What do you know about the current debt deal, or proposed plan to reduce our spending deficit?
Are you for or against it? Think it will work? Do you have no idea what it is?
The WHOLE thing is a ruse. If you look on the Comprehensive Annual Financial Plan with all the income from investments you will see that there is NO DEFICIT. The Budget conveniently ignores the billions (yes billions) of dollars we get from investments. I just wrote a hub about this called Government Fraud: How they Cook the Books to making surpluses look like deficits.
The "debt deal" does not address the problem, which is that on an operational basis the federal government spends far more than it brings in. There are 3 ways to address such a problem. One is to spend less. Another is to bring in more through higher taxes and fees. The third is to simply pretend that the problem doesn't exist and borrow to fill the gap. We chose #3, which is the worst possible choice. Debt damages us in ways we do not understand, which is why it is so easy for politicians to pursue such a path. Those who choose to dig a little deeper understand where it leads though. In the last 20 years, there have been debt/currency crises in Mexico, Argentina, Southeast Asia and Iceland. Very soon, there will be new crises in Greece, Portugal, Spain, Italy and Ireland. Great Britain, Japan and the United States will be next. Every individual knows what happens when their debt load becomes too big to bear. Fundamentally, it is no different for nations. By ignoring the problem and choosing to borrow even more, we are moving closer to an inevitable outcome that the majority of us are not going to like at all.
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