On 3/30/2011 7:48 AM, F. George McDuffee wrote:
On Wed, 30 Mar 2011 07:47:27 -0400, "Stormin Mormon"
wrote:
snip
I'm not sure the Zero administration has any plans to reduce
the deficit, or the debt. That will be left to later admin.
snip
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It has been observed that life is what occurs while you are
making other plans...

Current news is that the true Republicans and financial
conservatives are refusing to even consider additional
continuing resolutions so the federal government is
scheduled to begin shutting down 08 April until a new budget
can be enacted.

Even more critical in the slightly longer term is not only
the refusal of the true Republicans and the new tea-party
affiliated members of Congress to vote for any increase in
the national debt, but their avowed intentions to "spike"
[prevent] even the consideration of such increase in either
house.

It should be crystal clear the politicians at every level of
government in the US will spend every cent they can get
their hands on, and the only way to prevent financial/fiscal
disaster is to chop the money tree down, i.e. no increase in
the debt limit. To be sure this will cause great hardship
and upheaval for many people, but nothing approaching the
universal catastrophe of a fiscal crisis with sovereign debt
default that is sure to occur in a few years if the US
national debt limit is again increased or, god forbid,
removed.


It should be remembered that we just experienced the worst recession in
our history. Bush started two wars that are still not over. The baby
boom generation is a once in a century event.

With those problems it's not a surprise that the government has spent
more than it has taken in. Not counting the fact that we've had one
republican administration after another that refused to raise taxes to a
level needed to pay for it's spending.

But all those things are transitory. The recession is over and one of
these days we will return to full employment and even to a boom in the
business cycle. At which point far more money will be coming into the
treasury.

The Bush wars will eventually end reducing our huge financial outlays.
The baby boom generation will all die too. So at some time in the future
business will boom, the baby boomers' retirement will no longer be a
huge cost to the country. As these things happen you will see a reversal
and the debts caused by these events will be replaced by surpluses. But
there is one thing that could prevent that from happening. That would be
if more republicans control the government and they continue to refuse
to raise enough in tax revenues to pay for the country's expenses. So if
that happens expect the debt will never go away.

Hawke