Last edited by Misterveritis; 10-04-13 at 04:09 PM.
Last edited by iguanaman; 10-04-13 at 03:52 PM.
First, high levels of debt mean that too many of our taxpayer dollars are wasted on paying interest. This is money that could have been better spent elsewhere, by letting us all keep more of our hard-earned money or by better funding national priorities such a defense and infrastructure .
Second, when debt gets high enough or rises fast enough, capital markets do take notice and interest rates will rise. As history has shown in the past this can happen quickly with a dramatic twist. Interest rates on mortgages, car loans and credit cards would go through the roof.
Third, inflation could become a problem. As debt rises, the Federal Reserve could turn to that age-old, but dangerous tactic: printing money. This reduces the value of the debt, but it would also usher in a new age of inflation. OMG all these months of Bernanke propping up the market with all that QE well,..... at some point is is going to all come crashing down.
Fourth, high levels of debt usually translate to much lower levels of economic growth. We have certainly been experiencing that these past 4 years. According to the CBO we are running 73% of GDP, but it will hit 100% by 2038. I don't know how louder a clarion call anyone needs to show the devastation if we don't get spending in the Federal government under control.
Fifth, this is a moral issue. Running up debts and passing them on to younger generations is wrong. Enough!
We dont have that kind of leadership in todays Congress because its run by teabaggers, who view government spending and debt wrongly as contributing to recessions. So Obama has basically had to do it without government hel (except for his stimulus, which was enough to stave off total disaster) . and government jobs have been plummeting since the end of the stimulus.
Many Trump supporters have lots of problems, and those deplorables are bringing those problems to us. They’re racists. They’re misogynists. They’re islamophobic. They're xenophobes and homophobes. And some, I assume, are good people.