Hi meekerdb 

If simply raising taxes could kill a national
debt, why does Europe still have debt problems ?

[Roger Clough], [rclo...@verizon.net]
"Forever is a long time, especially near the end." -Woody Allen

----- Receiving the following content ----- 
From: meekerdb 
Receiver: everything-list 
Time: 2012-12-17, 13:08:33
Subject: Re: Austerity

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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