roremc

I don't follow US politics that much but it seems like south of the border things are going to shit economy wise. I read this article in an Australian newspaper. Is it that bad?

America on the precipice

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LuckyRVA

M'eh the Fed Reserve will just print more money


Seriously though, this is a long time coming.

HoboMaster

Oh there's lots of money, notice how the article says "The World's Richest Nation"?

It's just all sitting in 5% of the population's offshore bank accounts, where it doesn't get recycled back into the system. It works like this:

1. Feds print money
2. Fat Catz accumulate and hide money
3. Money no longer circulates into the economy
4. Feds print more money
5. Lots O Debt and Inflation ensues.

Rinse and Repeat

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Donutz

Unless the money is sitting in a money bin like Scrooge McDuck's, it's not just "sitting". Banks are allowed to lend out money based some multiple of current deposits. They can also invest that money in other ways (i.e. stock market), in order to generate enough profit to pay the interest on the deposits. So the money is circulating anyway. Of course, with offshore deposits it's not circulating locally, so you're losing out on the local stimulation, and on local taxes.

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roremc

Seems like an easy fix would be to cut defense spending and start taxing people more?

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Donutz

If the US cut defense spending, they wouldn't have to tax people more. And I hate tax increases. It's just like getting your credit card limit increased.Just encourages bad habits. If the taxes that were good enough last year aren't good enough this year, maybe first try to figure out what happened and can it be fixed.

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Flick Montana

Raising taxes is never the answer. That's like saying, "My son always blows his allowance on candy. In order to solve this problem, I shall raise his allowance."

We need to cut spending. The defense budget is a good start. There are plenty of frivolous government programs that can be cut as well as the ludicrous amounts of money we spend on our politicians when they need to be covering their own expenses out of pocket. I'm tired of already wealthy politicians living on the working backs of the American tax-payer.

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dc-rida-4-life7

America needs to stop all the F-ing morons from reproducing. I love America but there is just too many idiots in the god damn country.

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roremc

Interesting read.

Warrren Buffett: The Rich Need to Pay More Taxes - ABC News

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HoboMaster

Pretty amazing that's coming out of his mouth, he must actually have a conscious. Of course, it's funny to see that all the other invitations for billionaires to calculate tax percentages were declined. That right there tells you the system is fucked up and they all know it, and have made it that way.

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