Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

7 Reasons Americans Are So Complacent About Our Country's Impending Bankruptcy
Townhall.com ^ | June 26, 2012 | John Hawkins

Posted on 06/26/2012 3:56:44 AM PDT by Kaslin

America is on track to go bankrupt. Just like Greece. The signs are all around us. We've lost our AAA credit rating. Trillion dollar deficits are the new normal. The Fed is buying 61% of our own debt. Barack Obama's 10 year budget will leave Americans with “more debt than has been accumulated by all previous Presidents in American history combined.” Nobody on the Left or Right seems to believe we'll ever pay off all of the money we owe. Life as we know it is very close to ending and yet Americans seem to be infected with a tragic stoicism. Like turkeys being led to the slaughter, most Americans seem content to put their necks down on the butcher's block and wait for the ax to fall. There are reasons for this puzzling inactivity in the face of an avertable catastrophe.

1) They're being misled by people with bad motives: What do you think would happen to Paul Krugman if he were to tell everyone that he is still a liberal, but the Tea Party and Paul Ryan are right about the deficit and Barack Obama and the Democratic Party are wrong? His column at the New York Times would be gone within six months. Do you think Nancy Pelosi and Harry Reid would continue leading their caucuses after 2012 if they insist on serious deficit reduction? Not a chance. What about a Democrat running in a liberal district who talks like Jim DeMint on deficits in a primary up against another Democrat who wants more spending? Who do you think would win? The big spender, right? Unfortunately, there are a lot of people in this country whose personal welfare depends on encouraging as much government spending as possible and even if the country goes bust in the process, they're hoping to have enough money in the bank to be able to move somewhere else by then anyway.

2) They think it's far off in the future: Most people think bankruptcy is a problem we'll be leaving to our kids after most of the people reading this column are dead and gone. That's not so at all. If you were a betting man, 5-15 years would be the likely timeframe on a default with it practically guaranteed to happen within 25 years without major changes -- although that may be far too optimistic. America is already stretched to the breaking point and who knows what sort of unexpected event could push us over the edge in the next few years? Maybe the crack-up of the EU, a European bank collapse, an organized effort to keep other nations from buying our debt, another, even more devastating 9/11 style attack, a dramatic surge in oil prices caused by an Israeli/Iranian war, etc., etc. Just as the mortgage crisis caught us flat footed and caused much more damage than we expected, a new crisis that occurs while America's economy is still puttering along as it has been during the Obama years could lead to a much deeper economic spiral than we anticipate.

3) Crisis fatigue is rampant: This is the most important election ever! Tune in at 6:00 P.M. to find out which ordinary product you use will kill you! George Bush is Hitler! Republicans want you to die! Racism today is as bad as the sixties! If you oppose gay marriage, you want to drag homosexuals to death behind your truck! If you disagree with Obama, you're a racist! Your freedom is at stake! Global warming is going to kill us all! Modern Americans are deluged with phony crises and ginned-up outrages all day long. That's why it's not a surprise when a real crisis as serious as anything we've ever faced in our nation's history comes along, many people have trouble distinguishing it from the fake dangers they hear about on a daily basis.

4) It's too confusing to comprehend: Most Americans don't even remotely understand the scope of the problem. They think we can raise taxes on the rich, cut a few bucks off foreign aid, and everything will take care of itself. When you start talking about unfunded liabilities, GDP, and trillions in debt to people who don't know much about economics and don't follow politics very closely -- which probably describes more than half of the American electorate -- you might as well be explaining the ins-and-outs of heart surgery. In other words, they may get it in the most general sense, but they don't really understand it, and they probably aren't going to opt for it unless they become convinced they're going to die otherwise.

5) It's painful to stop and easy to continue: It doesn't matter how reasonable the spending reductions you're suggesting are, if you want to cut ANYTHING in D.C., it will set off squawks of protest from the vultures who are having meat snatched out of their greedy mouths. However, if you really want to make people angry, start hacking money out of the three biggest expenditures in the budget: defense spending, Social Security, and Medicare/Medicaid/CHIP. We MIGHT be able to get by without cutting defense significantly since it's a relatively stable expenditure, but unless significant changes are made to both Social Security and Medicare/Medicaid/CHIP, both of which are rapidly increasing in cost, this country is going bankrupt. That's reality. Of course, it's also reality that making changes to both of those programs is unpopular, easy to demagogue, and scares most politicians more than a special prosecutor talking to their favorite hooker.

