Comments on 'We're not broke: U.S. could pay its bills without borrowing a cent'
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We're not broke: U.S. could pay its bills without borrowing a cent

The notion that the United States is “broke” is a popular talking point for conservative lawmakers. They use the claim to justify cuts in government services for middle-class Americans and those with whom they have ideological quarrels. But we’re not broke. On the contrary, we have enormous economic resources at our disposal.... Read more»

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Mar 24, 2011, 9:26 pm
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Nothing annoys me more than reading an article like this.  It shows complete ignorance of the real world.
Yes, the US has a lower tax rate because almost all the other developed countries have nationalized insurance plans. The cost of the health insurance is collected as taxes. Cut that out of the tax and the US is generally higher.  You cannot just look at income taxes, you have to add all taxes to compare and if you do that, the US is just about even.

The problem is not taxes (if you collected 100% of all income over the poverty level in the US, you would barely balance the budget), it is spending.

Go look at what you get on a Canadian retirement check.  It is generally only 50% of a social security check.  Adjust the US SS payouts to Canadian levels and you have 1/3 of the deficit cured.  Compare the Canadian medical systen and Medicare/Medicade and you can save another 1/3 of the deficit.

It is not taxes, it is SPENDING. 

Look at the Canadian military spending and the US military spending.  You save a lot more.

All you have to do is cut SS checks by 50%, cut Medicade/Medicare payouts by 50% and the military by 75% and you are done.  Of course the day you do that as a politician, the voters will string you up on a lamp post and find someone else to restore the cuts, but don’t let that stop you.

The US is toast!!!  The voters will not elect anyone who will cut spending or raise taxes and eventually, the US will run out of people to buy their bonds. 

When that happens, you will get riots, chaos and a change of government.  Just look at Greece, Ireland and Portugal today. 

Before you think that is impossible, go read some US history.  Twice before the money has failed and the government has changed.  The first time was the Continental currency in play 1776-1787.  Ever heard the saying “Not worth a Continental?” The currency became useless and a new for of government arose.  The second time was the Confederate money 1861-1865.  Again, the currency became worthless and the country reunited.

The average households portion of the national debt is $234,000.  Do you think the average household can pay that amount?  I don’t either.

The US is going to go broke.  No, that is not correct.  The US IS broke, it is going to go bankrupt..

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The Speaker of the House, John Boehner (R-Ohio), likes to say that the United States is 'broke, going on bankrupt.' But we’re not broke. Not at all.


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