On Mon, Dec 17, 2012 at 1:08 PM, meekerdb <meeke...@verizon.net> wrote:
> 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.
>
> Brent
>
In addition the United States has been borrowing from what we own. Our
indebtedness to ourselves from borrowing from the Social Security Fund
that was set up in Reagan's Administration is double our indebtedness
to China for example. My perspective is that the fund is a Republican
means to limit the effectiveness of Social Security. It's against the
law to borrow from it but that has not stopped the borrowing.




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