On 12/17/2012 6:14 AM, Craig Weinberg wrote:
Bankruptcy is the condition of owing more than you own. I think that in the position the
US is in,
Not even close. The reason other nations keep buying U.S. bonds at rates so low they are
essentially below inflation is that they see that the U.S. has plenty of assets and by
OECD measures is under taxed. They're not worried about the U.S. not paying off on those
bonds because they see that the U.S. could easily raise taxes to pay for them. The 'debt
crisis' is just an consequence of Reagonomics and 'trickle down'. When the very rich, and
particularly those in the financial industry, are much happier when the government borrows
money from them instead of taking it as taxes. So by lowering top tax rates and those on
capital gains and estates and exempting carryovers, and at the same time ramping up
government spending on Medicare and wars, revenue was shifted from taxes to borrowing.
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