"Sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners, with adverse long-run effects on U.S. output, incomes, and standards of living. Moreover, diminishing investor confidence that deficits will be brought under control would ultimately lead to sharply rising interest rates on government debt and, potentially, to broader financial turmoil. In a vicious circle, high and rising interest rates would cause debt-service payments on the federal debt to grow even faster, resulting in further increases in the debt-to-GDP ratio and making fiscal adjustment all the more difficult."
(Source)
Raising taxes on every household that makes $250,000 or more per year, then exponentially raising that tax rate for millionaires and billionaires is not going to solve our problems. The money would go to the federal government, which has already proven that they would run out of sand within five years if they were given control of the Sahara Desert. It would put a band-aid on the widest fracture of the debt dam but it ultimately serves no purpose. You can not put into words or even draw a picture of what $15, $16, or $17 trillion of debt looks like. Give Barack Obama another term and maybe you will have better luck with what $24, $25, or $26 trillion of debt looks like.
I'm not sure what the solution is but I know introducing nationalized health care at a time like this is a proverbial nail in a coffin that has already been sunk three quarters of the way (just waiting on the Supreme Court).
257.2 miles to go.
Here is what happened one year ago on Day227.
Ben Bernanke addressing Budget Committee earlier this week
(Source)
Raising taxes on every household that makes $250,000 or more per year, then exponentially raising that tax rate for millionaires and billionaires is not going to solve our problems. The money would go to the federal government, which has already proven that they would run out of sand within five years if they were given control of the Sahara Desert. It would put a band-aid on the widest fracture of the debt dam but it ultimately serves no purpose. You can not put into words or even draw a picture of what $15, $16, or $17 trillion of debt looks like. Give Barack Obama another term and maybe you will have better luck with what $24, $25, or $26 trillion of debt looks like.
I'm not sure what the solution is but I know introducing nationalized health care at a time like this is a proverbial nail in a coffin that has already been sunk three quarters of the way (just waiting on the Supreme Court).
257.2 miles to go.
Here is what happened one year ago on Day227.
