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Obama looks nuts to me. He stands up there and talks about all these billions of dollars he's got to give to this and more billions of dollars to give to that.
Where exactly does he believe all this money is?
He believes a president can simply push a button and create a trillion dollars today, another trillion tomorrow?
All he's doing is throwing huge debt at the current debt. Obama has absolutely no clue how he's going to pay back all the trillions he has in mind to spend.
The average person who hasn't got themselves very deeply in debt realizes that when you're in debt, the only thing to do is quit spending or get another income.
Yes but once you get in debt you still need a roof over your head and health care etc in order to survive to another day. Thus we as a nation need to secure our today so we can get healthy and begin to do things the right way. But first comes securing our today.
Yes but once you get in debt you still need a roof over your head and health care etc in order to survive to another day. Thus we as a nation need to secure our today so we can get healthy and begin to do things the right way. But first comes securing our today.
But the trillions don't exist.
When I get too far in debt, the first thing I do is stop spending. And consider getting more income, the last thing I want to do is get further into debt.
Look at countries like Italy and Argentina when they made their currency worthless.
When I get too far in debt, the first thing I do is stop spending. And consider getting more income, the last thing I want to do is get further into debt.
Look at countries like Italy and Argentina when they made their currency worthless.
That is a recognized long term concern and the spigot will need to be turned off eventually. However understand the causes of inflation are of two basic types:
Cost/Push
Demand/Pull
Neither are of in any evidence today and the threat today is not inflation but deflation. The problem is not enough dollars chasing goods and services not to much. Cost of material are not pushing prices up nor is demand pulling them up.
I believe we are at the point Argentina was in 1976. We are adding debt to debt. No one believes it can be repaid, no one has even a plan on how Obama's new debt will be repaid. Our international debts will have to be forgiven, we cannot pay that ever widening trade gap.
I believe we are at the point Argentina was in 1976. We are adding debt to debt. No one believes it can be repaid, no one has even a plan on how Obama's new debt will be repaid. Our international debts will have to be forgiven, we cannot pay that ever widening trade gap.
It was a lot more complex and involved in the early stages a refusal to borrow money. But you can read that for yourself as can lurkers. Remember a major contributor to the Argentinian economic crisis was their stupid invasion of the Falkland Islands. Don't forget to factor that in your analogy. Falklands/Iraq hmmmmmmmmmmm? http://en.wikipedia.org/wiki/Economy_of_Argentina
Debt and depression
The combination of depressed real wages and financial chaos amounted to a "perfect storm" to the Argentine economy, made all the more difficult to bear by the dictatorship's tragic 1982 invasion of the Falkland Islands.[17] GDP shrank by 12% in 1981-82, the sharpest decline since 1930.[
There are a number of similarities, just be careful to not be selective.
I know one thing. You don't borrow money to pay for things you don't absolutely have to have. And two, you don't borrow money that will bankrupt you. Yes, I know more than Obama does.
The honest truth is, we need to pay our debt. Republicans urge tax cuts which won't reduce our debt. Democrats urge spending which won't reduce our debt. We are now doing both. It is sort of insane, but I am hoping it will work.
Since Reagan said that deficits don't matter, the Republicans have cut taxes and allowed the deficit to grow.
When the Democrats are in control, the fear of the Republicans is that taxes will be raised for spending.
To really take care of things after this package, hopefully, stimulates the economy, we are going to have to raise taxes so that we can take care of some of the deficits. We are going to have to reduce spending to a minimum while raising taxes. None of that will ever happen because of the philosophy and pressure from both parties. So, we will declare bankruptcy and become China.
I hope and pray that enough thought has been given to the majority of the stimulus plan that it will work in at least creating jobs and infrastructure. We need all of that. Then I hope we use some fiscal responsibility to begin to secure our future by paying our debt.
Yes but once you get in debt you still need a roof over your head and health care etc in order to survive to another day. Thus we as a nation need to secure our today so we can get healthy and begin to do things the right way. But first comes securing our today.
How selfish we have become! No thought for tomorrow! Sacrafice our kids, ect. What is the Right Way, anymore? There has got to be a better way, than the path we are blindly choosing to follow.
How selfish we have become! No thought for tomorrow! Sacrafice our kids, ect. What is the Right Way, anymore? There has got to be a better way, than the path we are blindly choosing to follow.
Yes, that's the only thing more massive debt will do. Soon we will reach the point that we can't pay even the interest on our debt and at some point the breaking point is reached, as a nation we will quickly collapse into bankruptcy.
At this point I don't even think we'll leave the future generations debt. We're already talking about the third trillion dollars of new Obama debt and Obama has only been in office a month.
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But, what about tomorrow?
