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Originally Posted by gleem
yes, but the fed is printing dollars like crazy
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As long as you distinguish between borrowing money and monetizing the debt, fine.
The point is that the world is still willing to loan the US (in US$) 30 year money at 4.5% which is cheap. Maybe the multi trillion dollar market knows something you don't?
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over 40 states have $1billion or more deficits for 2011 and can't print money or get fed money to cover unlike last year
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Yep, this is a big problem. Notice how they are proposing bankruptcy remedies for States so they can negotiate their debt obligations with their creditors.
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the government is still spending like drunken Korean girls, even if the gov custs spending by 50% this year (they won't cut at all, they will only freeze best case scenario) it's not enough.
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I think you have it backwards. If they cut, which I realize their is a lot of political pressure mounting for this, it will send us into a deflationary spiral of epic proportions. This is the worst case scenario.
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If they taxed everyone in this country 100% this year, still wouldn't cover our debts..
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Not only that, it would exacerbate the above, which is why the administration (to their credit)
extended the tax cuts. I realize they probably compromised on the top 1%, but I don't think they would take the extra money and invest it anyway. I know I wouldn't.
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How is it that most people I know that have decent jobs can't afford health care with less than $1000 deductibles and still barely covers stuff, but Federal employees have policies that cover boob implants and frivolous bullshit and are "rolls royce" type policies, and can retire in their 50's at 75% pension and have full health care. There are no private sector jobs that have anything like this anymore for anyone other than very top level executive status.
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True and sad. You know what's even worse, unforeseen health care costs were a sizable factor in failure to make mortgage payments. Not excusing people or lenders who made stupid decisions, but I agree with you that this is a tragedy.
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I can go on, but then I just sound like an anti-gov anti union loon, which I don't think I am.
sad & depressing
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agreed.
