In Debt And Growing - Anyone Ask Our Children How They Feel?

So the economy is "doing good" as they all say, and we are still piling on debt instead of paying it down. Now we are going to borrow more so some can get "a tax cut" and the wealthy can buy bigger and better yachts every year with their tax savings. All put on the national credit card.

Anyone ask the people who will be saddled with the debt along with a collapsing environment, and a Gulf of Mexico that is so hot, it is basically a hurricane and flood generator?

Hey kiddies, how ya doin?

Grab yer ankles.....

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Reply 20 Trillion In Debt And Growing - Anyone Ask Our Children How They Feel? (Original post)
SeaDoo77 Dec 2017 OP
physioex Dec 2017 #1
L. Coyote Dec 2017 #2
Voltaire2 Dec 2017 #3
physioex Dec 2017 #4
DanTex Dec 2017 #5
exboyfil Dec 2017 #6
Voltaire2 Dec 2017 #7

Response to SeaDoo77 (Original post)

Mon Dec 18, 2017, 11:27 AM

1. Ummm....

So the lesson here is, deficits matter when Democrats control the Legislature of Executive Branch??

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Response to SeaDoo77 (Original post)

Mon Dec 18, 2017, 11:31 AM

2. ONLY $58,000 for Each Person in U.S.

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Response to SeaDoo77 (Original post)

Mon Dec 18, 2017, 11:37 AM

3. The level of debt is not a problem.

We've had equivalent debt levels in the past. We probably could have a significantly higher debt to gdp level with no real complications. The issues are all political: the debt is used to scare people into accepting austerity. It is the second half of the right wing punch combo: tax cut then debt austerity.

Please don't buy into it.

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Response to Voltaire2 (Reply #3)

Mon Dec 18, 2017, 11:41 AM

4. Ofcourse we are not 'buying into it'....

Just the sheer scale of hypocrisy.

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Response to Voltaire2 (Reply #3)

Mon Dec 18, 2017, 11:44 AM

5. I mostly agree.

It's not a problem in the doomsday way that the GOP claims it is whenever the Dems are in office. But that doesn't mean it's not a problem at all. All else being equal, it's better to have less debt, because the interest on the debt has to be paid, and that is money that could instead be spent on other things.

What matters is whether the things we use the debt for are worthwhile. For example, selling bonds in order to build infrastructure is good, because (A) we get actual things like roads and (B) the value that those things provides to society is greater than the cost of the interest. Selling bonds in order to fight useless wars is bad because we get nothing for it (less than nothing, in fact), and we also get stuck paying interest. Same goes for selling bonds in order to give rich people tax cuts.

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Response to Voltaire2 (Reply #3)

Mon Dec 18, 2017, 11:48 AM

6. Our debt to GDP is at a historic high

and one of the highest in the OECD. It has gone from 30% when Reagan took office to about 100% now. The only thing that holds the bleeding down right now are the historically low rates on Treasuries. If those start creeping up, then we are in real danger.

I am not in favor of the tax cut. If anything we should be looking at ways to increase taxes.

We also need to be working the cost side, but in a smart way (negotiating prices on drugs for example). Smart reductions in the military.

I am 54, and I am on board for working another year past 67 if that is what it takes for Social Security as well. That with a trade to eliminate the cap and reduce rates for everyone. We are asking too much of the next generation.

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Response to exboyfil (Reply #6)

Mon Dec 18, 2017, 01:10 PM

7. actually it is near historic highs, we had higher levels after wwii.

And neither the government nor the economy did no collapse then, nor will they collapse now, because of the federal debt. Interest rates are very low, servicing the debt really isn't a financial problem. It is a political charade.

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