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It's all only ones and zeros....right?
Deja vu all over again — the Donald
Here’s what G. H. W. Bush saw back in 1980: “A big difference that the governor [Reagan] and I have regards his tax cut. He feels that
you can cut taxes by $70 billion the first year and still
balance the budget and
increase defense spending.”
Trump’s September-2016 economic plan would:
Cut taxes $440 billion per year
balance the budget and
increase defense spending.
These are not the only echos of the past. Reagan grew all sections of the military just as Trump promises, but his signature military boondoggle was his “Star Wars” program to “develop a sophisticated anti-ballistic missile system.” Trump proposes his own Star Wars to “develop a state of the art missile defense system” against N. Korea and Iran. (Sept 7 speech)
There is also much talk of the tax cuts boosting growth, just like under Reagan and the Bushes. Tax-cuts do create growth but that requires boosting the debt because they DO NOT pay for themselves. As explained below this is the heart of the Voodoo fallacy.
The real point here is that as of Sept 2016, Trump sounds just like Reagan and the Bushes. Prior to this, he sounded like Trump — crazy, but definitely not into the Republican Voodoo.
originally posted by: muzzleflash
originally posted by: ConscienceZombie
Since money is printed on paper, it's true value is meaningless. They could just say the word and that number becomes a zero. It's not like they would lose anything. It comes out of thin air. Now we want to move to a digital currency...you f#ing kidding me...
Idiocurrency is what I'm calling it now...just invented a word...
I thought Trump said he was paying off the debt?
Maybe he intended to use idiocoins, bills, whatever they are?
originally posted by: Daalder
There are 540 billionaires in the United States, with a combined net worth of $2.399 trillion, according to our 2016 list of the world's richest people.Mar 5, 2016
That's about 4 times that itty bitty 317 bilion.
So you can go and ask the ritch folk for more when you need it.
I'm not alone in these views.
The national debt in perspective
Consider what it means when the graph says 100%. It means the national debt equals one year of Gross Domestic (National) Product (GDP). So if we used the full value of what the US produces for one year just to pay off that debt, that would just do it. And 50% means, the debt would be paid off in six months of using the full output.
That sounds outlandishly huge, but consider a family making $100,000 a year that buys a $250,000 house with 20% down and takes a $200,000 mortgage. No one considers this unusual or risky. But that family would be off the top of the graph at 200%. It would take all they made for two years to pay off their debt. And the US has a slight advantage over most families. It can print money. So there is zero chance of default.
And only about 1/3 of the debt is owed to foreigners. Another 40% is owed to Americans, for example pension plans own quite a bit of it. And the rest is owed by the US government’s “General Fund” to other Government Trust Funds, like the Social Security Trust Fund and the military’s pension fund.
Stop with the doom and gloom. If, as conservatives fear, the Chinese tried to bankrupt us by cashing in all their treasury bonds. We could simply print the money and pay them. Not a problem. And no, the high debt is not harming our credit. If you have bad credit, people will only loan you money at a high interest rate. Everyone in the world is willing to loan Uncle Sam money at almost zero interest. He’s got absolutely the best credit rating in the world.
originally posted by: muzzleflash
a reply to: JedemDasSeine
Oh yeah huh?
Good point.
I say we invade Antarctica next.
originally posted by: Daalder
There are 540 billionaires in the United States, with a combined net worth of $2.399 trillion, according to our 2016 list of the world's richest people.Mar 5, 2016
That's about 4 times that itty bitty 317 bilion.
So you can go and ask the ritch folk for more when you need it.
originally posted by: Asktheanimals
originally posted by: muzzleflash
a reply to: JedemDasSeine
Oh yeah huh?
Good point.
I say we invade Antarctica next.
The LAST group you want to piss off is the penguin lovers.
You think Antifa is violent?
The Disney brigade of cutesy environmentalism would tack your skin to the Mickey Mouse clubhouse wall.