Debt hits 18 trillion!

[TheCount]

It depends on where you are on the Laffer curve.

The important point being that there's no way to tell where you are on the Laffer curve until you see the results of the cut.

No tax cut in US history increased revenues.

 

[heavenlyboy34]

Currency is cash. Currency is printed by the US Treasury Department. About ten percent of our current money supply exists in the form of currency. Our debt is not currency.

(...i believe steve zarlenga, the world's foremost monetary historian,---if anyone knows of a better one, please name---says it's about 1%..not 10%..and that around x-mas they bump it up a little because the mullets like to use x-mas ca$h...maybe to 2%..

...but why would anyone throw around any number$ coming, essentially, from stinking ?foreign, secret-squirrel bankster$ who've never been publicly, honestly, transparently, independently, etc., audited?!?...

....as to 'what to do about it?'...many MANY things, of course...one would be to renounce what Jerry Voorhis called 'the-debt-that-ought-not-be-debt' in his classic 'Out of Debt, Out of Danger'..(essentially interest on bonds the stinking secret squirrel banksters acquired for nothing...no thing..

...we could use much less gold-bug THEORY from the Austrians...much more REALITY from Zarlenga, Still, Ellen Brown, Jerry Voorhis, Byron Dale, etc..hint: FOCUS on the hideous, AGE-OLD specter of money creation...REALITY, not THEORY..

...also, for the most honest, clear thinking about our stinking Republicrat monetary order, see the fabulous, "Exposing Republicrat Monetary Ignorance..." right here in this forum!..

Do you even know what "theory" means in the context of economic science? Every economist that ever lived relied on some theory or another for scientific inquiry. If no, let me help you: http://www.livescience.com/21491-what-is-a-scientific-theory-definition-of-theory.html

 

[Zippyjuan]

The important point being that there's no way to tell where you are on the Laffer curve until you see the results of the cut.

No tax cut in US history increased revenues.

But they have nearly always increased the debt. Ron Paul supports cutting taxes even to the point of getting rid of the income tax, but always added that you have to deal with the debt first- otherwise you make things worse.

 

[devil21]

Woooo! We're number one! Exceptional even.

"The United States is the largest debtor nation in the history of the world."
--Jim Rogers

Number one in debt, but formally no longer number one in economic output, according to IMF via ZH. The falling dominoes will begin speeding up....

http://www.zerohedge.com/news/2014-12-06/its-official-finally-us-no-longer-worlds-1-economy

https://www.imf.org/external/pubs/ft/weo/2014/02/index.htm

 

[Ronin Truth]

"This note is legal for all debts, public and private".

Legal tender debt based currency.

 

[acptulsa]

No tax cut in US history increased revenues.

Calvin Coolidge called you a liar before you were even born.

No offense, but guess who I believe, Calvin or you...?

 

[torchbearer]

Green Shoots!

Let's take out another credit card, we are rich!

 

[TheCount]

Calvin Coolidge called you a liar before you were even born.

No offense, but guess who I believe, Calvin or you...?

Oh yes, a politician said that his policies were awesome.


Got numbers or just words?

 

[tangent4ronpaul]

Take a 20 year break from going to war with other countries. That should cover the 18T

Get rid of almost all regulation. That would make the economy grow like crazy and bring jobs back from overseas.

End the war on drugs. Something like 1 in 50 ppl are in jail and it costs a lot to incarcerate someone. also the new legal pot shops are a cash cow.

There is something like 120T in unfunded mandates - mainly SS and medicare. This should be self correcting as the baby boomers die off over the next 20 or so years.

-t

 

[Ronin Truth]

Take a 20 year break from going to war with other countries. That should cover the 18T

Get rid of almost all regulation. That would make the economy grow like crazy and bring jobs back from overseas.

End the war on drugs. Something like 1 in 50 ppl are in jail and it costs a lot to incarcerate someone. also the new legal pot shops are a cash cow.

There is something like 120T in unfunded mandates - mainly SS and medicare. This should be self correcting as the baby boomers die off over the next 20 or so years.

-t

Millennials are a larger generation than the Boomers.

Big wheel keeps on turnin'.

 

[helmuth_hubener]

There is something like 120T in unfunded mandates - mainly SS and medicare.

Unfunded mandates are anything but mandatory.

