In default ?

**rebel** · 02-17-2010, 12:21 PM

Federal band-aid ?:http://www.cbpp.org/cms/?fa=view&id=711

http://econlog.econlib.org/archives/..._predicts.html

http://www.marketoracle.co.uk/Article14712.html

and as of yesterday:http://www.moneymorning.com.au/20100...t-default.html

Lately, the word for debt has been "unsustainable". Is this insolvency just media hype or not? Do you foresee inflation or hyperinflation in the near future?

Not to fear the future because I don't. I do like to be prepared and I think about the possible contingencies. With that, the skills and supplies needed to meet those challenges. I think you'd be a unwise if you didn't.

**Ken** · 02-17-2010, 01:26 PM

Reb, this nation is drowning in debt.

A huge percentage of our treasuries and national debt is owned by foreign governments, including our "friends" the Chinese. And this debt rises substantially every single minute of every single day. We damn well better pay off that debt before the collectors come knocking at our door looking for repayment.

For far too long, and particularly over the last year, our federal government and most state governments have been speeding toward financial disaster. We are riding a high-speed train on tracks which lead to a railroad trestle about to collapse under its own weight.

In plain English, government, at all levels, has screwed the nation and our future generations by saddling us with so much debt that we now struggle to make the interest payments alone. They have played a Ponzi scheme that makes guys like Madoff look like saints in comparison. And they continue to piss away hundreds of billions of dollars each year.

Somewhere in our past, we crossed the line and moved from a place where the government worked for the people to a place where the people work for the government. The only way to turn around and head to the place we were once at is to toss out the bums the people have elected, slash government spending to a managable level, and accept the facts that nothing comes for free and that you have to work for things BEFORE you enjoy them.

Far too many government employees are incompetent and arrogant hacks employed in high-paying do nothing positions. I see it every day.

Isn't there something wrong with the fact that the people who supposedly work for us earn far more in comparison with most of those in the private sector? Isn't there something wrong with the fact that the people who supposedly work for us have far superior job security, and GUARANTEED medical plans, fringe benefits, and pension plans in comparison with most of those in the private sector?

If the average business owner and his/her representatives who deal with the public - sales clerks, wait staff, service techs, etc. - were as aloof and arrogant as the average government employee is, the business would fold and be replaced by its competition. Only the government and the industries it "closely regulates" - such as banks, utilities, and public transportation - survive regardless of their arrogance and incompetence.

Simply put, we have far too much government. Our tax dollars pay far too many incompetent and arrogant people who contribute LITTLE OR NOTHING in return.

You want Ken's solutions to some of the problem?

1. Cut all non-military/law enforcement federal staffing and discretionary spending levels by 5% a year for the next ten years.

2. Re-write the Constitution in plain English terms that clearly restrict government's authority to involve itself in matters in which it has no business playing a role and in a way by which the courts won't be able to twist its meaning to suit the whims of elected officials.

3. Reserve all rights and powers not granted to the government in very narrow terms to the people - THE INDIVIDUAL - so that the government stops meddling in our private affairs at the same time it bleeds us dry.

I could keep going for weeks, but I'll just vent a wee bit here.

End of rant.

**mcgyver** · 02-17-2010, 01:44 PM

Ken,
Have you ever considered a public office?
You may have more votes than you think.

**Pal334** · 02-17-2010, 01:45 PM

So,,, Ken are you saying you are not happy with the way things are going?

I see a trend that has promise. More and more (still not overwhelming numbers) of the incumbents are calling it quits (the reasons vary), the people should take this opportunity to send a message that the party is over

**rwc1969** · 02-17-2010, 01:55 PM

What will happen when these foreign countries who have been supporting us call in those debts?

**Ken** · 02-17-2010, 01:58 PM

Originally Posted by rwc1969

What will happen when these foreign countries who have been supporting us call in those debts?

Guests can not see images in the messages. Please register in the forum.