6) We still seem to be a rich country: America is a like a guy who lives in a five million dollar mansion with a dozen servants, drives a Ferrari, and hands out hundred dollar tips to waitresses and bellhops. The only problem is the mansion and the Ferrari aren't paid for, he's borrowing the money for the servants and the tips, and he has no hope of ever paying off the debt he's accruing while he lives a lifestyle he can't afford. Superficially, he looks to be very rich, but when the bill comes due, life is going to change for him in a hurry.

America is that guy and the bill is going to come due.

7) They don't see how it will affect them: Most Americans don't have the slightest clue how a default would change their lives for the worse. They don't understand that it would lead to another Depression, their life savings could become worthless almost overnight, their taxes would skyrocket, their standard of living would drastically decrease, Medicare and Social Security checks could stop, and we could have widespread disorder. In Greece, some government workers haven't been paid in months, government road projects are being abandoned, healthy businesses can't get credit, and medicine is in short supply. Unless something changes, Americans won't have to imagine what that will be like because we'll be living it soon enough.


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS: americans; bankruptcy; creditrating; debt; deficit
Navigation: use the links below to view more comments.
first previous 1-5051-100101-147 last
To: RipSawyer
How have the clowns in the federal government managed to kick the can this far down the road without total collapse?

I have pondered this question since the late '70's. My theory is the following:

computers,

In past history, governments always, eventually... hit SOME kind of hard limit that forced reality back into the system. You could only mint so many coins, print so many bills, etc....

With the advent of computers, world leaders now have the ability to create virtually infinite supplies of money.. thus, creating the illusion that "all is well".

Reality still settles in on SOME countries... those that lack the ability to compute their own money... places like, Argentina, Iceland, Greece, etc.... But, not us... not yet.

I'm still not sure: Can the game go on forever?

I think, "No".

Our ability to inflate faster than ever simply has meant that our balloon has filled up BIGGER than anytime in the past. But, eventually... this too shall pop.

The bubble has moved through various parts of the world's financial system. Now, it has landed on sovereign balance sheets... That's the last stop.

Ths only thing missing now is, the initiator.

101 posted on 06/26/2012 7:43:12 AM PDT by SomeCallMeTim ( The best minds are not in government. If any were, business would hire them)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Kaslin; everyone
Kaslin, you do indeed soar with Eagles. All (imho) are Eagles. What would an Eagle do? What will America and her people do? Should Americans give up? My answer is no. May the solutions, if solutions are brought forth, be solutions for the ages, for our children, and our grandchildren. Are Americans ... Americans? May God will it to be so. Signing off. May all of you Eagles have the will to save the flopping fish known as America. Even if we are fed to the other Eagles this time will never be forgotten by He Who ordained this test. Our test is from God. Will God allow us and will our leadership allow us (average Americans) to have a say, without we must take up our arms again? Here comes the future everyone. Good Luck!
102 posted on 06/26/2012 7:45:52 AM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
[ Post Reply | Private Reply | To 94 | View Replies]

To: Kaslin

THANKS! This one of the best articles I have read in a very long time.. This guy REALLY NAILS it.


103 posted on 06/26/2012 7:45:52 AM PDT by SomeCallMeTim ( The best minds are not in government. If any were, business would hire them)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vanders9
Have you considered that maintaining a military presence all over the world might be a significant reason why you are going broke?

Military spending is the origin of a country's future wealth. The military is the first user of new technologies, mainly because they are the only customer willing to pay the initial price. The U.S. Military today is funding the development of robots and all kinds of "cutting edge" technologies. Later these robots will be put to civilian uses. Their work output is the only thing that could possibly pay the bill for today's welfare spending. If we gut the historical driver of technology to keep bloated welfare spending afloat then we're really in trouble.

104 posted on 06/26/2012 7:57:42 AM PDT by Reeses
[ Post Reply | Private Reply | To 42 | View Replies]

To: St_Thomas_Aquinas
STA, I think you are wrong.

Most of the people over 65 have their medical bills paid for by the State. Take that away, and all heck will break loose.

We don't have the money to pay for it. Either on the family scale or the State scale, we don't have the money.

I will take my parents in, and my mother in law. That is my duty, and I will sacrafice to do it. But take a good, hard, look around and ask how many can or will do that? There are a good many nearing that 65 mark who are taking care of their parents, and their kids.

