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Originally Posted by Iriemon
I definitately agree the Govt needs to cut spending. But what to do until that happens? Keep running up the debt?
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Originally Posted by ARealConservative  Don't forget about printing money, we seem to love doing that too. |
That is the Fed, not the Govt, and it has done a reasonable job controlling the money supply, in my opinion. The deficits have been largely financed by borrowing from China and our SS trust fund, not by expanding the money supply.
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I wish this were so easy, I would be all for it. Unfortunately a heavily progressive tax system also prevents a majority of voters from experiencing the real burden of this spending. In that regard, our debt (and printing of new money) is the great equalizer. The inflation it causes is shared by all (even foreign countries share this hidden tax  )
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Debt doesn't cause inflation. It causes an interest expense, which is now exceeding $400 billion every year. This rapidly growing element of Govt expenditure will ultimately require an increase of taxes. Upon whom will depend on who has power when it is passed.
But your atittude is typical of the pass the buck generation and our legacy of debt to future Americans. I personally find it immoral and disgraceful to purposely pass the cost of *our* government to future taxpayers, but your view seemed to be the majority, at least until recently while the Republicans were in control.. Hopefully the Dems will have the balls to do the right thing with their pay-go proposal, but I'm not holding my breath.