If no budget deal is struck by Jan 1, the big trillion dollar annual deficit will be sliced down to something like a 100 billion by raising taxes and cutting budgets—which is totally manageable.
If a budget deal is struck by Jan 1, the big trillion dollar annual deficit will be sliced down to something like a 100 billion by raising taxes and cutting budgets—which is totally manageable.
Either way the big US budget deficit goes way down.
Ain’t no financial apocalypse coming to the USA.
Then there’s the 50-100 trillion dollars worth of oil and gas that have suddenly and miraculously appeared on US balance sheets. There are no oil independent countries with weak currencies.
All that said, I don’t know what’s coming to other countries.
Raising taxes isn’t going to raise revenue significantly.
It will only further erode the private sector.
Lesson # 1:
* U.S. Tax revenue: $2,170,000,000,000
* Fed budget: $3,820,000,000,000
* New debt: $ 1,650,000,000,000
* National debt: $14,271,000,000,000
* Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household
budget:
* Annual family income: $21,700
* Money the family spent: $38,200
* New debt on the credit card: $16,500
* Outstanding balance on the credit card: $142,710
* Total budget cuts so far: $38.50
Ain’t no financial apocalypse coming to the USA.
Unfortunately your're very wrong about that. Not only have we abandoned our wild/independent nature for the taste of "free" corn, those who have baited us are now ready to spring the trap.
Steps can be taken at the personal, local, and state level to ease some of the pain. Those steps need to be taken now. Falling into a normalacy, this can't happen here bias will only make matters worse.