And the charities are a in a bad spot. Since the State has taken over the role, most charities function as an arm of the State. Look at the religious adoption agencies (those that remain), or what has happened to the religious medical institutions. They are more and more secular, to the point they have to act like a state agency not a religious institution.

It will be much worse than in the 30’s.

105 posted on 06/26/2012 7:58:54 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 30 | View Replies]

To: mdmathis6

Well, the military is for fighting and its obviously better to fight on someone elses territory than your own, but I take the point. From an economic pov it would be better to abandon a lot of US bases overseas. Saving 300 billion is certainly well worth doing, but bear in mind its chickenfeed compared to the US debt mountain.


106 posted on 06/26/2012 8:01:34 AM PDT by Vanders9
[ Post Reply | Private Reply | To 77 | View Replies]

To: Claud
We can not be a world Empire, without being an Empire.

We station troops all over the world, at enormous cost, without any economic benefit to us. If we want to play the Empire game, we need to play it to the hilt.

Otherwise retreat to the continental borders and let the world police itself. We can't afford to keep this game up.

And the military pension system needs to be overhauled. We can't afford to have three armies, with only one fighting. That is why we are using mercs now.

107 posted on 06/26/2012 8:10:13 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 34 | View Replies]

To: Average Al
They think it's far off in the future: Most people think bankruptcy is a problem we'll be leaving to our kids after most of the people reading this column are dead and gone.

The ONLY people who will miss the economic disaster are those in nursing homes - in their late 90's - and the lucky ones who die early... The rest of us will be here for the meltdown.

108 posted on 06/26/2012 8:11:27 AM PDT by GOPJ (The 'doting court eunuchs' of the MSM fail to notice...)
[ Post Reply | Private Reply | To 2 | View Replies]

To: redgolum

——But take a good, hard, look around and ask how many can or will do that?-——

There won’t be any non-violent alternatives.(I can foresee violence in the cities, if the collapse is rapid.)

I think we’ll be better off than in the ‘30s, simply because medicine has improved so much since then. Heroic, life-extending measures will most likely be unaffordable, but they didn’t exist at all during the depression.

Overall, I see a return of the family clan, largely for the good of society.


109 posted on 06/26/2012 8:31:46 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
[ Post Reply | Private Reply | To 105 | View Replies]

To: St_Thomas_Aquinas
Friend, the family no longer exists like it did like then. For one thing, in the 30’s most had family somewhere on a farm. Now? Few do.

As for medical, who will pay for it? Do you know how much the charge is for a baby? A check up? Anything? If we had to pay out of pocket, there would be little to no health care.

110 posted on 06/26/2012 8:47:28 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 109 | View Replies]

To: Vanders9
It’s easy to blame Pelosi and Reed and Krugman because they are very guilty. The Republicans haven’t done much better true, but because of reason 5) in the original article, not reason 1). There’s a world of difference between not doing something because its to your personal advantage and to hell with everyone else, and on the other hand not doing something because its not possible politically to do.

You're talking about the same thing using different words. It's "not possible politically to do," because it's to the personal advantage of some Republicans to do nothing. As a result, many Republicans talk tough when they lack the power to do something meaningful, but when they have the numbers, they do nothing because that's what's in their best interest.

Here's a good example: Right after the RATs and a few RINOs passed Obamacare, the Republicans in Congress from the top down promised to repeal Obamacare as soon as we take back Congress, take back the White House, blah, blah, blah. But now that we are on the verge of doing just that, the Republican leadership has turned wishy-washy on the issue and had even started a whisper campaign to preserve some parts of Obamacafre in the event the SCOTUS does what the Republicans will never actually do, and effectively strike Obamacare from the books. In other words, Republicans talk tough, but when the vote is on the line, way too many of them refuse to to what is right for America at the risk of their policital careers.

Immigration is another example. So is tax reform. Same with entitlement reform.

111 posted on 06/26/2012 8:54:26 AM PDT by Labyrinthos
[ Post Reply | Private Reply | To 47 | View Replies]

To: MulberryDraw

>>”The Fed is buying 61% of our own debt.”

That’s one reason why I’m stocking up on toilet paper. Get it while it’s still affordable. (I’m only half joking).<<

It’s even worse than it looks because the debt the Fed is concentrating on purchasing is composed primarily of the longer maturities. Thus, while the U.S. Treasury is able to brag that they are extending the maturity of the debt (to a whopping 6+ years in average—but still lower than it was several years ago), the Fed has more than offset that strategy by purchasing most of the longer maturities that the Treasury has issued during Obama’s presidency.

