I doubt most people even make the connection between the borrowed money from China and the subsidization of lower taxes and cheap credit as a result. (notice the thumbs down, as if doing that makes this fact any less true—duh!)
Most people think they are living well because they deserved it but in fact all they’ve been doing is living on America’s credit card (cheap credit with Chinese dollars) —and the government is not paying this VISA bill for us, I can assure you.
Even Greenspan, when asked about this huge debt and what would happen if our debtors called in it, said in so many words “well the global economy would collapse, so they can’t ask for the money back”.
In other words, the “solution”, according to Greenspan, is to never pay it back.
Will the jaws of future historians hit the floor when they read that in 50 years?
I think so.
The recession still hasnt occurred, it takes 6 months for it to actually happen.
Seriously does bashing Bush, do any good, maybe do research on the next person you are voting for, so when you dont vote or vote for the wrong person, you dont blame everyone else.
Chi, are you aware that after the Bush tax cuts we have had record amounts of federal tax income? The Bush tax cuts led to substantially higher amounts of money for congress to spend.
The reason we have a deficit is not the tax cuts, but because we have substantially increased our spending during the same time period.
Cutting farm subsidies alone would nearly put us back in the black ink.
We are in a slowdown – not a recession yet.
But your points are valid. Unfortunately right wing rhetoric usually means more than fact in the perception of the economy. There are some people out there that actually believe the tax cuts invigorated growth and a few who actually state as a fact (despite evidence to the contrary) that they increased revenues.
You’re doing it again Chi! What do you have against honesty and reality?
Revenue is UP due to tax cuts, just not high enough to fund a war and rebuild the military (post Clinton) at the same time.
Recession is not eminent, let alone upon us. Besides, recession is a normal part of the economic cycle. We might just need a small one right now.
October 7th, 2009 at 9:23 am
I doubt most people even make the connection between the borrowed money from China and the subsidization of lower taxes and cheap credit as a result. (notice the thumbs down, as if doing that makes this fact any less true—duh!)
Most people think they are living well because they deserved it but in fact all they’ve been doing is living on America’s credit card (cheap credit with Chinese dollars) —and the government is not paying this VISA bill for us, I can assure you.
Even Greenspan, when asked about this huge debt and what would happen if our debtors called in it, said in so many words “well the global economy would collapse, so they can’t ask for the money back”.
In other words, the “solution”, according to Greenspan, is to never pay it back.
Will the jaws of future historians hit the floor when they read that in 50 years?
I think so.
October 7th, 2009 at 9:23 am
The recession still hasnt occurred, it takes 6 months for it to actually happen.
Seriously does bashing Bush, do any good, maybe do research on the next person you are voting for, so when you dont vote or vote for the wrong person, you dont blame everyone else.
October 7th, 2009 at 9:23 am
technically not a recession for several months yet, but spending is a problem.
October 7th, 2009 at 9:23 am
no one knows what recession you are talking about
October 7th, 2009 at 9:23 am
ask uncle George the cavalier financier and owner of all you indentured servants
October 7th, 2009 at 9:23 am
Chi, are you aware that after the Bush tax cuts we have had record amounts of federal tax income? The Bush tax cuts led to substantially higher amounts of money for congress to spend.
The reason we have a deficit is not the tax cuts, but because we have substantially increased our spending during the same time period.
Cutting farm subsidies alone would nearly put us back in the black ink.
October 7th, 2009 at 9:23 am
We are in a slowdown – not a recession yet.
But your points are valid. Unfortunately right wing rhetoric usually means more than fact in the perception of the economy. There are some people out there that actually believe the tax cuts invigorated growth and a few who actually state as a fact (despite evidence to the contrary) that they increased revenues.
October 7th, 2009 at 9:23 am
You’re doing it again Chi! What do you have against honesty and reality?
Revenue is UP due to tax cuts, just not high enough to fund a war and rebuild the military (post Clinton) at the same time.
Recession is not eminent, let alone upon us. Besides, recession is a normal part of the economic cycle. We might just need a small one right now.