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 ...
The USA has the capability to produce every product made int world. It just lacks the will. They build factories every day in the rest of the world. They is noting magic about it.
The USA thrives with no income taxes and high import tariffs until WWII. The globalist ruined the USA. The Republicans NWO types are to blame.
Oh, that's right. You believe that we can impose 20% tariffs without any retaliation. Ludicrous.
I agree that it would be great if the world was so simple.
The Chinese already charge more than 20% tariff now. I think on vehicles its above 30%. Just how stupid are Free Traders, or just liars?
Source?
You know, one of those evil trade deals. That's how tariffs get reduced and eliminated - through trade agreements.
By the way, the US already imposes a 25% tariff on imported trucks and SUVs.
Post a reference.
It is official the Republican Party is no longer the free trade open border party. The Republican Party is finally returning to it staunch historical protectionist roots and none too soon.
I would suggest all Free Traders join the Democrat Party as both Hillary and Kaine are for TPP and Free Trade. So have fun in your new party. AMF.
Here's an article from Automotive News
I would suggest all Free Traders join the Democrat Party as both Hillary and Kaine are for TPP and Free Trade.
The two parties platforms are in agreement on trade. I'd say the Republicans have adopted the historic Democratic position.
You got a free trade globalist candate- Hitlery. Those that believe in Free Trade uber alles can have fun voting for her. There is no longer any place in Republican Party for Free Traders. Those days are over, for now and forever hopefully. Boo Hoo.
I think you mean one historic position was protectionist. Then we had Smoot-Hawley and the Great Depression.
The party got a dose of reality and since then has been for free market capitalism
Find a contemporary historical reference to Smoot Hawley causing the Great Depression. You do know what contemporary means right?
Why would I waste my time doing that? I never made that claim.
You do know what contemporary means right?
You mean contemporaneous?
I had one of you free traders tell me that a Daisy BB gun would cost $200.00 if made in the USA. Well they cost $50.00 a piece so this Free Traders was claiming $150.00 per bb gun for US labor. This is the kind of lies and distortion that have caused Free Traders to become pariahs in the Republican Party.
OK. Let me know if they tell you anything germane to our conversation.
Just for the sake of argument, why would Daisy make BB guns in China if the costs weren't lower?
My guess they save about 5% on making them in China which they pocket and give to the CEO's in bonuses and to the stock holders. The consumer sees no benefit and is on the hook for taxes to pay social costs of "displaced"(globalist speak) workers.
Why would Daisy pass that savings to to retail customer? What would be the point in doing that? Some sort of economic altruism?
retiring on full pension after 20 yrs is not fairness nor is it sound...
yet they want to go after the measly SS payments that WE PAY FOR all our lives, and don't start collecting til at the earliest age 62....
Because if they don't the customer will buy a Crossman which is also made in China and is now cheaper?
Even worse. Then nobody benefited. Globalism really sucks. A small tariff would keep Americans working. You pay for imported goods twice, once at the store and again a tax time. All of that to "save" a few pennies on the dollar.
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.