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<blockquote data-quote="vantexan" data-source="post: 2496919" data-attributes="member: 24302"><p>But I'm not carping about the deficit. The DEFICIT is the difference between what we take in and what we shell out. It's bad enough as it adds to the debt. The DEBT is the total amount owed, the total amount of all those annual deficits. If we're to remain solvent we need to reduce the debt. Servicing the debt interest is taking more and more of our annual budget. Which means everything will get reduced over time if we don't control the debt. And we aren't controlling it. Eventually all the nations that buy our bonds will be too afraid to because of fear of collapse. Which will hasten our collapse because the bonds cover the deficit. It's not something we can print our way out of. We came out of WWII with the world's strongest economy which paid for the huge debt incurred during the war and made it possible to create social programs that aided the most vulnerable. We all know what has happened since then. If we continue down the path of government largesse where's the money coming from to pay for it with the economy we have now? All I heard from Clinton and Sanders was they were going to give us this and that with no explanation of how to pay for it. Maybe you know how we can pay for so much with a service economy that only employs so many? Please explain.</p></blockquote><p></p>
[QUOTE="vantexan, post: 2496919, member: 24302"] But I'm not carping about the deficit. The DEFICIT is the difference between what we take in and what we shell out. It's bad enough as it adds to the debt. The DEBT is the total amount owed, the total amount of all those annual deficits. If we're to remain solvent we need to reduce the debt. Servicing the debt interest is taking more and more of our annual budget. Which means everything will get reduced over time if we don't control the debt. And we aren't controlling it. Eventually all the nations that buy our bonds will be too afraid to because of fear of collapse. Which will hasten our collapse because the bonds cover the deficit. It's not something we can print our way out of. We came out of WWII with the world's strongest economy which paid for the huge debt incurred during the war and made it possible to create social programs that aided the most vulnerable. We all know what has happened since then. If we continue down the path of government largesse where's the money coming from to pay for it with the economy we have now? All I heard from Clinton and Sanders was they were going to give us this and that with no explanation of how to pay for it. Maybe you know how we can pay for so much with a service economy that only employs so many? Please explain. [/QUOTE]
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