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Reply #32: Your post reminds me of Jeff Foxworthy's reply to the repo man - "Oh, you'll take a check!?" [View All]

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OmahaBlueDog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-23-11 09:16 PM
Response to Reply #29
32. Your post reminds me of Jeff Foxworthy's reply to the repo man - "Oh, you'll take a check!?"
If the Federal government does not need to borrow, then why do we do it? Hell, why don't we simply authorize the Treasury print up 14,000 One-Billion dollar bills and pay everyone off? Problem solved.

The true constraint to Federal spending is gross domestic product. We do not have an infinite capacity to either spend or produce money. Imagine a homeowner with a valuable property and a home equity line of credit. They can keep borrowing, but at some point, no matter how vaulable their property is, they will outstrip the ability of their income to support the payments. Have we reached that point? Maybe or maybe not. The bottom line is that if we don't need to borrow, we shouldn't do it, and we should especially not borrow from foreign powers. If the fact is we do need to borrow, it should be a temporary state of affairs, and we should attempt to pay back the debt in the agreed-upon timeframe.
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