Wednesday, August 11, 2010
We're Bankrupt
Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills. That's not from some wacky blogger, either. Click the link and read the whole thing. It's quite accessible and wasn't written for financial geeks. The related video is worth watching, too.
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4 comments:
We were at the Capitol yesterday.
Saw 10 minutes of debate for spending more money on an emergency basis. The chamber was empty save for the people talking and aides. The Democrats plea was "We have to spend more, it's George Bush's fault!" (that's almost verbatim. The Republican's retort was "there is NO MONEY".
KT,
I read the article and was troubled by the call for a doubling of income taxes. Such a move will not generate the revenue that he might think. There seems to be a natural upper limit of about 20% of GDP that is the revenue to be generated from income taxes. So without massive spending cuts we cannot meet the debt reduction needed, but the author doesn't ever discuss this fact.
B-Daddy, I wasn't endorsing the fellow's solutions, I was just noting that there is a growing chorus of serious people who can see the freight train coming right at us.
Mostly, I took a similar tour of the Congress about two decades ago. The debate then was almost identical.
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