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<blockquote data-quote="vantexan" data-source="post: 796623" data-attributes="member: 24302"><p>The national debt has grown from 8 to 14 trillion dollars since early 2007 when the Dems took over Congress. Most of that in the last 2 years. Servicing the interest on the debt is the single biggest expenditure of the gov't. If the spending isn't curtailed it will threaten the solvency of Social Security and Medicare. If the gov't defaults on it's debt it'll mean much higher interest on future bond issues otherwise investors like the Chinese won't buy our bonds(we defaulted previously). Will make it impossible to have any of the little programs that help average citizens as every spare dime will be paying on the debt. Not a FOX News spin, just economic reality. If the gov't tries to print it's way out of debt it'll flood the market with too many Dollars resulting in high inflation i.e. the late 70's under Carter. That means your savings will be worth alot less as well as my little fixed benefit traditional pension FedEx replaced. And if taxes are raised to pay debt it will put a damper on the economy as money that would've been spent on goods and services will now go to the gov't to pay interest. There is no free lunch and the debt we've accumulated will be a burden on future generations. Already the head of the Federal Reserve is saying the job market will need 4 or 5 years to get back to normal. That means fewer income tax dollars to pay for a bloated Federal Gov't. As bad as things have been it could get worse if the gov't keeps spending at the current pace.</p></blockquote><p></p>
[QUOTE="vantexan, post: 796623, member: 24302"] The national debt has grown from 8 to 14 trillion dollars since early 2007 when the Dems took over Congress. Most of that in the last 2 years. Servicing the interest on the debt is the single biggest expenditure of the gov't. If the spending isn't curtailed it will threaten the solvency of Social Security and Medicare. If the gov't defaults on it's debt it'll mean much higher interest on future bond issues otherwise investors like the Chinese won't buy our bonds(we defaulted previously). Will make it impossible to have any of the little programs that help average citizens as every spare dime will be paying on the debt. Not a FOX News spin, just economic reality. If the gov't tries to print it's way out of debt it'll flood the market with too many Dollars resulting in high inflation i.e. the late 70's under Carter. That means your savings will be worth alot less as well as my little fixed benefit traditional pension FedEx replaced. And if taxes are raised to pay debt it will put a damper on the economy as money that would've been spent on goods and services will now go to the gov't to pay interest. There is no free lunch and the debt we've accumulated will be a burden on future generations. Already the head of the Federal Reserve is saying the job market will need 4 or 5 years to get back to normal. That means fewer income tax dollars to pay for a bloated Federal Gov't. As bad as things have been it could get worse if the gov't keeps spending at the current pace. [/QUOTE]
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