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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