I wish that this could have been published earlier. But let the spin begin.
"... and it [U.S.] borrows from itself, mostly from the Social Security
trust fund ..."That's why Social Security will go broke. You
can't borrow from a source that never grows via investments. Duh!
What this article didn't explain is: Why does it matter whether we have a
ceiling on spending?Does it hurt the dollar's value overseas to have
unending debt?If most other countries don't cap their spending, are
their money values hurt?Common sense needs to be put into place on
this issue, not partisan politics.Someone needs to figure out the
ramifications of capping spending versus just letting it go wild.Which is worse in the short and long runs?
The funds lost because of the Bush tax cuts is a number pulled out of thin air.
According to the IRS revenues increased after the tax cuts. To say they would
have increased even more is pure speculation. They could just a likely
This is not what comprises the 14.3 trillion in debt. Just full of bogus
numbers. For example: how can tax rate decrease cost anything. They are not an
expense item. And, only expense items unpaid for with current income cause
debt. Fact is that entire amount is money the government kept spending and is
spending today without revenues. And, until there is a real program to cut
spending and to stimulate private sector growth, which include the reductions in
the cost to do business caused by government spending and over regulation, hirer
cost of labor due to mandates, private business will choose to expand and employ
people elsewhere. Tough to untangle the web and understand, but this article
does little to help. It does show that the entire problem is not because of
this administration. But, the "buck stops here" still applies, this
administration must deal with it, and tax increases will do little to bring in
more revenue just as the Bush tax decreases did not reduce revenue, but added to
collected revenue through the last decade. And, are adding to revenues coming
in now, by keeping many small and businesses profitable.