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...riiiiight. Because you, of all people, would know what dgoz has done with his life.
Ah, the mysterious bond vigilantes are showing up now.
You may run like Hayes, but you hit like $*!#
TroyTide, can you please provide a reputable source which explains why what he said here is incorrect?
Obviously people love buying our debt notes as they are purchasing 20 yr notes at less than 2% rates. It's a fiat currency with a floating exchange rate and not pegged to any asset. We own our debt issued in our own sovereign currency. And it just so happens to be the world reserve currency. Relax..the gov't debt is not our problem.
10 year t-bills, for the past year or so, have been between 1.4% and 1.8%. If we target inflation at 2%, our real interest rate is actually negative. People would be paying us to borrow their money. And how do we react to this, by cutting spending. The government definitely is not a business. What business wouldn't borrow at negative real interest rates to finance infrastructure and R&D improvements?
This post was edited by CockAtLaw 17 months ago
I understand that. But our debt to GDP ratio is one of the highest in the world and the economy can't/won't expand forever. Some things about money will hold true no matter what. You can't borrow money forever and never pay off the principal, and you certainly can't increase the principal because ultimately the interest will devour you budget. At some point you have pay back what you have borrowed. At some point the markets will realize that US debt is a sinkhole and that they will never get their money back. Fact.
Well people loved buying stocks up until the market crashed in '29, and they loved buying real estate until the day before the bubble burst in '08. So what is your point?
He not gone. He proving you guys fucking idiots.
Article 1, Section 9, Clause 7
No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.
My point is technically we don't have to do this so called "borrowing" of money, but as of now, it's cheaper to do so. What is Japan's debt:gdp ratio?
We do have to do it, we are already in the hole every year from our normal operating expenses and entitlements. Hell we have to borrow money for disaster relief now, because we have already spent our entire yearly revenue plus one third of that before we even go into the next fiscal year. We are in very bad shape.
Maybe I should be voting GOP. All the huge deficits and debt were done under Reagan and the Bush's for Christ sake!!!
Bush and Reagan did both run large deficits, but Obama has run 1 trillion plus deficits every year and added 6+ trillion to the debt so your statement is wrong.
This is so ridiculous. If that were the case why have taxes we could just borrow everything. You are just wrong.
I'm no Constitutional scholar, but the Appropriations Clause certainly doesn't mandate that Congress must pass a budget. This establishes a limiting "power of the purse." Justice Story summed it up: "[Congress] can grant or withhold supplies; it can levy or withdraw taxes; it can unnerve the power of the sword by striking down the arm that wields it."
This is a limiting check on the power of the Executive Branch to authorize spending. There is not a reputable Constitutional scholar who will argue that the Appropriations Clause mandates Congress' passage of a budget.
As for the second part, "Statement and Account," George Mason specifically proposed that it be annually, and that language was modified to "from time to time" under the recognition that a strictly annual accounting is not necessary to the function of the United States.
EDIT: I'll elaborate some more.
While this clause was used as the underlying power for the Congressional Budget and lmpoundment Control Act of 1974, it does not inherently mandate that Congress pass a budget. That act, not the Constitution, created the CBO and established the procedures by which modern budgets are passed.
This post was edited by CMXI 17 months ago
Just asking again
Common sense, not by Thomas Paine, but actual common sense.
TroyTide...I know you have mocked some of my comments and that's fine by me. I am comfortable in my skin. I talk with people that share your view all of the time and I get where you're coming from. I am going to ask you to suspend your beliefs for a moment and consider a paradigm shift. Please open your mind and hear me out. Here goes... Instead of thinking the gov't operates on tax receipts that you provide....instead think that you operate off money that the gov't creates. You do not create money, the govt does. The gov't spends money into the economy by purchasing goods and services, by employing some and paying wages, and by investing in R&D, and yes even paying for disaster relief. Then, much of that money is taxed back out of the system when business exchanges take place ie wages paid, investments earned, you know the drill. The difference between what is paid out from the gov't to what is collected in taxes is the govt's deficit. It also happens to be the net accumulated assets of the private sector. And again remember this chart: https://twitter.com/deficitowl/status/298876583819739136/photo/1 Remember debit=credits. The govt' debt is the accumulated deficits over time which is also the net private savings overtime. This is why the gov't pretty much always runs a deficit. It doesn't matter if the govt' is in a hole. What matters is if we are creating a system for people to have access to resources and live a good life. We are failing because wages are too low, people hold too much debt and now they are deleveraging and enough spending isn't taking place and people are under/unemployed. This doesn't mean that the deficits should be as large as they have been over the last few years. If we create too much money for too few goods, this is inflation. This however, is not our current problem...we have been fighting off deflation.
But we aren't doing that.
No. You are saying that the government is the creator and giver of all economic activity in the country. That all economic activity revolves around the state. How about a different look at the world for you?
The economy is driven by business and innovation, not by a bureaucratic regime. The governments role is to regulate that which should be regulated and and provide for defense etc. In which it takes taxes out of the economy to do.
The government does not drive our economy, industry does. Without the success and wealth of private business and citizens the government would have no money.
The crap you are spewing is the same crap the USSR was talking during its time. That the government is the essence of our being etc. LOL. No just no.
We aren't doing either of those either. lol. And the accumulated debt does matter. This is all just a stupid theory. If it were that easy the whole world would be doing it, which obviously it isn't.
And there's the inevitable "communism" mentioning! Over/under 5 pages 'til Hitler gets brought up?
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