Joe_blow, statements like that show you don't know the difference between micro and macro economics and don't get the first thing about the U.S. being a sovereign with a fiat monetary system much less being the reserve currency of the world. Bottom-line is that WE CAN'T GO BROKE unless we just don't have the political will to pay our obligations at least not for the forseeable future.Well technically, as long as we can print money, we won't be bankrupt. We'll just be paying back investors with a worthless dollar. We could pay off the national debt today, if we were willing to print sixteen trillion dollars. We can fund our one hundred trillion dollars in unfunded liabilites with a worthless dollar too I suppose.
We are in this mess because of the terrible economic downturn and the best way to get out of it is grow the economy which could happen better if the Republicans didn't block just about everything they thought might succeed (because Nixon Reagan, & Bush 41 did similar) for their own hoped for political advantage. If you go into austerity during recession or recovery, you throw the economy back into recession (look up aggregate spending).
Republicans were for:
- deficit spending
- national healthcare
- stimulus spending
- infrastructure spending in a recession for jobs
Before they were against it! This Republican party has abandoned all it's convictions and connection to economic reality for short term political advantage. If Obama wins there will be a civil war in the party and that and demographics will most likely destroy it as we know it. Good riddance, though I'll regret the existence of a loyal opposition (though they are not too loyal now).
It sounds like you would like a country run on libertarian principles, but name one modern industrial country, much less even any successful country by any measure run on those principles. You can't, they are all run on those socialist/democratic principles and ideas you say cause a mess. Maybe Sudan is a libertarian example...want to move there? Be like Sudan? Originally Posted by austxjr
You libs crack me up. According to you people, it's never a good time to control spending. If times are good, you people want to ramp up spending and expand the social welfare state; after all, we have no excuse, since times are good. When times are bad, you say we need to ramp up spending to stimulate the economy.