Oddball
Unobtanium Member
Given all of the recent hype about the GDP, and the fact that we're seeing Democrats and Republicans literally arguing over who will get credit for all of the new debt, I figured a good dose of reality might serve helpful to the casual reader who may wish to better understand what's actually going on. Particularly since nobody ever asks where so much of the money comes from in the first place.
According to the Congressional Budget Office’s (CBO) latest “Update on the Budget Outlook,” this year’s $3.3 trillion federal deficit is not just three times larger than last year: it is the largest federal deficit in history. The CBO update also predicts that the federal debt will equal 104 percent of the gross domestic product (GDP) next year and will reach 108 percent of GDP by 2030.
The CBO update also shows that the Social Security, Medicare, and highway trust funds will all be bankrupt by 2031. This will put pressure on Congress to bail out the trust funds thus further increasing the debt.
Anyway. Off we go....
''Politicians want the Fed to counterfeit more money. The Fed wants politicians to spend the counterfeit money even faster. All are trying to "stimulate" a broken economy that rests on a foundation of sand: central economic planning. Human civilization, society, and the economy cannot be controlled by Fed price-fixers, counterfeiters and bureaucrats. Freedom and sound money are the only things that can fix what they have broken.''
Raise the minimum wage to raise more federal income tax revenue!
Raising the minimum wage would reduce federal revenue.
You may just as well be trying to persuade a lump of dirt.