Since the Fed is part of the government, this means that the maturity of the government debt held by the public has decreased significantly, not increased. Furthermore, if interest rates really jump, on the order of Spain or, heaven forbid, Greece, the Fed will find its holdings massively underwater, on the order of hundreds of billions of dollars underwater, not millions...billions. Meanwhile, the publicly-held debt will need to be rapidly rolled over at significantly higher interest rates, blowing a massive hole in any of the current budget predictions.

That said, the eventual outcome might not be a massive inflation (though that would be my best guess); it could be a serious depression instead, accompanied by deflation. Essentially, the current Fed chairman has no clue about how to extract himself from the mess he’s created, but that extraction isn’t likely to be pretty. A soft landing is the least likely outcome.


112 posted on 06/26/2012 9:01:19 AM PDT by Norseman (Defund the Left-Completely!)
[ Post Reply | Private Reply | To 39 | View Replies]

To: redgolum

——As for medical, who will pay for it?——

We will, as we do now. It will be fee-for-service, as it used to be, rather than third-party payment, as it is now. Prices would drop significantly.

But extraordinary care will probably be unaffordable, in most cases. I don’t see any better path.


113 posted on 06/26/2012 9:05:20 AM PDT by St_Thomas_Aquinas (Viva Christo Rey!)
[ Post Reply | Private Reply | To 110 | View Replies]

To: redgolum

If few have money to pay for healthcare, doctors will___

Charge remaining customers 5 time normal rates?
Pout and stop practicing?
Adapt and take food, guns, ammo in trade for health care?

I’d hate to be a lawyer seeking health care in a post SHTF scenario.


114 posted on 06/26/2012 9:14:30 AM PDT by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
[ Post Reply | Private Reply | To 110 | View Replies]

To: no-to-illegals

I read the whole thing. (:

I share many of your emotions.


115 posted on 06/26/2012 9:15:57 AM PDT by .30Carbine (God bless you with the spirit of wisdom and understanding)
[ Post Reply | Private Reply | To 94 | View Replies]

To: St_Thomas_Aquinas
Overall, I see a return of the family clan, largely for the good of society.

That is exactly what I see happening as well. Mankind and the family structure will be reorganized back to the living the way that they lived for most of mankind's history, before everyone fell for this stupid Great Fiction that we can all live at everyone else's expense.

116 posted on 06/26/2012 10:41:36 AM PDT by jpl (The government spent another half a million bucks in the time it just took you to read this tagline.)
[ Post Reply | Private Reply | To 109 | View Replies]

To: listenhillary; St_Thomas_Aquinas

Who will make the supplies? There are fixed costs than can only be lowered so much.

A doc may take chickens to set a bone, but Merck won’t to sell you the drug you need to keep alive.

The doctor in my home town growing up would treat you no matter if you could pay or not. But he didn’t control the drug supply.


117 posted on 06/26/2012 11:17:30 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
[ Post Reply | Private Reply | To 114 | View Replies]

To: DuncanWaring; RoadGumby; redgolum

Of course the military is a legitimate expense and function of the Fed Gov.

I am not lumping it in with entitlements at all. I understand it is categorically different. But it is one of the biggest single line items on our budget, and the cost needs to be contained.


118 posted on 06/26/2012 12:08:11 PM PDT by Claud
[ Post Reply | Private Reply | To 49 | View Replies]

To: central_va

Absolutely I am in favor of tariffs.


119 posted on 06/26/2012 12:11:31 PM PDT by Claud
[ Post Reply | Private Reply | To 36 | View Replies]

To: redgolum

Exactly right....well said.


120 posted on 06/26/2012 12:34:07 PM PDT by Claud
[ Post Reply | Private Reply | To 107 | View Replies]

To: Impy; Kaslin; stephenjohnbanker; sickoflibs; GOPsterinMA; justiceseeker93; GeronL; SunkenCiv

” 7) They don’t see how it will affect them

This. It’s always this. “

They will understand well enough when we have a provable 20-25% unemployment.


121 posted on 06/26/2012 12:52:59 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: sickoflibs; Impy; Kaslin; stephenjohnbanker; GOPsterinMA; justiceseeker93; GeronL; SunkenCiv

” We create our own currency so the term bankruptcy is not appropriate either. The USA will never declare bankruptcy. No one knows exactly when these deficits will directly hurt us because the world deflation is keeping us from seeing seriously obvious inflation. “

I do my own shopping, and I can tell you over the last 3 years, groceries I buy regularly have gone up 20% to 60%.


