US Taxing 100% of Personal Income Will Not Cover Deficits

Nixon put the country onto a full fiat currency, enabling it all, and Reagan showed voters how they could have their cake and eat it too by running massive deficits and turning Social Security into a ponzi scheme. And of course, the Dem congress was happy to go along in both cases.

But Presidents get supersized glory, and supersized blame - both of those two GOP Presidents are going to be viewed most dimly by history.
 
Quote from Random.Capital:

Nixon put the country onto a full fiat currency, enabling it all, and Reagan showed voters how they could have their cake and eat it too by running massive deficits and turning Social Security into a ponzi scheme. And of course, the Dem congress was happy to go along in both cases.

But Presidents get supersized glory, and supersized blame - both of those two GOP Presidents are going to be viewed most dimly by history.
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Well, they should. But don't you think turning the USA into the USSA is a different issue from "funny money" and "star wars deficit spending"?
 
Quote from runningman:

So you felt Bush had us going in the right direction? If we had followed through with his SS reforms by privatizing the system our country would have ceased to exist by now. You do realize that, don't you?
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Interesting thread.

The Bush SS reform would have only effected a small portion of one's retirement account and even that was optional. Right now you have NOTHING in your retirement account. Just a promise from congress. People could have put bullion etfs in that portion and made money. In the long term we don't know if it would have been a good idea. It might have muted the stock market decline.
 
Well now....

The people are going to be choosing again at some point....

Two options....



1) Get a big whippin....and stay down with a "big govt'" in their face....every day of their lives and their great grand children's lives....

or

2) Get a big whippin....and
bring about "total reform" which dramatically downsizes govt. ie a 10% state, 5% Fed consumption tax only....

With an incredible financial future for themselves and their children's children....

...........................................................

Either way one is going to get "a big whippin"....

Might as well take advantage of the opportunity....
 
Quote from pspr:

Interesting thread.

The Bush SS reform would have only effected a small portion of one's retirement account and even that was optional. Right now you have NOTHING in your retirement account. Just a promise from congress. People could have put bullion etfs in that portion and made money. In the long term we don't know if it would have been a good idea. It might have muted the stock market decline.
More...

The American public is so stupid that if you gave them 2 choices - a stock and a bond fund- they would have it in the wrong one 100% of the time. Most Americans can't even balance a check book. Very sad, and a reflection on the education system more than anything.
 
Quote from runningman:

"... Most Americans can't even balance a check book. Very sad, and a reflection on the education system more than anything.
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I have always thought "they" keep us in the dark on purpose... if we are not financially aware, makes it easier for them to get away with shenanigans.

How can a course in personal finance not be a requirement to graduate from high school? What could be more important?

Hell, my college REQUIRED a course in public speaking.... "for my own good", of course. But nothing was required in the way of economics or finance.

In the USA educational system... if you want to learn about anything financial you have to dig it out on your own.... most of us don't get past the part about "charging it".
 
Quote from Scataphagos:

I have always thought "they" keep us in the dark on purpose... if we are not financially aware, makes it easier for them to get away with shenanigans.

How can a course in personal finance not be a requirement to graduate from high school? What could be more important?

Hell, my college REQUIRED a course in public speaking.... "for my own good", of course. But nothing was required in the way of economics or finance.

In the USA educational system... if you want to learn about anything financial you have to dig it out on your own.... most of us don't get past the part about "charging it".
More...

If a student can memorize the following they won't need much more..

"If your outgo exceeds your income your upkeep will be your downfall"
 
Okay, question.

The "official" US deficit is around 11 trillion. As a percentage of GDP, the US is about in the middle of industrial countries in terms of debt. But according to the article, the US has another 55 trillion in "off the record" debt. That is several years of GDP. But, how does this compare to the "off the record" debt of other countries in terms of their GDPs? Does anyone know?

Thanks,
Bettles
 
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