Americans have lost their collective minds when it comes to federal spending
Posted by John T. Reed on
With a few exceptions like Mark Levin, Americans have collectively lost their minds regarding the cost of our current quarantine-the-320-million-healthy-and-not-at-risk-age-groups policy.
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The last figure I heard was that we are putting an extra $4T on the national debt this year.
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Does anyone realize that is a loan—borrowing? Who is supposed to pay it back? Everyone in America seems to think “Not me.” The implicit answer is our grandchildren and their children. How much are we raising the taxes on current old-enough-to-vote people to start paying down our debt? Zero. No politician would even think about making the current borrowers of these huge sums pay them back.
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This is the greatest crime ever committed by Americans against Americans. The voting age generations are borrowing monstrous amount so we can live high on the hog while not working. Our too young to vote descendants will have their futures destroyed by all this debt.
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No nation can put 35% of the population on indefinite paid vacation. We must go back to work.
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I addition to destroying the futures of the too young to vote, Americans are also blythely destroying their currency. Obviously, they think it is indestructible no matter what you do to it.
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• Low interest rates make people want to put their money in investments other than savings accounts and bonds of the country in question. The main meaning is they make it harder for the federal government to borrow all these trillions they are spending paid vacations for 35% of Americans.
• US credit rating
Agency Rating Outlook Date
DBRS AAA stable Apr 22 2014
Fitch AAA stable Mar 21 2014
Fitch AAA negative watch Oct 15 2013
DBRS AAA under review Oct 09 2013
Moody's Aaa stable Jul 18 2013
S&P AA+ stable Jun 10 2013
Fitch AAA negative Nov 28 2011
DBRS AAA stable Sep 08 2011
S&P AA+ negative Aug 05 2011
Moody's Aaa negative Aug 02 2011
S&P AAA negative watch Jul 14 2011
Moody's Aaa negative watch Jul 13 2011
S&P AAA negative Apr 18 2011
Fitch AAA stable Sep 21 2000
Fitch AAA n/a Apr 01 1996
Fitch AAA negative watch Nov 13 1995
Fitch AAA n/a Aug 10 1994
Moody's Aaa stable Feb 05 1949
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These are mostly AAA, just S&P has AA. But the bond raters are liars. They fear the US government, which almost drove S&P out of business for downgrading them to AA. The outlooks tell a more truthful story: many negatives and an under review. If truthful bond ratings come out, maybe from non-US rating agencies, the interest rate required to sell the bonds will go up which,at certain levels mean all tax revenue goes to pay interest leaving none for social security and Medicare.
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Americans have no clue what they are messing with when they imitate Germany in the early 1920s or Venezuela or Argentina or Zimbabwe by simply “printing” money.
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They just have some vague notion that we are not Weimar Germany or Venezuela, etc. That is exactly what the Germans would have said about the mark in 1920. Germany and the Austro-Hungarian empire were among the top three cultural and financial centers in the world then along with New York City and London.
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When they started to operate their government by printing unlimited amounts of paper marks, they starved and froze and, about ten years later, felt the need to elect Adolf Hitler head of Germany to rid them of their recent unhappy history: losing WW I, the hyperinflation of 1921 to 1924, and the Great Depression. They were saved from all that by the US in 1945.
.
Who is going to save us if WE turn ourselves into a national basket case?
.
The last figure I heard was that we are putting an extra $4T on the national debt this year.
.
Does anyone realize that is a loan—borrowing? Who is supposed to pay it back? Everyone in America seems to think “Not me.” The implicit answer is our grandchildren and their children. How much are we raising the taxes on current old-enough-to-vote people to start paying down our debt? Zero. No politician would even think about making the current borrowers of these huge sums pay them back.
.
This is the greatest crime ever committed by Americans against Americans. The voting age generations are borrowing monstrous amount so we can live high on the hog while not working. Our too young to vote descendants will have their futures destroyed by all this debt.
.
No nation can put 35% of the population on indefinite paid vacation. We must go back to work.
.
I addition to destroying the futures of the too young to vote, Americans are also blythely destroying their currency. Obviously, they think it is indestructible no matter what you do to it.
.
• Low interest rates make people want to put their money in investments other than savings accounts and bonds of the country in question. The main meaning is they make it harder for the federal government to borrow all these trillions they are spending paid vacations for 35% of Americans.
• US credit rating
Agency Rating Outlook Date
DBRS AAA stable Apr 22 2014
Fitch AAA stable Mar 21 2014
Fitch AAA negative watch Oct 15 2013
DBRS AAA under review Oct 09 2013
Moody's Aaa stable Jul 18 2013
S&P AA+ stable Jun 10 2013
Fitch AAA negative Nov 28 2011
DBRS AAA stable Sep 08 2011
S&P AA+ negative Aug 05 2011
Moody's Aaa negative Aug 02 2011
S&P AAA negative watch Jul 14 2011
Moody's Aaa negative watch Jul 13 2011
S&P AAA negative Apr 18 2011
Fitch AAA stable Sep 21 2000
Fitch AAA n/a Apr 01 1996
Fitch AAA negative watch Nov 13 1995
Fitch AAA n/a Aug 10 1994
Moody's Aaa stable Feb 05 1949
.
These are mostly AAA, just S&P has AA. But the bond raters are liars. They fear the US government, which almost drove S&P out of business for downgrading them to AA. The outlooks tell a more truthful story: many negatives and an under review. If truthful bond ratings come out, maybe from non-US rating agencies, the interest rate required to sell the bonds will go up which,at certain levels mean all tax revenue goes to pay interest leaving none for social security and Medicare.
.
Americans have no clue what they are messing with when they imitate Germany in the early 1920s or Venezuela or Argentina or Zimbabwe by simply “printing” money.
.
They just have some vague notion that we are not Weimar Germany or Venezuela, etc. That is exactly what the Germans would have said about the mark in 1920. Germany and the Austro-Hungarian empire were among the top three cultural and financial centers in the world then along with New York City and London.
.
When they started to operate their government by printing unlimited amounts of paper marks, they starved and froze and, about ten years later, felt the need to elect Adolf Hitler head of Germany to rid them of their recent unhappy history: losing WW I, the hyperinflation of 1921 to 1924, and the Great Depression. They were saved from all that by the US in 1945.
.
Who is going to save us if WE turn ourselves into a national basket case?
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