122 posted on 06/26/2012 12:57:58 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
[ Post Reply | Private Reply | To 57 | View Replies]

To: RipSawyer
How have the clowns in the federal government managed to kick the can this far down the road without total collapse?

You watched Bill Clinton do it for eight long years -- that's all he did. All he ever did was midnight basketball and welfare reform, the latter only because Congress crammed it down his throat, so he stepped up and took credit.

Of course, Obama undid it his first day in office -- "Gittin' the FO'KES some HE'P!!!" And keeping them on the 'Rat Plantation.

123 posted on 06/26/2012 1:06:36 PM PDT by lentulusgracchus
[ Post Reply | Private Reply | To 3 | View Replies]

To: PieterCasparzen
Smart money ruling a downtrodden people is not as good as smart money ruling a wealthy people. The smart money makes more money.

You don't get it.

These people already have all the money they'll ever need, and more. It isn't about money.

It's the treading other people down, abusing people and taking things away from them, that is so sexy.

Don't believe me? Check out Genghis Khan's answer to the question, "What is best in life?" (Hint: he was quoted in Conan the Barbarian.)

124 posted on 06/26/2012 1:19:21 PM PDT by lentulusgracchus
[ Post Reply | Private Reply | To 96 | View Replies]

To: sergeantdave

I will advance my idea again of how the USA can fix the staggering debt problem:

DECLARE NATIONAL CHAPTER 11 BANKRUPTCY AND APPOINT AN ALL-POWERFUL JUDGE TO DISCHARGE IT!

1. Pass a law (simple majority in Congress) to declare national bankruptcy.

2. The Bankruptcy Judge and his Trustees make all the decisions and kill all the sacred cows. Small Biz Administration, farm price supports, County Agents, Dept. of Education, National Public Radio, National Endowment for the Arts, unneeded military bases, numerous commissions, subsidies, grants, etc. would come under the knife or be eliminated. A million leftist GS14s would have to go flip burgers for a living using their liberal arts degrees.

3. Cut entitlements. Advance the age for collecting Social Security and Medicare. Re-examine every person on SSI Disability and make them prove they are disabled. Make it a priority to send sick illegal aliens back to their country of origin for medical care (off Medicaid). Cut Congressional pensions to ZERO since they got us into this mess. Cut Presidential pensions to zero. Cut civil service pensions to what the lowest GS4 gets.

4. Eliminate contracts. No government unions will be recognized.

5. Lay off 80-90% of all federal workers. Contract out every function that can be privatized.

6. Sell assets. GM/Chrysler stock, mortgages held by Fannie & Freddie, BLM land, some national forests, federal buildiings, mineral rights including offshore. All proceeds must be used to PAY DOWN THE NATIONAL DEBT.

Note that the USA will NOT renege on our debt. We have plenty of assets to pay down most of the national debt. Thus our credit rating will once again be the best in the world.

A side benefit is that the transfer to private ownership of vast tracts in the West will lead to a development/mining/drilling boom.

How’s that for a start?


125 posted on 06/26/2012 1:25:32 PM PDT by darth
[ Post Reply | Private Reply | To 15 | View Replies]

To: jpl
That is exactly what I see happening as well. Mankind and the family structure will be reorganized back to the living the way that they lived for most of mankind's history

Oh, you mean by "recognizing our place in life", and learning to bow and scrape and step and fetchit. For 10 cents an hour. Like that.

Wonder if they'll bring back Pierce-Arrows and riding boots with spurs?

126 posted on 06/26/2012 1:26:23 PM PDT by lentulusgracchus
[ Post Reply | Private Reply | To 116 | View Replies]

To: stephenjohnbanker; Impy; Kaslin; GOPsterinMA; justiceseeker93; GeronL; SunkenCiv
RE :”I do my own shopping, and I can tell you over the last 3 years, groceries I buy regularly have gone up 20% to 60%.

How about that Mexican market where the illegals, err, future Obama voters, shop in your town?? The prices can't be that bad there. I bet you love Mexican food living so close to the border.

BTW : The FBI and Homeland security are staking out that Mexican market to make sure your racist police don't harrass any of these 'new immigrants'.

127 posted on 06/26/2012 1:27:36 PM PDT by sickoflibs (Romney is a liberal. Just watch him closely try to screw us.)
[ Post Reply | Private Reply | To 122 | View Replies]

To: darth
A side benefit is that the transfer to private ownership of vast tracts in the West will lead to a development/mining/drilling boom.

