CBO Director: 'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis' - Galt's Gulch

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CBO Director: 'Large and Growing Federal Debt' Could Produce 'Fiscal Crisis'

Posted by eskslo 10 years, 9 months ago to Economics

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Posted by mminnick 10 years, 9 months ago

Look at Greece, Italy, Spain, Portugal and Ireland. All have large deficits and debt they cannot pay. What do they have when the government tried to curtail the spending? Riots in the street (in the case of Greece), protests (in the case of the others). We aren’t there yet, but we have seen protest and near riots (The Occupy Wall Street idiots).
We are only a few years from that situation, maybe less. If we cut the entitlement programs currently extant, we will see the rioting in the street and burning buildings. The occupiers will see to that.

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  Posted by ShruginArgentina 10 years, 9 months ago
  
  There is a HUGE difference between annual deficits and the national debt.
  
  Annual deficits of ANY amount INCREASE the national debt.
  
  It shouldn't require a degree in economics to know the difference.
  
  (But, yes, I do have one ;-).
  
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    Posted by mminnick 10 years, 9 months ago
    
    I do infact know the difference between the deficit (That is the amount you over spend). and debt (that is the amount you owe, usually the sum of the amounts you have overspent . It may also include the interest accrued on the debt).
    (and yes I sorta have one too - Mathematical Economics and Modeling)
    
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  Posted by Robbie53024 10 years, 9 months ago
  
  stock heritage seeds, appropriate weapons, and sources of fuel.
  
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    Posted by ShruginArgentina 10 years, 9 months ago
    
    Seeds will only do any good if you have the land on which to plant them (which I do).
    
    So, I also stock up on water (two 400 gallon tanks and a 800 gallon pileta (pool) with a home made filter), lp gas (I have a 200 kilo tank), lamps that function on lp gas, other lamps that burn used cooking oil, half a dozen chickens, two dogs, and a smokehouse to make ham and bacon from my neighbors' hogs.
    
    One of my neighbors also has milk cows, so I'm presently looking for an old fashioned butter churn.
    
    I also have a good suply of the most important metal know to man in an emergency: lead (combined with copper and black powder).
    
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      Posted by Robbie53024 10 years, 9 months ago
      
      Don't forget the carbon fiber bolt with razor tip. Mated to a proper launching apparatus can be used both for procuring various forms of tasty flesh as well as protecting oneself and ones property from those that might want to loot it.
      
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Posted by Robbie53024 10 years, 9 months ago

do ya think?

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  Posted by ShruginArgentina 10 years, 9 months ago
  
  I think, therefore I will survive.
  
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