And you insinuate I'm the leftist. Hah!Quote:
Originally Posted by 2centsworth
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And you insinuate I'm the leftist. Hah!Quote:
Originally Posted by 2centsworth
One not johnny huh?Quote:
Originally Posted by Winehole23
ask yourself
What's the purpose of taxes?
a payroll tax holiday for a year or two is the only capitalist and fair way to do it. otherwise, the government has to chose winners and losers.
long-term, yes, but we have immediate problems.Quote:
Originally Posted by Winehole23
How to pay for massive tax cuts apparently isn't one of them. Fair enough.
Too abstract for me. What's your pat answer for this?Quote:
Originally Posted by 2centsworth
as long as you admit tax revenue has little to do with paying anything at the federal level.Quote:
Originally Posted by Winehole23
"fat answer?" For that I should leave you in the dark. :lolQuote:
Originally Posted by Winehole23
http://hiwaay.net/~becraft/RUMLTAXES.html
That's your view. I respect that but I probably won't follow you there. Nothing personal. :toastQuote:
Originally Posted by 2centsworth
I also respect that you more or less admitted adding trillions more to the debt/deficit is of no concern to you right now. That's contrary to the prevailing political winds.
it's an operational reality whether you know it or not.Quote:
Originally Posted by Winehole23
the state grows no matter what. that's been the pattern for sure.
Quote:
Originally Posted by Winehole23
only if it's in the form of a payroll tax holiday.
hence, I applaud the efforts to shrink it.Quote:
Originally Posted by Winehole23
on the contrary, it seems to me that by authorizing all additions to the national debt/deficit in advance, you have also apologized for the growth of the state -- only temporarily of course, as may be expedient to full employment and economic recovery.
when a country can print its own money, it can't default. Like the US did after WWII, it can inflate itself out of debt.
Repug deficit-hawks are only deficit hawks when the Dems are in power. St Ronnie and dubay tripled the debt, but where were the deficit hawks then? Just part of the VRWC incredibly bad-faith, political, dishonest bullshit.
Im not talking about inflation and after WWII the gov didn't inflate its way out of anything.Quote:
Originally Posted by boutons_deux
"after WWII the gov didn't inflate its way out of anything"
it did, you could look it up.
inflation didn't get us out of the war or recession. The War caused short-term inflation here and hyper-inflation in Germany.Quote:
Originally Posted by boutons_deux
Big Difference.
Many observers worry that the debt-to-GDP ratios projected over the next ten years are unsustainable. Assuming deficits can be reined in, how might the debt/GDP ratio be reduced? There are four basic mechanisms:
GDP can grow rapidly enough to reduce the ratio. This scenario requires a robust economic recovery from the financial crisis.
Inflation can rise, eroding the real value of the debt held by creditors and the effective debt ratio. With foreign creditors holding a significant share of the dollar-denominated US federal debt, they will share the burden of any higher US inflation along with domestic creditors.
The government can use tax revenue to redeem some of the debt.
The government can default on some of its debt obligations.
Over its history, the US has relied on each of these mechanisms to reduce its debt/GDP ratio. In a recent paper (Aizenman and Marion 2009), we examine the role of inflation in reducing the Federal government’s debt burden. We conclude that an inflation of 6% over four years could reduce the debt/GDP ratio by a significant 20%.
http://www.voxeu.org/index.php?q=node/4413
they do not understand the Monetary System.Quote:
Originally Posted by boutons_deux
Dangerous info in the hands of blind libs (Read Innocent Fraud #1)
i have the solution
pay them the money, legislate no chinamen is allowed to buy american assets :D
scrap current currency and introduced new curency.....change ratio NIL.
Zero is the asymptote, inflation is the race to get there. It won't be pretty.
To answer the question posed by the thread title: Extremely unlikely.Quote:
Originally Posted by 2centsworth
As for the second question: Not sure exactly what you are asking.
We could simply inflate our way out of the mess, by flooding the market with dollars (making each dollar cheaper and easing the burden of payment). US government debt is denominated in dollars exclusively.
Example:
1 dollar equals, say, 1 euro. We pay out in dollars, then the risk of currency conversion is borne by the person with the euros.
Bond payment is 100 dollars and that is translated into 100 euros by the Europeans.
Inflation happens and it takes 2 dollars to make 1 euro. This inflation has consequently increased tax revenues in dollars, making that same 100 dollar payment easier.
The person with the euros who has to pay his utilities and buy groceries in euros is pissed, because what paid out 100 euros before the inflation, now pays out 50 euros.
This would be a VERY undesirable thing on several fronts, simply because it would really raise the cost of future borrowing a LOT. It would solve the short term problem of debt payments, but create a longer term problem of lack of confidence.
That is something of a simplification. Hope it helps.
you clowns should do what the viet cong did after vn war, it didnt matter how much money u had or what gold bullion bars u hold, lol each family was only allowed the same amount total per household exchanging the previous currency to new currency...did you know how many ppl jump to their deaths after bring in all there savings and can only change to the same amount as the next person...
Currently i feel we have China over a bigger barrel with ag exports then they do with debt. Short term anyway.
You may have lots of problems but when you're hungry, you only have ONE problem.