Private ownership? Well, which private ownership? The NWO plutocrats, or the Chinese?

You won't object when the Chinese start bringing in (without telling you) about 200,000,000 more Chinese to help them "develop" their real estate, will you? I mean, you can't -- private property! Sovereign owner! Who you gonna call then? Ghostbusters?

128 posted on 06/26/2012 1:33:21 PM PDT by lentulusgracchus
[ Post Reply | Private Reply | To 125 | View Replies]

To: Kaslin

For me it’s the UFO problem. Discussing random stuff with a co-worker one day we got onto UFOs and he said “of course one thing to keep in mind is that if a UFO lands on the White House lawn today I still gotta go to work tomorrow morning”, meaning there’s a whole lot of real life that still needs to get addressed no matter what. Same applies here, my votes don’t seem to effect the possibility of meltdown and whether the meltdown happens or not I still got a job to hold down to pay bills. Real life today and tomorrow type stuff has to take precedence over 5, 10, 15 years down the road stuff. I try to vote against socialists when I can, they win anyway, that’s pretty much the end of it.


129 posted on 06/26/2012 1:34:19 PM PDT by discostu (Listen, do you smell something?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: sickoflibs; Impy; Kaslin; GOPsterinMA; justiceseeker93; GeronL; SunkenCiv; NFHale

” How about that Mexican market where the illegals, err, future Obama voters, shop in your town?? The prices can’t be that bad there. I bet you love Mexican food living so close to the border.”

1) There aren’t any illegal Mexicans near where I live.

2) I don’t care for Mexican food....to me it is mostly slop.

3) I lived in California for 30 years, and I have never been to Mexico : )

When I get ethnic, I like Indian food, and Thai food.


130 posted on 06/26/2012 1:43:49 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
[ Post Reply | Private Reply | To 127 | View Replies]

To: lentulusgracchus

I am OK with foreign investment. I am all in favor of immigrant entrepreneurs and wealthy investors.

Everybody would object to massive immigration that amounted to an invasion.

I don’t see that as anything but a fantasy for our enemies.

In my experience, I have not seen foreign entrepreneurs trying to bring along anybody but family and skilled workers.

BTW, what is YOUR solution to the massive debt bubble? I offered mine.


131 posted on 06/26/2012 1:57:00 PM PDT by darth
[ Post Reply | Private Reply | To 128 | View Replies]

To: Claud

IF we were to eliminate entitlements et al, there would be a resulting budget surplus of epic proportions.


132 posted on 06/26/2012 1:58:55 PM PDT by RoadGumby (This is not where I belong, Take this world and give me Jesus.)
[ Post Reply | Private Reply | To 118 | View Replies]

To: SomeCallMeTim
Yes they are creating trillions of dollars out of thin air.

We in the U.S. aren't producing anything as China manufactures what we use. The government just creates money out of thin air to give to welfare cretins who buy made in China crap. The example the article gives about the guy who lives in the mansion is exactly right. I have thought the same thing. That's us , we don't produce anything but debt.

In 1970 America was the richest country the world had ever seen, with the highest living standards , fastest rising living standards, most job opportunities , most opportunities to make money ever and far above any country in these things. Now we are just like the guy in the mansion who borrows to pay for it all and produce nothing. imagine if we had built on what we had in 1970, where we'd be now with the advances in technology etc. No instead they have grown the government, grown regulations , and allowed china to steal all our industries and technologies. We have no jobs , no opportunities, only debt. imagine if we'd built on what we had in 1970, the rising opportunities to make money, the job opportunities, the wealth etc. Instead government has done everything possible to destroy America with the EPA, and trade agreements with china etc.

133 posted on 06/26/2012 2:22:20 PM PDT by rurgan (Sunset all laws at 4 years.China is destroying U.S. ability to manufacture,makes everything)
[ Post Reply | Private Reply | To 101 | View Replies]

To: Labyrinthos
Right after the RATs and a few RINOs passed Obamacare

Plural? Could you name them?

I know of only one: Anh "Joseph" Quang Cao, RINO-LA02.

134 posted on 06/26/2012 2:29:49 PM PDT by cynwoody
[ Post Reply | Private Reply | To 111 | View Replies]

To: lentulusgracchus
Smart money ruling a downtrodden people is not as good as smart money ruling a wealthy people. The smart money makes more money.

You don't get it.

These people already have all the money they'll ever need, and more. It isn't about money.

It's the treading other people down, abusing people and taking things away from them, that is so sexy.

Don't believe me? Check out Genghis Khan's answer to the question, "What is best in life?" (Hint: he was quoted in Conan the Barbarian.)


Most Americans' wealth is in dollar-denominated assets. Some may be overseas, but a great deal is here.

Bloomberg is a great example. His net worth is in the billions. If inflation takes away half the value of his net worth he will be half as wealthy. In no way would he want that to happen. He simply really thinks "he knows best" and wants to have a great deal of control over people's lives. Being as financially successful as he has been has a way of making people very confident in themselves, too confident for their own good and other people's good. Madonna thinks she is a genius. So do Jon Stewart and Joy Behar. They don't see that their financial success does not mean that every one of their own thoughts is automatically correct.

I like how you say "all the money they'll ever need". All too often people think that same thing about themselves and they wind up bankrupt. Millionaires and billionaires can and do go bankrupt.

The ideas that are popular amongst the wealthy nowadays are unfortunately plagued with socialism and statism. Largely the wealthy nowadays were in their youth in the 1960's, ergo the rampant evil, corruption and general misguidedness in their thoughts, words and deeds. They somehow want to defend socialist, workers of the world, immorality, communism, etc., even though they made their fortunes in free enterprise America that was still coasting off the success resulting from it's moral foundations.

Do wealthy liberals not care about the poor who their wrong ideas hurt - of course they don't care. In fact, as long as they stay on top, they look smart, and as long as there are poor, they will have their faux cause to promote. They actually are well aware that most government giveaways are completely corrupted, and the recipients of welfare are mostly gaming the system to grab taxpayer dollars. The wealthy liberals do all they can, personally, to avoid paying taxes. They rationalize this all by saying "the rich conservatives" do it. Of course, statism and socialism mostly holds back the working poor and people who own and operate small businesses. The wealthy liberals don't care about them, of course, since they care really only about themselves.

Nevertheless, all wealthy liberals - including those mentioned above - do much better financially when American's have money in their pockets to spend. Here and there you find one willing to lose or spend their own money to advance their wrong ideas, though typically, like Soros, they only are willing to spend or lose a very small fraction of their net worth in this way. In a severe downturn or depression, many wealthy people are bankrupted, many commit suicide. Trashing the value of the U.S. dollar is a plan that looks good only to the U.S. government, and then even only in the short term. As the Treasury debt bubble collapse in the U.S. nears, there will be pathetic last-minute scrambling (fantastic lies) - exactly as there are in Europe now - but no one else will be liking the value of all their dollars trashed. The problem of course, is getting enough political uproar to get government to downsize and thereby reduce the burden that it represents to every person and business in America.
135 posted on 06/26/2012 3:16:38 PM PDT by PieterCasparzen (We have to fix things ourselves.)
[ Post Reply | Private Reply | To 124 | View Replies]

To: Kaslin

I have worked with many businesses in bankruptcy. As long as there is cash flow, THERE IS NOT A PROBLEM.

There is only a problem when the cash flow stops, and then it is the lenders fault. Things were fine until they stopped lending me money.


136 posted on 06/26/2012 3:19:41 PM PDT by PeterPrinciple ( (Lord, save me from some conservatives, they don't understand history any better than liberals.))
[ Post Reply | Private Reply | To 1 | View Replies]

To: PeterPrinciple

I would add that very few business manage for profit, they manage cash flow. You and I do also if we admit it. Profit and cash flow are not the same.

I will also state that there is not one govt that manages for profit, only cash flow...................


137 posted on 06/26/2012 3:22:51 PM PDT by PeterPrinciple ( (Lord, save me from some conservatives, they don't understand history any better than liberals.))
[ Post Reply | Private Reply | To 136 | View Replies]

To: Kaslin

THE NUMBER #1 REASON:

The MASSIVE number of Federal “employed”. AND they are looking for permanant Fall Guy servants, like they are trying to pull with Phony-Care.


138 posted on 06/26/2012 3:24:11 PM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
[ Post Reply | Private Reply | To 1 | View Replies]

To: RoadGumby

My spouse has Parkinon’s Disease and receives US Treas. disability checks annually equal to the Fed Income Taxes I pay annually aside from another $15K in the income taxes I pay annually. (Those go to our valiant military and veterans, and gladly.)

