Debt Limit Increase on the Horizon

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trofimus

trofimus

Senior Member
#2
Aug 17, 2015
10,684
794
113
#2
Billyd said:
The US is broke. The debt limit must be increased.

Debt ceiling: How will Trump deal with it? - Business Insider

I vote for minting a $1T platinum coin. If we are going to be creative, at least we can make it pocket change.
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I do not understand why you must borrow more and more money (and from who?) if your economy is a developed one.

Look at Germany, Norway etc, they end in overplus and they are even very social countries. So why not the USA?
 
Tommy379

Tommy379

Notorious Member
#3
Jan 12, 2016
7,589
1,151
113
#3
trofimus said:
I do not understand why you must borrow more and more money (and from who?) if your economy is a developed one.

Look at Germany, Norway etc, they end in overplus and they are even very social countries. So why not the USA?
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They don't borrow money really..... they just spend it. Technically the federal government borrows money from the federal reserve, that is obligated to lend it. It's not really money the reserve has in deposits. It's just numbers being moved around. The government just sells bonds and prints currency to repay it. This causes inflation, even though the government lies and says there is no inflation. The government only likes to count consumer goods in it's inflation calculations, when we all know we are paying more for food, shelter, fuel, energy... stuff we need. So when we have to pay more with our fiat currency, it's really a secret tax to remove wealth from us and put it in the government's coffers.
 
Tommy379

Tommy379

Notorious Member
#4
Jan 12, 2016
7,589
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#4
The thing with raising the debt limit is, the money is already spent, raising the limit is a fomality that allows congress to service that debt.
 
J

Jennie-Mae

Guest
#5
#5
Problem is that the federal government is preying on the states behind every corner to nickle and dime the last penny out of their pockets.
 
Tommy379

Tommy379

Notorious Member
#6
Jan 12, 2016
7,589
1,151
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#6
Jennie-Mae said:
Problem is that the federal government is preying on the states behind every corner to nickle and dime the last penny out of their pockets.
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Actually, it's the states reliance on federal revenue that drives a lot of this problem.
 
J

Jennie-Mae

Guest
#7
#7
Tommy379 said:
Actually, it's the states reliance on federal revenue that drives a lot of this problem.
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Yes, because they have done what it takes to make the states dependent on the federal government. We're paying them dollars for every penny they're throwing in.
 
Tommy379

Tommy379

Notorious Member
#8
Jan 12, 2016
7,589
1,151
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#8
Jennie-Mae said:
Yes, because they have done what it takes to make the states dependent on the federal government. We're paying them dollars for every penny they're throwing in.
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Well, repeal the 16th amendment.
 
J

Jennie-Mae

Guest
#9
#9
Tommy379 said:
Well, repeal the 16th amendment.
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No court would ever do that, nor would any lawmaker propose such a law, but the federal government is too greedy.
 
Tommy379

Tommy379

Notorious Member
#10
Jan 12, 2016
7,589
1,151
113
#10
Jennie-Mae said:
No court would ever do that, nor would any lawmaker propose such a law, but the federal government is too greedy.
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Courts definitely have nothing to do with constitutional amendments, and lawmakers have little to do with it. The constitution is amended by the states through ratification.
 
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