Roadrunner
Roadrunner
- May 6, 2013
- 14,126
- 2,758
A rising tide lifts all boats.All US money is imaginary. Can print however much they want because it isn't backed by gold any more. So objecting to spending because you think it's a lot doesn't make any sense because the money has only as much value as we say it does, but no real vlaue - it's just fancy paper.
US is over $18 trillion in debt. Even if we were only $1 trillion in debt we could never pay it off without reducing spending to zero for some years. So when ever a politician talks about reducing spending, they're taking advantage of stupid people who think that's going to do something real. It isn't. Can spend as much as they want since it seems they know they'll default on the national debt eventually.
Excuse me but you really should deal with reality.
Here is reality:
THE net worth of American households is now 20 percent higher than it was before it began to decline in 2007, the Federal Reserve reported this week. It said the households together were worth $81.5 trillion at the end of the second quarter, higher than ever and up 10 percent from a year earlier.
http://www.nytimes.com/2014/09/20/b...as-rebounded-since-financial-crisis.html?_r=0
Total Assets of ALL households: $95.4 trillion...
Total DEBTS of all households: $14.0 trillion...
NET WORTH: $81.5 trillion.
Want to pay off the national debt?:
A) STOP Spending more then tax revenue coming in.
B) Value added Tax then 10% on ALL purchases going exclusively pay off $18 trillion..
C) Tax of 10% on $8.76 trillion is $876 billion of personal consumption of Gross Domestic Product.
Table One from this source: http://www.bls.gov/opub/mlr/2002/11/art2full.pdf
In summary : NO MORE DEBT Added to the $18 trillion by spending ONLY what comes in and no further tax increases!
$876 billion pays off $18 trillion debt in 20 years. Problem solved.
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The tide lifting the 1% is like unto the tides in the Bay of Fundy.