Forum Post: Congratulations, USA! Today your public debt reached 100 % of country's DDP
Posted 13 years ago on Nov. 17, 2011, 5:04 a.m. EST by rashetto
(3)
This content is user submitted and not an official statement
How are you going to pay it off?
Declare bankruptcy and let it go back to the creditors?
Wipe the slate clean and start over? It is all an illusion anyway.
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Your wife lost her job. Now you're both having trouble paying the mortgage. Every month the mortgage bill is coming. The debt is piling up. Are you spending more? Of course not! It is not a spending problem! Income got reduced. It's an unemployment problem!
We don't create wealth by merely cutting spending like a miser. We need to invest in the right ideas to create economic growth.
Government gets income from taxes: sales tax, corporate tax, property tax, income tax. When unemployment is high, what do you think happens? Income tax receipts decreases, because fewer people are working; sales drop because people have less money to spend, and sales tax receipts drop; property tax receipts drop because property values decrease; and when companies make most of their money overseas and don't repatriate the profits, they don't pay taxes on them.
Solve the right problems. You don't become a millionaire by being a miser cutting spending.
You become a millionaire by borrowing money to grow your big ideas. Economic growth. Not spending cuts.
The "debt problem" is a Koch-amanie & Murdoch creation created to distract Americans from the real issue of Job Creation.
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Of course, reduce the hefty, unbearable, and unjust tax burden on Billionaires like the Koch's and Murdoch's and Corporations, so that they can produce jobs, and destroy America through pollution.
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quickly, this is NOT a NEW Problem,
http://occupywallst.org/forum/its-not-that-wall-street-didnt-know-they-are-just-/
Just a little known fact re GDP. During WWII as much as 45% of the GDP was produced in Victory Gardens.
http://www.dailymail.co.uk/news/article-2062564/U-S-debt-passes-15-trillion-milestone--just-keeps-getting-worse.html
A link please.
I have a pair of earrings I could pawn.......
The poster rashetto is lying.
Quote from the article: "In comparison to other developed nations, the U.S. has a public debt to GDP ratio of 85 per cent, in comparison to Germany's nearly 75 per cent and Canada's 81 per cent....Japan, holding the heavy-weight title, is at 194 per cent."
The problem is not the public debt. The problem is the lack of GROWTH. More and better jobs.
Debt is not our problem:
Socrates writes "the problem is the lack of growth." Growth is somewhat finite; therefore, debt must be too.
Your wife lost her job. Now you're both having trouble paying the mortgage. Every month the mortgage bill is coming. The debt is piling up. Are you spending more? Of course not! It is not a spending problem! Income got reduced. It's an unemployment problem!
We don't create wealth by merely cutting spending like a miser. We need to invest in the right ideas to create economic growth.
Government gets income from taxes: sales tax, corporate tax, property tax, income tax. When unemployment is high, what do you think happens? Income tax receipts decreases, because fewer people are working; sales drop because people have less money to spend, and sales tax receipts drop; property tax receipts drop because property values decrease; and when companies make most of their money overseas and don't repatriate the profits, they don't pay taxes on them.
Solve the right problems. You don't become a millionaire by being a miser cutting spending.
You become a millionaire by borrowing money to grow your big ideas. Economic growth. Not spending cuts.
IMF: U.S. debt nearing 100 percent of GDP
http://thehill.com/blogs/on-the-money/budget/98047-imf-us-debt-approaching-100-of-gdp
85% is in your dreams, Socrates....
pay it off? Our leader has no intentions of paying off anything, in fact he plans to triple what he has spent thus far in the next 8 months alone.
Obama was quoted as saying " We will do what we always do, spend more until a republican takes over and figures out how to fix it "