Debt Tops 13 Trillion
- Thread starter 2forISU
- Start date
England had this in plan all along! We've been had. So much from breaking away from the king.
You're right.
Can we banish this thread to the cave? CYCLONE FANATIC home to US Debt Talk....and sports, wtf?
This is from last fall, but at that time China moved into the #1 position. See paragraph 4.
China keeps buying U.S. debt. But how long will that last? - Sep. 16, 2009
I cannot say whether or not that has flip-flopped again...
Japan and England combined do, but no country owns more of our foreign held debt than China.
http://www.ustreas.gov/tic/mfh.txt
And the longer the gov't keeps throwing gas on the fire will only make recovery more difficult once it happens. Artificial growth (debt) can only go so far, at some point you have to actually save the capital before true growth can be achieved.
Our economy has already crashed... this is part of the ugly aftermath.
Both our gov't and the people have made a habit for decades of spending money they don't have, giving tax breaks we can't afford (which is just under the table spending), etc. For christsakes we were racking up a huge debt during the mid-2000s when our economy was humming along and tax revenues were way up.... when you are growing deeper in debt even when the economy is great, there is definitely something wrong, and you know we'll be screwed when it all comes tumbling down, which it did in '08.
Raise the federal gas tax. Cut defense spending 25-30%. We don't need a massive land force in today's world, or Cold War-era technologies. Raise the retirement age to 70 for most jobs, exceptions for taxing labor jobs. When SS was created, most people retired at 65 and died at about 68. It wasn't designed to pay for this long of a retirement. And, raise (or eliminate) the cap on taxable benefits. Doesn't matter if you make $20 million a year and would never actually need SS or Medicare, we're all in this together. You want a military, roads, schools, and position as a global power? Then you've got to have a country where everyone pays their dues. Nothing's free anymore, and 100% business control without regulation isn't cutting it, as we've seen with the financial crisis and the BP oil spill, among other events.
Oops. I may be getting this thread banished to the cave. :wideeyed:
Oops. I may be getting this thread banished to the cave. :wideeyed:
I disagree. The gov't is trying to spread the crash out over time, rather than one fell swoop, because they do not think the American people could handle the crisis if it all came at once.
And DSM4Cy, military spending will never be cut. What would those 25-35% do when they lose their jobs? The military industrial complex is alive and well.
Well $10 Billion a month to a war we shouldn't have started didn't really help our debt out either.
Last edited:
