[Racketeer]

But cutting so much spending would send the economy into a tailspin since so much of GDP growth has become dependent on government debt creation.

Control is what they feed off of.

[Starboard]

Its a virtuous cycle for those in power. Not so much for those who will have to pay for it.

[HonorInPa]

Enact the Warren Buffet proposal - if the national debt exceeds 3% of GDP, not congresspeople and senators are automatically barred from re-election. It is a multi legged problem: Unchecked debt will cause an unsustainable level of interest - crashing the economy. Dramatic cuts government program will crash the economy. Raising taxes enough to affect the dept will crash the economy. The answer is to freeze spending at current levels and let the economy (and hence tax revenue) grow over the next five years.

[plain talk]

We’ve known about this coming for decades. I know I’ve yacked about often as have many others.

A ticking time bomb highly dependent on interest rates and inflation levels.

[EnderWiggin1970]

I have a simple (if unpopular) solution: Default on the debt.

If it is a choice between the children being forced to labor as debt slaves (including those yet unborn), who are 100% innocent of the debt, and the people who have willingly bought government debt (like a bartender plying the town drunk), I say stiff the people who knew perfectly well what they were doing when they decided to keep funding a profligate and out of control government.

[quantim]

It’s the dems and the GOPe working together the last couple a decades, or “uniparty” for short. This is not complicated.

[China Clipper]

This whole scenario has already happened and has been documented and covered. If you doubt me, read

"Patriots-A Novel of the Coming Collapse" By James Wesley Rawles.

It's scary. And it's coming.

God help us.

[SharpRightTurn]

Congress buys votes with spending bills. Increasing taxes is not popular. If one’s chief goal is to win another election to keep a very cushy job with great benefits, then one is tempted to spend without raising taxes. Citizens keep voting for these bums. Relatively few voters are interested in a politician who wants to balance the budget and pay down debt. We need a federal balanced budget amendment.

[imardmd1]

Nobody talks about this, but to whom is the 'interesr" paid for loans that i didn't make or take?

(To you, Racketeer, this is a rhetorical question; but to the general FR readership, this is particular. Who is it that profits from lending money to the U. S. or state governments?)

[9YearLurker]

It’s almost as if he wasn’t paying attention to the larger world until the last 10 months.