To it is NOT going to be anywhere near enough money to pay for it all. In case you guys have forgotten I will repost this, go watch the #'s spin a while. THERE ARE NOT ENOUGH TAXES TO MAKE UP $49,000/SECOND!!! When interest rates go up, and they will, the payments on the debt immediately become unaffordable, and MOST of the debt is SHORT term rolling over within the next 3 years . . .
http://usdebtclock.org/
Meh (
) c'mon t-dub, the debt issue is somewhat like that of the illegal immigration issue IMO- alarmist propaganda used by sinister political forces seeking more power. Government debt is sensational but misunderstood, and it plays into certain parties hands for it to be so. It's nothing like normal debt, but unfortunately we're all personally very debt averse following this uncertain economy and personal lifestyle changes, and so it's an issue that gets a lot of attention- like that sensationalist debt clock website.
It's [debt] not irresponsible IMHO, quite the opposite, and nearly every country is rightly addressing deficit during such difficult times. It's important, responsible and the key job of government to balance the swings and roundabouts over the longer term, not the shorter alarmist term that benefits the bad men and enables rash decisions that hurt those on the bottom of the heap the most. Unfortunately politics often works on the shorter scale 'till the next election.
At ~85% of GDP the UK has a worse debt than the USA, as do many countries in the world in this time of economic difficulty. The germans are at 94%, apparently (even china for all its growth is operating at 14%). When you view Americas 70% debt in context, it's really not that bad. Honestly.
And don't forget that treasury dollars bonds don't leave the US system and will not end up in China- this isn't like European debt where investment euros can just be taken to a different Euro-zone nation.
You can't save your way out of a global situation. Economy needs investment and stimulation. Spend and build just like China has throughout, to their credit.
(and there is enough wealth in the system to pay for it all, I'm afraid t-dub. They just don't want to, and have convinced you it's not possible
)
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Edit, and these violent radicals are contributing through such action, although certainly not in the most positive sense. It's really easy just to condemn this kind of action, and on the face of it I do too, but it's short sighted and simplistic just to write it off as the actions of bad people. Generally social unrest of that scale doesn't happen often and happens for a reason. As a historian looking retropsectively you would identify that it does indicate some failing of "the system", and just to blame the participants fails to properly understand the issues at play. It certainly won't provide any sustainable solution to the problem. I know these guys aren't really offering a solution either, but it doesn't mean that they don't have a point.
Smashing up a rich persons car isn't totally unlike the smashing of the masses finances through disproportional burden during such economic crisis, if you can make a little effort to see it that way.