Imagine the federal savings — if we cut out the middle man, the gangsta Govt in Washington. And let local voluntary charity and individuals, not federal “planning” — corrupt, cronyism entitlement systems — rip us off with Solyndra, Bridges to Nowhere, Obama phones, obscene GM union bailouts, etc etc etc.

Everyone pays for their own needs peacefully, does not steal-via-government for what they ‘need.’


139 posted on 06/26/2012 4:43:47 PM PDT by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
[ Post Reply | Private Reply | To 132 | View Replies]

To: darth

Most excellent, darth.

I would add one item:

Use the Reconstruction precededent to declare left wing states like California in insurrection, dissolve the state government and send in a military governor with investigators and troops to clean out the fascists and commies.

It’s either that or CW II.


140 posted on 06/26/2012 5:04:34 PM PDT by sergeantdave (Public unions exist to protect the unions from the taxpaying public)
[ Post Reply | Private Reply | To 125 | View Replies]

To: Labyrinthos
I take your point, and I'm sure that does go on, but what I was trying to point out is the main reason WHY it is in the "best interest" of the republicans. Point 5) in the article is the basic answer. The dear pee-pul have become very used to their goodies. Any attempt to remove them is going to come with a heavy political price. And if you get voted out, how much good can you do then?

It's always harder to say "no" in politics anyway, even if it is the optimum overall course of action, but I think the country has reached the tipping point. There are too many voting non-producers (moochers, looters and the genuinely needy) to make it possible for elected politicians to make the vitally important changes that are neccesary if the country is going to have any kind of economic future.

141 posted on 06/27/2012 12:31:40 AM PDT by Vanders9
[ Post Reply | Private Reply | To 111 | View Replies]

To: darth
BTW, what is YOUR solution to the massive debt bubble?

Which one? Ours? Europe's? Public? Private?

We have no choice but to pay off our own public debt, which I would ease by trying to recover more of the TARP monies.

Private debt? Derivative debt and default swaps? It'll have to go smash -- there was never anything behind it anyway, and trying to "pay it off" actually means dragooning the salaries and savings of millions of people to pay off someone else's Las Vegas losses, assessing Suckerland somehow to funnel funds to the people who did all this. They, and they alone, must suffer -- conspicuously (medieval punishments? the guillotine? I'm open to suggestions) -- for trying to palm it off on the public.

142 posted on 06/27/2012 1:11:46 AM PDT by lentulusgracchus
[ Post Reply | Private Reply | To 131 | View Replies]

To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks sickoflibs and stephenjohnbanker.


143 posted on 06/27/2012 3:10:52 AM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
[ Post Reply | Private Reply | To 127 | View Replies]

To: .30Carbine
Thank You for being what FreeRepublic is famous for. You were most kind to type those words.
144 posted on 06/27/2012 7:10:55 AM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
[ Post Reply | Private Reply | To 115 | View Replies]

To: lentulusgracchus

The answer to insolvent, bankrupt individuals, corporations, and banks is BANKRUPTCY.

Congress should expedite changing the BK laws back to what they were before the bankster lobbyists pushed through “reforms” that keep people, mostly poor people, in debt bondage.

Insolvent TBTF banks need to be closed, their execs fired, and assets distributed to creditors.

The law regarding derivatives and other offshore bank assets must be changed to require total transparency. The derivatives need to be traded on an exchange like other securities vehicles with full disclosure and adequate margins. If the TBTF go under, the foreign claimants can go pound sand.

The problem is mountains of debt and the solution is BK. When the debt is wiped out the economy can again grow based on real production and profits.

Yes, there are real solutions for all of the problems.


145 posted on 06/27/2012 10:03:35 AM PDT by darth
[ Post Reply | Private Reply | To 142 | View Replies]

To: Wolfie

I guess another way to look at it is:

When we run out of money, we might not want those troops home anyway-—because, you recall, the government thinks that recently separated troops are likely to become terrorists.

[ I am, of course, being very sarcastic here....]


146 posted on 06/27/2012 11:08:54 AM PDT by Vermont Lt (I just hate our government. All of them. Republican and Democrat.)
[ Post Reply | Private Reply | To 93 | View Replies]

To: lentulusgracchus

Huh? I have absolutely no idea what this bizarre response is supposed to mean.


147 posted on 06/27/2012 12:13:04 PM PDT by jpl (The government spent another half a million bucks in the time it just took you to read this tagline.)
[ Post Reply | Private Reply | To 126 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-5051-100101-147 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson