Quote:
Originally Posted by Txfishkiller
we're fucked, excessive borrowing and spending with no limits and no cares. the economy will not recover and 10% unemployment will be the norm, the next two generations including many of the younger providers will have tax rates of 75% to pay back China for our credit card party we've had. but hey the takers won over the producers and i will personally do everything i can to shelter my income rather than support Obama voters who chose govt freebies over capitalism and freedom
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You have no idea what you are talking about. First of all the stock market is up 75% since Obama took office (and it was headed way down right then).
Second, 66% of the debt is owed to us, yes us. Only about 33% is owned to foreigners and it is owed in dollars (which we can print at will).
Since we have a fiat money monetary system we don't have to borrow, sell bonds, pay interest or pay any attention to rating agencies. Those are all artifacts of the pre-1971 gold standard monetary system that Nixon, yes Nixon took us off of.
You are a FOX and Limbaugh educated know-nothing idiot who doesn't have the least clue how macro-economics works at all. "Takers and Makers" is FOX and right wing rhetoric that has no relation to reality just like Republican projections of a Romney landslide had no connection to reality. Get a grip (on reality).