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posted by edsinger
Very good points again, but how do you explain that the debt is being paid at rates that are affordable and that the recipients are mainly Americans themselves. I think we should pay it down for sure but not off entirely, but to what point I do not know as I am no economist, nor do I claim to be. Thank you for your very good information as it does make sense.
posted by edsinger
We agree on many aspects of this problem. I want discretionary spending lowered and for interest and principle to be paid on the debt. That's the problem with these large numbers and the Fed, it is hard for me to see into the future. Right now GDP is 13trillion, in 15 years it should be around 25 Trillion, and 1/4 of that is a ~6-7 trillion US Gov budget, that is a lot of money. If we can control the rise in spending, then we have a shot..
posted by edsinger
(1) The Clinton tax hike also caused the 2001 recession in my opinion
Plus 1993 had the benefit of the growth in the late 80's and early 90's until 92 after Bush Sr. raised taxes.
(2) The economy is growing now without the tax burden. The government revenues are growing FASTER than spending, that is how you balance the budget. [Edited by Don W]
posted by mel1962
(1) My main point as a conservative is that we need to spend less and balance the budget ASAP. (2) Taxes should be held or raised slightly. (3) I am all for a VAT or simplified tax. (4) Our spending may create interest payments that eliminate us affording a military! You can create all the charts that you want, but the facts are we are facing a point of no return on debt, not only government but household! (5) The downfall of Rome, Spain, Britain and other empires was their debt. [Edited by Don W]