It's not the government's debt, stupid, it's your own

Discussion in 'Economy' started by Wonky Pundit, Jun 29, 2011.

  1. Wonky Pundit
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    Wonky Pundit USMB's Silent Snowden

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    [Note for the dense: The title references Jim Carville's campaign advice to Clinton: "It's the economy, stupid." Don't take it personally.]

    Below is a chart that lists government and private debt from 1870 to the present. (Private debt, of course, includes both businesses and consumers.)

    [​IMG]

    The most immediate consequence of such a huge private debt load is this:

    Source
     
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  2. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I think most people instinctively know this and are paying down debt when possible. Which is one reason why a tax cut or stimulus plan to give more money to the lower income folks is not likely to be as effective as it might be under different circumstances. Maybe if we started another world war with the huge spending that it entails might do the trick, but we're talking several trillion dollars and the associated increase in debt. It worked in 1941, not sure it would now.
     
  3. Warrior102
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    Warrior102 Gold Member

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    What the hell business is it of the government to measure how much "private citizens" are in debt? They should look out for their own trillion dollar nightmare.

    Of course, it's all former president, retired for two/half years now George Bush's fault.

    You're an idiot.
     
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  4. Wonky Pundit
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    Wonky Pundit USMB's Silent Snowden

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    Why would it have to be a war? Revamping and adding to the infrastructure could get into the trillions, depending on what you want to do.
     
  5. KissMy
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    KissMy Free Breast Exam

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    I HAVE NO DEBT!!!

    You leveraged indebted assholes need to let your stuff go back to your creditors so prices will drop & I can buy up some good stuff. Quit having the Fed print up money to pay for your stupidity.
     
  6. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    You ain't going to get several trillion dollars of more spending without a world war. IOW, it ain't happening.

    Question: would you spend 4 or 5 trillion dollars in infrastructure spending, knowing these are temporary and probably will be politicized and therefore a lot of it wasted.
     
  7. B. Kidd
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    B. Kidd Gold Member

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    I owe allegiance to no crown.......especially one that has racked up $14 + trillion in debt with NO WAY OUT!
     
  8. Wonky Pundit
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    Wonky Pundit USMB's Silent Snowden

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    But you're still stuck with the taxes (unless you can find someone else on the planet to take you in).
     
  9. B. Kidd
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    B. Kidd Gold Member

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    Yeah, I know.....I just reinstated my own citizenship. Didn't want to really join Douger in some shithole 'south of da' border' anyways. :cool:
     
  10. KissMy
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    Cut every government employees pay & benefits by at least 35%, then a bunch of other worthless government programs before you start printing money & asking for more taxes. There will be 100 people standing in line to replace those worthless government employees who want to quit after their pay & benefits are cut.

    [​IMG]

    I don't mind paying for food for the poor but allowing people to collect unemployment forever, openended medicaid & all the other garbage crosses the line. There has to be limits so people will want to work & save.
     
    Last edited: Jun 29, 2011

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