Votto
Diamond Member
- Oct 31, 2012
- 57,125
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How much debt is too much debt? Does debt matter or is it all just monopoly money?
Can the US continue to run trillion dollar deficits every year with impunity, or will the Republic cease to be at some point because of the reckless spending?
I was discussing the situation with a friend who is a liberal. Their attitude was government should simply raise taxes to meet the debt it incurs every year, but conceded that those in government would never do such a thing because of the need for votes. People simply don't want to pay for anything but demand everything "free".
My friend then pointed out that the GOP is in control of government and should reduce spending, to which I replied they have no interest in reducing spending. No, both parties spend about the same, only, the money goes In a little different areas. No one in the GOP is going to seriously suggest reducing spending in fear of losing an election. Those in the tea party voted for Congressmen to do just that, but they folded to the spending gods. Also, no one will seriously consider raising taxes to cover the debt being incurred either.
So what is the answer? I suggested to my friend that the Article V movement was our only hope. If the states rise up and amend the Constitution to have Congress balance the budget, they will simply have to figure it out. In fact, just passing a budget would be great, let alone balancing one.
So that is the only hope of the country not going belly up fiscally, that is, if you don't believe Dick Cheney saying the deficits no longer matter and we can continue the status quo indefinitely.
Can the US continue to run trillion dollar deficits every year with impunity, or will the Republic cease to be at some point because of the reckless spending?
I was discussing the situation with a friend who is a liberal. Their attitude was government should simply raise taxes to meet the debt it incurs every year, but conceded that those in government would never do such a thing because of the need for votes. People simply don't want to pay for anything but demand everything "free".
My friend then pointed out that the GOP is in control of government and should reduce spending, to which I replied they have no interest in reducing spending. No, both parties spend about the same, only, the money goes In a little different areas. No one in the GOP is going to seriously suggest reducing spending in fear of losing an election. Those in the tea party voted for Congressmen to do just that, but they folded to the spending gods. Also, no one will seriously consider raising taxes to cover the debt being incurred either.
So what is the answer? I suggested to my friend that the Article V movement was our only hope. If the states rise up and amend the Constitution to have Congress balance the budget, they will simply have to figure it out. In fact, just passing a budget would be great, let alone balancing one.
So that is the only hope of the country not going belly up fiscally, that is, if you don't believe Dick Cheney saying the deficits no longer matter and we can continue the status quo indefinitely.