Says the Chairman of the Fed, "Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences," Bernanke told the House Budget Committee. "Over the longer term, the current trajectory of federal debt threatens to crowd out private capital formation and thus reduce productivity growth."
Holy crap, do you need a degree from Wharton to be able to figure out such esoteric principles?
Showing posts with label public debt. Show all posts
Showing posts with label public debt. Show all posts
Thursday, February 2, 2012
Tuesday, January 31, 2012
Another Trillion-Plus Deficit Year
http://www.politico.com/news/stories/0112/72205.html
The CBO has just proclaimed the wonderful news that 2012 will be another trillion+ deficit year. Am I the only one freaking out about this? If we don't do something to correct this soon, there are only a few options. Default and face all the horrible repercussions that would bring, wildly devalue our currency, or raise the hell out of taxes. All of these are very bad scenarios. It is long past time for some sacred cow slaughtering. Medicare, Social Security and Defense all have to be cut heavily. If people would look towards the long term instead of the short, they wouldn't be so quick to destroy the futures of their children and grandchildren. These are unpleasant topics, but we need to address them quickly (and no, just sitting back and waiting for the economy to grow faster isn't a solution).
The CBO has just proclaimed the wonderful news that 2012 will be another trillion+ deficit year. Am I the only one freaking out about this? If we don't do something to correct this soon, there are only a few options. Default and face all the horrible repercussions that would bring, wildly devalue our currency, or raise the hell out of taxes. All of these are very bad scenarios. It is long past time for some sacred cow slaughtering. Medicare, Social Security and Defense all have to be cut heavily. If people would look towards the long term instead of the short, they wouldn't be so quick to destroy the futures of their children and grandchildren. These are unpleasant topics, but we need to address them quickly (and no, just sitting back and waiting for the economy to grow faster isn't a solution).
Tuesday, January 10, 2012
The solution to the U.S. debt crisis
https://www.pay.gov/paygov/forms/formInstance.html?agencyFormId=23779454
This link is hilarious. It seems that the U.S. Treasury has provided the "opportunity" for individuals to "donate" towards reducing the public debt. If you don't believe me, click the above link. This seems like a good way for George Soros, most of Hollywood and the other people that feel guilty about their success to help pay for the huge government and entitlements that they so adore.
I am still having trouble wrapping my head around this one.
This link is hilarious. It seems that the U.S. Treasury has provided the "opportunity" for individuals to "donate" towards reducing the public debt. If you don't believe me, click the above link. This seems like a good way for George Soros, most of Hollywood and the other people that feel guilty about their success to help pay for the huge government and entitlements that they so adore.
I am still having trouble wrapping my head around this one.
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