Governments are living in a fiscal fantasyland

The Economist ^ | 05/04/2023 | Staff writer

[BlackAdderess]

The bill to raise America’s debt ceiling passed by Republicans in the House of Representatives on April 27th caps spending in 2024 at its level in 2022, and then raises budgets by 1% a year. That may sound reasonable but it excludes mandatory spending on pensions and health care and ignores inflation. China’s increasing indebtedness is kept off the books in opaque “financing vehicles” used by local governments. Include everything and China’s total public debts are over 120% of gdp, and will rise to nearly 150% by 2027, on imf forecasts. Such levels of debt are affordable only because China has an ocean of domestic savings, kept captive by its restrictions on capital flows. Public indebtedness means that the government cannot achieve its plan to rebalance its economy towards consumption and internationalise the yuan.

[BlackAdderess]

"Public indebtedness means that the government cannot achieve its plan to rebalance its economy towards consumption and internationalise the yuan." Is a heck of a sentence.

[ProtectOurFreedom]

That looks like incomprehensibly poor writing. Or, in other words, gibberish.

[BlackAdderess]

I screwed up the “snips”, so it goes right from the U.S. to China. Sorry all.

[mountainlion]

It is not a fantasy but an insane plan to bankrupt then enslave We The People.

[BlackAdderess]

I screwed up the snips, sorry

[nesnah]

Or, in other words, gibberish.

---

But, is it authentic frontier gibberish?

[Brian Griffin]

In Communist China the government owns all urban land.

It is leased out and I believe it funds local governments.

The value of this land is about the value of all SMSA real estate in the USA.

[fella]

There’s a film whose title covers this, it’s called “Other People’s Money”.

[Dilbert San Diego]

Also, China being communist and totalitarian, means that President Xi and his boys, can rule by decree, and repudiate debt, revalue/devalue their currency, repudiate business contracts, etc. , if it suits their purposes.

[Brian Griffin]

https://www.economicshelp.org/blog/3018/economics/history-of-us-national-debt-gdp/

If the US economy was of post-MAGA quality, we could handle such debt, like we did after WW2.

[Brian Griffin]

“revalue/devalue their currency”

A US President like FDR would never, ever do such a thing.

[Mr. Jeeves]

...President Xi and his boys, can rule by decree, and repudiate debt, revalue/devalue their currency, repudiate business contracts, etc. , if it suits their purposes.

Unfortunately, it's looking more and more like President Biden and his boys can do the same things.

[Brian Griffin]

“repudiate business contracts”

My copy of the Amendment XIV, Section 4 has two sentences.

[momincombatboots]

Governments-appear to be living high on the hog… and we are funding. It, willingly. 85% of Americans obey without question and tax hateever vax will “save” them.
The great American experiment died under trumps covid policies.. but i guess big pharma pays better.

[ProtectOurFreedom]

Yes, Mongo says “very authentic”

[Brian Griffin]

“China being communist and totalitarian, means that President Xi and his boys, can rule by decree”

No wonder Xi’s “boy” Biden thinks he can zero out millions of student loans.

[Brian Griffin]

“Governments-appear to be living high on the hog”

And DC area government employees are living in dwellings that would be valued at an average about $1 million.

[Amendment10]

Thank you for referencing that article BlackAdderess. Please note that the following critique is directed at the article and not at you.

"Governments are living in a fiscal fantasyland"

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Federal spending and debt is based on unconstitutional federal taxing and spending that the very corrupt, post-17th Amendment ratification Congress cannot reasonably justify under its constitutional Article I, Section 8-limited powers imo.

• "Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.

• “If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).

• ”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)

• “Cherish, therefore, the spirit of our people, and keep alive their attention. If once they become inattentive to the public affairs, you and I, and Congress and Assemblies, judges and governors, shall all become wolves [emphasis added]. It seems to be the law of our general nature.” - Thomas Jefferson (Letter to Edward Carrington January 16, 1787)

• Democrats Are Terrified Of An Educated And Informed Public (3.12.23)

So when are the states going to wise up and effectively “secede” themselves from the unconstitutionally big federal government by repealing the 16th (direct taxes) and 17th (popular voting for federal senators) Amendments (16&17A)?

Limiting the proposed repeal amendment to strictly repealing 16&17A will hopefully limit discussion on the amendment.

In fact, I challenge state lawmakers to ratify the proposed amendment as fast as Pelosi scandalously rammed unconstitutional (imo) Obamacare through the House.

Pelosi: "We have to pass the bill so that you can find out what is in it." (non-FR; 6 sec.)

With 16&17A out of the way, my hope is that Trump 47 becomes the FIRST president of a truly constitutionally limited power federal government.

[faithhopecharity]

Your copy of the former constitution of USA has been rendered irrelevant

We now follow all the changes that the Chief Pig Napoleon made to facilitate the pigs’ dictatorship over the Animal Farm, thus,

1-Before
Whatever goes upon two legs is a enemy.
1-After
Once the pigs start walking on two legs, two legs become better then four.
2-Before
Whatever goes upon four legs, or has wings, is a friend.
2-After
The pigs end up thinking any animal who walks on four legs or has wings in inferior.
3-Before
No animal shall wear clothes.
3-After
The pigs all end up wearing clothes.
4-Before
No animal shall sleep in a bed.
4-After
“No animal shall sleep in a bed with sheets”
5-Before
No animal shall drink alcohol.
5-After
“No animal shall drink alcohol to excess”
6-Before
No animal shall kill any other animal.
6-After
“No animal shall kill any other animal without cause”
7-Before
All animals are equal.
7-After
“ All animals are equal, but some are more equal than others”

[MosesKnows]

Governments are living in a fiscal fantasyland...provided by the voters.