10 myths about govt debt - Professor Anthony Davies
- Thread starter Celticguy
- Start date
lets see
- its a lot more than most realize
- raising taxes does not have the effect most think
- there IS a way to fix it
T. A. Gardner
Thread Killer
I did. The guy makes a good argument that the government when it comes to debt and taxes is totally fucked up.
cawacko
Well-known member
Is the way to fix a reduction in spending such as entitlements and military? Or something different altogether?
Here is a Quiz:
1. Do you want to GIVE the Government Money?
2. Or, do you want to LEND the Government Money.
See. Rich People. They prefer to lend the Government money at an Interest Rate, rather than just 'give' it to the Government./B]
kinda.
10% reduction in expenditures cut any way you like but real cuts not reduction in degree of rise.
then keep this spending the same (or less) for the next 5 years.
then limit increases to a max of 3% GDP.
now this will not pay off the debt but it will prevent defaulting on the debt service and thats a foregone conclusion in the near future.
cawacko
Well-known member
I like it, but did he suggest how this could occur? Because as we know politicians who run for office saying they will cut a bunch of spending rarely get elected, or stay in office. Many will give lip service to it in the abstract but actually do nothing about it.
We long ago lost the willingness to make choices, we demand that we get everything we want, and we dont care how it gets done.
And our so called leaders are so low quality that they comply with the demand.
This is how one destroys a once great country.
Buckle Up.
he didnt really get into that but he was pretty clear that the time was not far off that its either default or something dramatic. I'd say a 10% real spending decrease qualifies as dramatic.
specifically he covers that you cannot increase taxes enough to solve things, you cannot print money enough to cover the obligations and we cannot borrow it either. there is only so much more road to kick the can down, you can see that point from here especially with the unnecessary inflation we are seeing now.
Americas standard of living will be plummeting, there is no other way out.
cawacko
Well-known member
Because voters don’t demand it. We all want lots of services and prefer not to pay for them. You can’t get elected saying you’ll take things away from voters (you’ll notice Libertarians don’t win too many elections.). Even though entitlements make up the largest portion of federal spending they are called the third rail for a reason, you can’t get elected saying you’ll reduce S.S. or Medicare.
And then good people have no interest in going into politics, so we get ever more shitty people in charge, who refuse to even try to prevent the calamity that is coming.
The people we have now are for the most part incompetents and grifters.
cawacko
Well-known member
It’s not really an issue of being good or bad people. Voters aren’t going to say “I don’t like that this person is going to cut entitlements but hey, he/she’s a good person so I’ll let it slide.” Doesn’t work that way.
Trump spent like a drunken sailor and very few people on the right said a word. Voters only pretend to care when they don’t like the person/party doing the spending. Voters like power not fiscal responsibility.
THe quality of the people is not just important, it is damn near everything. THe reason that there is no hope for America now is because so many people are so shit quality.
cawacko
Well-known member
Please explain to me how a quality person is going to be able to cut spending while a non quality person can’t. (Is there a reason you’re not addressing the actual topic of spending and the voters aversion to cutting it?)
You are not paying attention.
cawacko
Well-known member
I honestly have non idea what you’re talking about. I thought the topic was govt spending and the need to cut it. You’re talking about something else