The best choice is to simply end these monstrosities. Sorry, geezers! No loot for you. That's the course I would take. Geezers are the richest demographic by far. They need no sympathy. And they need no loot. Let them drive three-year-old Cadillacs instead of one-year-old ones (poor babies!). But let them stop stealing money from me. Thanks.

 

[Ronin Truth]

Unfunded mandates are anything but mandatory.

The best choice is to simply end these monstrosities. Sorry, geezers! No loot for you. That's the course I would take. Geezers are the richest demographic by far. They need no sympathy. And they need no loot. Let them drive three-year-old Cadillacs instead of one-year-old ones (poor babies!). But let them stop stealing money from me. Thanks.

FWIW, I'm a geezer driving a 20 year old Toyota. Somebody obviously got MY (and many, many others) rich demographic.

 

[helmuth_hubener]

Somebody obviously got MY (and many, many others) rich demographic.

I don't know what this sentence means.

But what I mean should be clear enough: I want to end Social Security and Medicare. If you are currently receiving checks in the mail from the monopoly state, if I were in charge I would stop those checks.

 

[oyarde]

A yr from now the Mrs will draw her first check , in about 10 yrs I will draw my first check . Both of us , together , will not live long enough to get back what I alone pd in before I was 50 . So , the evil govt wins again .

 

[Ronin Truth]

I don't know what this sentence means.

That makes two of us.

The best choice is to simply end these monstrosities. Sorry, geezers! No loot for you. That's the course I would take. Geezers are the richest demographic by far. They need no sympathy. And they need no loot. Let them drive three-year-old Cadillacs instead of one-year-old ones (poor babies!). But let them stop stealing money from me. Thanks.

But what I mean should be clear enough: I want to end Social Security and Medicare. If you are currently receiving checks in the mail from the monopoly state, if I were in charge I would stop those checks.

We aren't "stealing" your money. We (geezers) didn't pass the law. Get mad at the state.

Anybody can become angry - that is easy, but to be angry with the right person and to the right degree and at the right time and for the right purpose, and in the right way - that is not within everybody's power and is not easy.
Aristotle

 

[Zippyjuan]

Unfunded mandates are anything but mandatory.

The best choice is to simply end these monstrosities. Sorry, geezers! No loot for you. That's the course I would take. Geezers are the richest demographic by far. They need no sympathy. And they need no loot. Let them drive three-year-old Cadillacs instead of one-year-old ones (poor babies!). But let them stop stealing money from me. Thanks.

"Geezers" have been working longer than youngsters so sure, they may have more assets. But doesn't mean they are rich either (and are probably not driving a new car every year).

The "unfunded mandates" are calculating 75 years of payouts which includes all the youngsters as well and assumes they will be paid for out of THIS YEAR's tax revenues. .

 

[Madison320]

"Geezers" have been working longer than youngsters so sure, they may have more assets. But doesn't mean they are rich either (and are probably not driving a new car every year).

The "unfunded mandates" are calculating 75 years of payouts which includes all the youngsters as well and assumes they will be paid for out of THIS YEAR's tax revenues. .

I agree. I've never understood the unfunded liabilities.

That being said I expect our debt to start increasing YOY as the effects of QE wear off. Our annual tax revenues have increased by about 1 trillion since we started QE. I'll bet most of that was from rising asset prices from the QE.

 

[helmuth_hubener]

We aren't "stealing" your money.

Well you may not be stealing at all. I thought you were a principled libertarian. I would assume that you are not stealing. If you are, then I guess you are. Whatever.

We (geezers) didn't pass the law.

So now you are associating yourself with the overall group of American elderly, a group which is almost unanimously receiving stolen funds? Well, that is your choice. But yes, geezers are receiving stolen funds, and yes, they get and keep the law passed every election cycle. They are almost unanimously receiving stolen loot regularly, and (surprise!) they are almost unanimously in favor of the stolen loot continuing to roll their way.

Get mad at the state.

Oh, I am.

 

[tangent4ronpaul]

I agree. I've never understood the unfunded liabilities.

That being said I expect our debt to start increasing YOY as the effects of QE wear off. Our annual tax revenues have increased by about 1 trillion since we started QE. I'll bet most of that was from rising asset prices from the QE.

Peter Schiff's blog a couple of days ago said to expect QE4 to start soon...

-t

 

[The Bavarian]

HAPPY NEW YEAR- YAY!!!!


New years resolution is to aim for 25 by 2016!!!