17 trillion in debt is pretty scary...but wait...next year it will be 18
trillion. Thanks Barack for adding almost 9 trillion in new debt in 5 years.
That is nearly 4 times the amount any previous president has added. "What - me worry" Alfred E Newman
@kiddsport and happy2bhere. FatherOfFour is right, most do not understand macro
economics.Our monetary system is debt based. Every dollar whether it
is cash, deposit, etc, is a representation of debt. Most people think when they
borrow money from a bank that they are borrowing money from the banks owners or
other depositors. They are not. The bank simply creates the money and puts
it's in your account. It is called fractional reserve lending.The tools the Federal Reserve use to stimulate economic growth have not been
working because the public doesn't want to borrow money. The only other
option is for the government to borrow money and spend it to encourage the
economy and the private sector to start borrowing money again.Paying
off the national debt can never happen. It is mathematically impossible with our
monetary system that is based on debt.Don't believe me read
modern money mechanics and research the topic, money as debt.
Because it would force us to finally admit that the tax cuts to the rich
aren't working and the growing gap between the haves and the have nots is
bad.Trickle down economics aren't working. So obviously, all
those politicians bought off by big oil, banks, and Wall Street don't want
to talk about it.
We are afraid to talk about the economy or national debt because we are afraid
our children and grandchildren will catch on that we have spent their
inheritance. They should sue us for failure to meet our fiduciary
responsibility. Our president can decide to selectively enforce congressional
laws. Maybe he can wave his wand and reduce our debt.
The mainstream media does not like to talk about Mr. Obana's failure to
help the economy. Actually the government cannot spend us to prosperity.
Better to lower taxes and cut government spending. It would help to reduce some
of the 40,000 new regulations we got this year.
FatherOfFourThere is not much to not understand about twelve zeros.
We have currently borrowed over $17,000,000,000,000. And you say we should be
FatherOfFour- You forgot to mention that your Keynesian economic views are not
universally held by economists and many of Keynes' models have been largely
debunked. Unfortunately, too many politicians have no greater grasp of economics
than the average guy on the street. I learned in my time in financial services
there is an old saying that goes something like this: "Economists have
predicted twenty of the last two recessions." Translation: they don't
have a clue, either.History, on the other hand, has a hard way of teaching
us that, as in Rome, the build up of public debt presages a country's
I don't think it is so much a "fear" to talk about the economy as
much as a lack of knowledge. People regularly confuse microeconomics with macro
and think their personal finance class somehow relates to foreign bond
transactions. Most people don't understand the role the deficit plays in a
liquidity trap or what the zero lower bound is. Most people do not know where
spending bills originate or understand the fact that the president cannot spend
a single penny without congressional approval. It is human nature to hate what
you do not understand. Deficit spending has been reduced 50% over the last five
years. That was done by congress. That is also a bad thing because we are
currently in a liquidity trap and should be expanding the deficit. But it is much easier for the average person to take no effort in trying to
understand macroeconomic models and just blame whoever is in the White House at
Gee, you don't suppose that the mainstream media is not reporting much
about our economy because it is "their" guy in the White House, do you?
One reason I am scared to talk about the economy is because of that
herd of elephants in the room called the national debt. Over 17 trillion and,
thanks to yesterdays vote in the Senate, likely to be 18 trillion this time next