Is It Time To DEFAULT On the DEBT And Start Over?

[hadit]

It depends what you mean by "default and start over."

If the US delayed an interest payment - which is a default - stocks would fall 20% and we might have a recession. But we might not.

If the US repudiated its debt, stocks would fall 80% or more and the world would be plunged into the worst economic crisis since the Great Depression.

Those are the two extremes.

Neither are good.

We have sufficient revenue that we need not ever default, if we make some very hard decisions about spending.

we also need to make hard decisions about not giving corporate welfare and about making sure that corporations pay their taxes.

then all is beautiful

Government should not be in the business of picking winners and losers, so unless all companies get a GM style bail out, none of them should. Since the consumer actually ends up paying all a corporation's taxes, it really makes no sense to tax them at all. Like I said though, we currently have more than enough revenue to meet all our debt obligations.

 

[EdwardBaiamonte]

we also need to make hard decisions about not giving corporate welfare l

brainwashed fool has been asked 10 times for best example of corporate welfare and she cant give it but having no respect for reason is happy to remain a libcommie.

 

[EdwardBaiamonte]

Government should not be in the business of picking winners and losers, so unless all companies get a GM style bail out, none of them should..

all agree bailout of GM and Ford was a good thing

 

[EdwardBaiamonte]

Since the consumer actually ends up paying all a corporation's taxes, it really makes no sense to tax them at all..

it makes perfect sense to a liberal politician since he knows his voters will be too stupid to know they will be paying the corporate tax in the form of higher prices. Its perfect liberal voters think they are getting a free lunch but in reality the are paying for it!

 

[EdwardBaiamonte]

we currently have more than enough revenue to meet all our debt obligations.

except liberal politicians have an always growing debt to their ever growing army of welfare entitlement recipients!!