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the is no better way to devalue one's worth than debt, be it on an individual, or national level.....
aptly put Editec
i just have a problem with people who's focus are Americans that have had nothing to do with our national debt levels, while ignoring the detals and machinations the perps that do....
aptly put Editec
i just have a problem with people who's focus are Americans that have had nothing to do with our national debt levels, while ignoring the detals and machinations the perps that do....
the is no better way to devalue one's worth than debt, be it on an individual, or national level.....
It depends on for what purpose the debt is being assumed.
Essantially debt can be assumed for three general purposes
1. To make a wise investment that will pay off in the future
2. To preserve real assets from harm
3. To spend foolishly on things that have no postive long term effect.
It appears to me that we are considering raising our debt ceiling to insure that our economic house doesn't completely burn down when the US starts reneging on its current obligations.
Of course we ALSO know that much of the reason for us having to raise the debt ceiling is because we are spending money foolishly, too.
We all understand that the government has been (and plans to continue, too) spending more than it takes in.
I think we all also understand that ultimately that is not sustainable economic policy.
I think we also understand that there are two methods to change that vicious dynamic: we can either find economies to cut back on foolish spending, and/or we can raise taxes.
Neither policy is politically palatable.
But I think we all see where this is going to go.
The first DEBT holders we are going to screw are those who have been PRE-paying for their Social Security policies (US workers).
We WILL do THAT by cutting back on the benefits that those workers came to expect when they PREPAID for that insurance policy.
To some extent we have already been doing that by lieing about the real inflation that Americans have been experiencing.
In effect by lying about the real inflation, we have been cheating on the COLA raises that social security benficiaries should have recieved.