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Repudiating the National Debt
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<blockquote data-quote="bbsam" data-source="post: 858189" data-attributes="member: 22662"><p>It's not a bad thing. It is a ridiculous thing to have the nation with it's elected officials pass programs and refuse to fund them adequately through the tax system. If we want Obamacare, and by the votes it seems we do, then we have to pay for it. If we want a prescription drug plan, we have to pay for it. If we want wars all over the world, we have to pay for it. That's the simplest way to put it. Now for the more complex: If we default, everybody pays more. Banks from world to local level get to raise rates not only on new loans, but on those credit cards in people's pockets. You know, the ones that say "prime+x%". Businesses have to pay more in interest, inflation becomes a monster and the cycle continues. Why? Because we seem not to want to pay for that which we have bought. So maybe you are right. It's not that "kitchen table economics" doesn't apply, but that we prefer to ignore parts of it.</p></blockquote><p></p>
[QUOTE="bbsam, post: 858189, member: 22662"] It's not a bad thing. It is a ridiculous thing to have the nation with it's elected officials pass programs and refuse to fund them adequately through the tax system. If we want Obamacare, and by the votes it seems we do, then we have to pay for it. If we want a prescription drug plan, we have to pay for it. If we want wars all over the world, we have to pay for it. That's the simplest way to put it. Now for the more complex: If we default, everybody pays more. Banks from world to local level get to raise rates not only on new loans, but on those credit cards in people's pockets. You know, the ones that say "prime+x%". Businesses have to pay more in interest, inflation becomes a monster and the cycle continues. Why? Because we seem not to want to pay for that which we have bought. So maybe you are right. It's not that "kitchen table economics" doesn't apply, but that we prefer to ignore parts of it. [/QUOTE]
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