lol met?
I work side by side with them every single day. There are days where I get pissed off with the ignorance, but I also understand they don’t choose their circumstances
That being said, an inheritance tax will just go right back in their pockets. It would only work if the tax gets distributed to the pockets of the disenfranchised which will never ever happen.
The rich make the decisions in this country not the people lol
Totally agree. If we had a balanced budget things would change.
The underlying truth about the 1% is that they are just 1%. There is a 99% out there that is way larger. Democracy is a wonderous thing.
The reason the 99% is so passive is that they aren’t really paying for all the good governance in Washington. The 1% controls Washington and for the most part are the biggest recipients of the Washington largess. They give us the left v right professional wrestling to keep us occupied so they can use Washington as a big ATM. It is all professional wrestling.
If the 99% had their paychecks go down when Washington spent more. We would start asking questions. We would demand to know where the money is going. But we don’t because a future generation is paying for it.
Give it a few more generations as technology starts to make the distractions automated/unprofitable (music/media/movies etc.) and the underprivileged will realize it
It’s exactly why modern media hates podcasts so much and are doing everything to silence them or call it misinformation, granted, some of them are misinformation to a degree
Overreact much? I never condemned capitalism. I condemn unchecked capitalism.
Prove to me how it benefits mankind to have the dollar as the arbiter of decency? That’s not its job.
We don’t have unchecked capitalism. That is just a strawman BS argument.
Prove it to you how capitalism benefits mankind? Look around. Everything you own, all the technological advancements, all the everything is due to capitalism. We are capitalist to our very core. Every strand of our DNA is capitalistic. From of the dawn of man we have traded things and we were doing it out of a profit motive.
Here is the “are you a capitalist” test. You work hard and your work is exceptional. Bill is a lazy azz and his work ain’t for sh*t. Do you want to get paid more than Bill? If you answer yes, welcome to capitalism and all of it’s benefits. If you answer No, welcome to the socialist collective comrade and I suggest you read up on Bulgaria circa 1970 and checkout how wonderful life will be without the capitalist pig dogs.
For the simpletons who think “business bad, they want money” and “government good, they help little people”, open your eyes. Washington is a wholly owned subsidiary of corporate America. All the regulations are being written with the help of corporate america and with ex regulators on staff. All the subsidies and tax breaks go to help them. If you don’t believe that, I would suggest you start digging into the Food and Drug administration.
So what do you do to fix this crony capitalism that has evolved with the growth of Washington? You start to pay for it. The 1% fears the 99%. Why? because there is a sheet ton more of the 99 than there are of the 1. So they keep us distracted with the professional wrestling that is going on in Washington. They also know that if we don’t pay for the all the good governance, we probably won’t ask questions.
The 1% are the beneficiaries of the Washington largess. If you look at wealth concentration it has grown almost linearly with deficit spending. When the bill comes due (and it will come due) they will be off to a tax haven and not pay for any of it. Your kids and grandkids will pay for all of this.
But I digress. Capitalism is a great thing. Coupling it with a powerful central government, not such a good thing. It is Washington that needs to be reigned in, not capitalism.
He didn’t say we did.
So he is condemning something that doesn’t exist? Cool. I condemn dragons and unicorns.
You’re not following the thread. He even gave an example. It wasn’t the US.
India is not an unchecked capitalistic country. They are one the worst crony capitalist countries on the planet. They were once socialist but they are are transitioning. But their government is very involved in their capitalism.
India is a fascinating place.
Hmmmm……
I’ll take my taxpayer funded pension.
Why do you love communism?
Take heart, deficit moving in right direction.
[quote=“Coog51, post:22, topic:55909”]
Totally agree. If we had a balanced budget things would change.
[/quote]
You NEVER want to see a balanced budget. Utterly foolish talk if you understand some
macro economics.
Is the deficit too high ?
Yes
Is deficit increasing or decreasing ?
Latest data I find is it decreasing and moving in right direction.
Data and source posted for you above.
Don’t get so hung up on the capitalism term. I think this definition of the US economy is the most accurate and the way it has been for a LONG time. A good thing.
mixed economy
The US economy is a mixed economy incorporating both capitalism and socialism. There is freedom of choice and consumer sovereignty in the US economy. The US does not have a free market economy because there is some regulation and control of specific industries by the government.
Don’t envy the 1% so much .
In terms of net worth, many of us here are in the top 10, 5, or even 1 percent. I suspect.
Do be concerned about the wealth gap, and as most data I see, seems to
show its growing. Make taxes progressive, remove the built in government protections
for certain groups ( like Texas auto dealerships on local level and many others on federal
level) . But subsidies are not all bad; don’t paint with a broad brush.
You never want a balanced budget? Yeah you do. In fact when you have too much debt (like we do) you want a surplus and pay down the debt.
What you don’t want to do, and you can’t do, is go from huge deficits to a balanced budget overnight. It would be too jarring for the economy,
But yes we want to get to a surplus and start paying down our debt it is way too high. Sovereign debt crises are real and can happen to anyone including us.
Our debt was 33.27% of GDP as of 2000. It was 115% of GDP as of 2022. We have way too much debt.
Keynesian economics says use debt when the economy slows and pay it back when times are good. It has morphed into deficits don’t matter and who cares about debt, it is just pushing your bills off to someone else.
The market will determine when the deficit is too large. Bond buyers will refuse to buy treasuries.
I think that is a very sound statement.
Only thing I would add is the goal should be to avoid getting into the situation where bond buyers
refuse to buy treasuries. If and when that happened, you are in deep do-do. Need to avoid that scenario.
In last nearly 100 years, we’ve had a balanced budget once in the 90s and probably not many other times( could be wrong, too lazy to look it up ); but the point is a balanced budgets are a rarity and not a necessity.
Some here like to frequently mention how great a country we are. And in some measures I agree.
And we’ve become a great country in last 100 years because of deficits to some degree. I’m not overly concerned about national debt, but agree sustained deficits > gdp is a concerning thing.
The easiest way to work your way out is to grow the economy. Growth thru immigration is one component of that; I feel we need to modernize and update our immigration policies.
edit. agree sustained deficits > gdp
Dumb statement …should’ve said sustained national debt > gdp
The problem with Bond Vigilante argument is that it is like saying “I will keep borrowing money until the bank says no”. Well when the bank says no it might be at the time you really need for the bank to say yes.
You are responsible for your own fiscal house, the bond market isn’t responsible for your fiscal house.
Yea but in this case, you also own the bank.
That is not true. The debt is held by the fed and the member banks and internationally like the Chinese.
We not only don’t own the bank, in some cases the bank hates us and everything about us.
China owns a small amount of US debt according this. That perspective help or still shaking in your boots ?
Japan commands the top spot among foreign creditors with $1.1 trillion—about 3% of total U.S. debt—owed by the U.S. government. China holds the number two position, holding $859.4 billion of U.S. Treasurys—about 2.6% of the total U.S. debt.
1
No it doesn’t. Nor does pushing my bills off to generation (pick your letter) make me feel like we are anything other than a people who refuse to pay their bills.
If you like Washington and all that it does, then pay for it.
I suspect if you paid for it you would want less of it, but that is just a guess.
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