Annual interest on our debt will pass $ 1 trillion this year.

[BluesLegend]

Annual interest on our debt will pass $ 1 trillion this year.​

Get ready, these spend-o-holic morons in Washington will soon tell us we must raise taxes to feed their goddamn spending addiction.

 

[kyzr]

Get ready, these spend-o-holic morons in Washington will soon tell us we must raise taxes to feed their goddamn spending addiction.

I'm sure that there are cuts that can be made.
However, McCarthy knows that 89% of the Budget is "Mandatory Spending"
We need to "fix" SS & Medicare as well as cover a $2T Budget Deficit.
I'm okay raising taxes as long as there is a 1% per year cut to all spending for 10-years.

 

[P F Tinmore]

The constitution gives congress the authority to create our own money. This is at no cost. There is no money to pay back and no interest to pay.

So then, why do we borrow money to be repaid with interest?

 

[kyzr]

The constitution gives congress the authority to create our own money. This is at no cost. There is no money to pay back and no interest to pay.
So then, why do we borrow money to be repaid with interest?

In a word "hyperinflation"

Hyperinflation in the Weimar Republic - Wikipedia

en.wikipedia.org

 

[P F Tinmore]

In a word "hyperinflation"

Hyperinflation in the Weimar Republic - Wikipedia

en.wikipedia.org

What makes you say that?

 

[kyzr]

What makes you say that?

Economics.

 

[P F Tinmore]

Economics.

I used to tutor economics in college and I don't get your point.

 

[kyzr]

I used to tutor economics in college and I don't get your point.

My point is that printing too much money always leads to hyperinflation.
Unless you're a fan of economists like...

Home - Stephanie Kelton

Preorder Your Copy Today:

stephaniekelton.com

 

[P F Tinmore]

My point is that printing too much money always leads to hyperinflation.
Unless you're a fan of economists like...

Home - Stephanie Kelton

Preorder Your Copy Today:

stephaniekelton.com

Ahh, inflation. Inflation is too much money chasing too few goods. Inflation does not care whether the money is borrowed or printed. Too much money dumped into the economy creates inflation.

 

[justoffal]

The constitution gives congress the authority to create our own money. This is at no cost. There is no money to pay back and no interest to pay.

So then, why do we borrow money to be repaid with interest?

Bad idea.... Sometimes needed but never good

 

[Staidhup]

If people cared the Solution would have been adopted decades ago. Ironically the only solution adopted by a certain political group in Congress was to increase taxes yet they are the very individuals that support the earned income threshold on Soc Sec taxation with loopholes adopted that narrow the definition of earned income.

 

[BluesLegend]

I'm sure that there are cuts that can be made.
However, McCarthy knows that 89% of the Budget is "Mandatory Spending"
We need to "fix" SS & Medicare as well as cover a $2T Budget Deficit.
I'm okay raising taxes as long as there is a 1% per year cut to all spending for 10-years.

10 years of spending cuts, never going to happen. Hell Washington screamed bloody murder when they barely cut the planned increase in spending.

 

[kyzr]

10 years of spending cuts, never going to happen. Hell Washington screamed bloody murder when they barely cut the planned increase in spending.

1. You and I know that there is way more than 10% of waste and duplication in the Federal government.
2. If they want some cover then hire another Grace Commission to point out where savings could be made.
3. I know that I'd cut the FBI, NIH, ATF, the Dept of Education, all foreign aid, Medicaid, Welfare, etc.