Posted on 07/23/2016 5:59:34 AM PDT by reaganaut1
The American debt problem was almost entirely ignored at the Republican National Convention last week, and we can expect nothing more when the Democrats gather this week.
Both parties support the entitlement spending system and the decrepit tax system that fails to support it. They compete on the fiscal side of politics with impossible promises to spend more and tax less.
Imagine the U.S. Treasury as an airplane beginning to roll down the runway to take off. For a mile or so, the plane gains no altitude, then the wings start to generate lift. The wheels leave the ground and are retracted so the plane can fly smoothly through the air. Then the plane begins a rapid ascent, taking only a few minutes to arrive at an altitude of 30,000 feet.
For the time being, the Treasury is rumbling down the runway, already moving too fast to abort a takeoff. After takeoff, Americans will discover that Treasury debt is heading for the stratosphere, with consequences that are easy to imagine, hard to believe, and apparently impossible to act upon—except to make it worse.
More likely, Americans will remain blissfully unaware of the size of the problem until it’s too late.
The Congressional Budget Office issues a Long-Term Budget Outlook every year. To sum up this year’s report in one sentence, it says, “The federal budget outlook is projected to worsen considerably over the next three decades under current law, with debt growing larger in relation to the economy than ever recorded in U.S. history.”
By 2035, federal debt held by the public as a percentage of gross domestic product will surpass the peak of 106% set in 1946, and it will keep growing from there.
(Excerpt) Read more at barrons.com ...
Well, yeah, except for more than $2T in goods and services we exported in 2015.
Funny, I never see you comment about that.
There was no point in reading further after this.
The American debt problem was almost entirely ignored at the Republican National Convention last week
There is always hope but the degree varies. Without default or prohibitive taxes our spending and debt will crush us or we wI’ll default.
73% of Asians voted to reelect Barack Obama in 2012.
Thanks for not being one of them.
Had to look up the film on Wiki.
The Australian Grand Prix “suicide” race is an interesting and unexpected idea.
I like your outlook and optimism!
Nope
Trump and other speakers didn’t mention HOW they were going to do anything?
How is usually not the stuff of party conventions. They’re usually about presenting a vision. The nuts and bolts should come next. Maybe Trump has more details on his website. I haven’t gone there lately.
I’m sure the millions of people who lose their jobs when our trading partners retaliate will be thrilled.
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You seem to have forgotten which country is the greatest CONSUMER. WE ARE! We bring manufacturing and jobs back to the U.S. and the trading “partners” that have been raping us for decades will be held to account. I DO NOT agree that these so called “partners” can dictate to us, even though it seems to be the thinking and the aim of the GLOBALISTS. I am an American. I believe in America. Time some of you gloom and doom wimps found out where your loyalties lie. Trump loves America. He will renegotiate our so called treaties to be fair. Anyone who has ever done any real business knows that any deal worth making has to be good for both sides. We have not been fairly treated and it is long past time people understand that STRENGTH and RESPECT need to be appreciated. The US is the largest CONSUMER in the world. Long past time we used that FACT to our advantage!
We may be the world's largest single consumer but we're still a small portion of the global market.
We can put in 20% tariffs, but we'll be killing our ability to sell to the rest of the world - which is where the growth is.
Do you think Ford would rather have competition in the US reduced via tariffs or have the ability to compete to sell Fords to the rest of the world?
We may be the world’s largest single consumer but we’re still a small portion of the global market.
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We are certainly NOT a “Small Portion of the global market.”
We are THE largest consumer in the world, at almost 27% of the global market we are 20% MORE than China, which is in second place. You have to add together China, Japan, Germany, United kingdom, and France to equal the United States consumption. We have not been using tha leverage and it is long past time we do so.
“We have not been using tha leverage and it is long past time we do so.”
+1
But do American producers want to cut themselves off from the remaining 73% of the market?
We export over $2T of goods and services each year. What effect do you think imposing large tariffs on imports will have on our ability to export?
Do you really think our country, through multiple administrations, hasn't applied the leverage we have in our negotiations?
Do you really think our country, through multiple administrations, hasn’t applied the leverage we have in our negotiations?
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Hell NO! AND this country was built and expanded on the proper use of tariffs. Stop gobbling up the chicken feed the GLOBALISTS are feeding you and learn how the economy REALLY works. Time we fed our own people and not the rest of the world!
The rest of the world buys over $2T of our goods and services each year. I'd say those jobs feed a lot of our citizens.
You are far too dense to see the real picture. You are obviously a GLOBALIST!
I don’t think Trump would do that.
Aah. Now I see the error of my ways.
Why didn't you make this powerful argument sooner?
Look how easily the GOP capitulated on ObamaCare. They refuse to defund it because they're 100% complicit with most of its provisions.
I guess you don't know THEY ALREADY ARE RETALIATING AGAINST US . WE ARE IN A ONE SIDED TRADE WAR NOW.
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