**Rick** · 02-17-2010, 03:07 PM

Actually, not a thing. They can't repo the country. That's the risk they take in investing in us. What they get out of it is high yield when we repay the debt. Of course, right now, it's just interest with no principle.

I think you're a bit harsh, Ken. Maybe not far off the mark but I don't think I'd say "far too many government employees are incompetent and arrogant hacks". That covers LE, and post office and military etc. etc. You might be very close to the mark if you said politicians, which is what I suspect you meant.

Our debt burden is becoming quite an albatross and it's beginning to weigh rather heavy on the neck of the American people. I don't think we've crossed the threshold to where we can't pay it back but I do think politicians are still turning a blind eye to it. I said several months back that I would remain a sheeple unless they passed health care reform and I'm still in that camp. But both sides of the aisle need to get their butts in gear and get started on fixing it or we will cross the point of no return. As it is, several generations are going to be strapped with debt repayment that bought us very little.

With regard to politicians leaving Washington, the scary part is it's the ones we can ill afford to lose. The ones that want to work on solutions and have been frustrated by ineptitude and inaction.

A balanced budget amendment and a line item veto law would go a very long way in the right direction, IMHO.

**2dumb2kwit** · 02-17-2010, 03:40 PM

Originally Posted by rwc1969

What will happen when these foreign countries who have been supporting us call in those debts?

The problem comes before they even call in the notes. Ya see, the ones who hold the notes are the ones that we keep borrowing money from. Before they call in the notes, they stop loaning us more money.

The problem with this is that when the Gov't. takes in 2 trillion dollars, but spends 3.8 trillion dollars. They say "oh well" and ask to borrow 1.8 trillion, to get by. When China/whoever says "no", that only leaves one other place to get the extra money.....that's right, The American People.

If that happens, the bill is due right then, and not just a debt, like we have now....which is (depending on who's numbers you use.) somewhere between $30,000 and $45,000 for every man, woman, and child, in this country. (And it's still rising.)

**Ken** · 02-17-2010, 03:51 PM

Originally Posted by mcgyver

Ken,
Have you ever considered a public office?
You may have more votes than you think.

Thanks! I held an elected local office for 6 years.

Originally Posted by Rick

The ones that want to work on solutions and have been frustrated by ineptitude and inaction.

Rick, if I could change that to read "The ones that want to work on solutions have been frustrated by incompetence, ineptitude, inaction, cronyism, favoritism, prejudice, cover-ups, back-room deals, disingenuous officials, dishonesty, tenured employees, government unions, and political backstabbing" it would explain why I didn't seek another term in office.

**Ken** · 02-17-2010, 04:05 PM

Originally Posted by 2dumb2kwit

.........and not just a debt, like we have now....which is (depending on who's numbers you use.) somewhere between $30,000 and $45,000 for every man, woman, and child, in this country. (And it's still rising.)

2dumb,

According to the "U.S. National Debt Clock" http://www.usdebtclock.org/ the debt per person as of 3:05 pm today is $40,109 and the debt per taxpayer is $113,189.

And that figure does NOT include "unfunded liabilities."

If you wanna' puke, just click on the Debt Clock link and study the numbers for a few minutes. To see the definition of a term, just place your cursor over the dollar figure and the definition will appear in the box at the top.

The sum and substance of it all is that we're screwed.

**Rick** · 02-17-2010, 04:07 PM

And just think, if they hadn't taken the census in 2000 we wouldn't know that.

**2dumb2kwit** · 02-17-2010, 04:45 PM

Originally Posted by Ken

2dumb,

According to the "U.S. National Debt Clock" http://www.usdebtclock.org/ the debt per person as of 3:05 pm today is $40,109 and the debt per taxpayer is $113,189.

And that figure does NOT include "unfunded liabilities."

If you wanna' puke, just click on the Debt Clock link and study the numbers for a few minutes. To see the definition of a term, just place your cursor over the dollar figure and the definition will appear in the box at the top.

The sum and substance of it all is that we're screwed.

Yeah....I was just trying to make people aware, without giving them so much info that they would want to go jump off a bridge. LOL