Quote:
Originally Posted by BobR
Stick your neck out and take a stand: Will there come a day of reckoning from this mountain of debt?
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I'm puzzled why you've framed the question in the future tense and a hypothetical format.
The day of reckoning - in the form of falling real wages, unemployment, inflation/stagflation, wealth transfer from taxpayers to bondholders, paper assets with little real foundation and a general erosion of prosperity (and expectations) for 95% of the people - took off in 1982 or so.
While the New Deal worked - that's simply a historical fact - I do not advocate deficit spending today. Instead, I support returning to tax policies which were in effect during the nation's most-productive and most-prosperous times (roughly 1938-1978) and enacting some new taxes to deal with today's problems - an excise tax on imported oil and a trading tax on paper financial securities, for example.
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Douglas Campbell, P.E.
1986 Isuzu P'up, 177,673.8 miles.
- Hella headlights (highly recommended)
- DOT C-2 back end (also recommended)
- R-12 air conditioner converted to R-406a. Saved ozone and money
- 4.1:1 final drive converted to 3.4:1. Quieter, better mileage but it's a good thing I live in the flat Midwest.
- 9/22/2007, age 21: Still running well when reluctantly sent away for reincarnation, due to body & frame rust.
Last edited by drcampbell; 11-16-2009 at 01:55 PM.
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