PostHeaderIcon Deficit vs Debt

Brother, Can You Spare A Trillion?: Government Gone Wild!

Whenever a politician mouths the phrase, “reduce the deficit,” he is being condescending, lying, or both; because he knows the difference and is counting on us to conflate the terms debt and deficit. He is only discussing reducing the rate of growth, of our already unfathomable debt burden and unfunded liabilities. None are suggesting the possibility of ever significantly reducing the debt itself. If we don’t have the will to revolt against the Marxist tyranny in DC, our grandchildren will have to do it.

Our generation is destined to be fairly cursed, for the audacity of borrowing so much money to fund our feel good projects, by promising that our heirs will repay it with interest. Then again, they may not even notice. If we keep printing money at the current rate, the dollar will be so worthless by then, that school kids could pay off our debt from the proceeds of a bake sale. Meanwhile, I need to take a short nap. Somebody please wake me up when gold hits $3,000 an ounce… ◄Dave►

2 Responses to “Deficit vs Debt”

  • Troy says:

    Why does gold continue its downward slide? Clearly nothing has been down to even attempt to fix the worldwide economic crisis.

    It seems Lady Thatcher’s assessment has come true — the whole world has run out of other people’s money. Yet we spend on. How soon will the current childish pranks trying to disrupt Wall Street turn into serious rioting in cities all across the nation? Indeed, across the western world?

    Troy

    • Daedalus says:

      Why did gold go down? Maybe because those who had it thought there was a better place to use their wealth. Maybe it is becase there is a large speculative component to its price, that happened before not too long ago. The value of anything is psychological. If you are starving and the only thing you can do, that will provide food, is bartering for it with gold, guess what is more valuable? The guy with the food surplus is in the better bargaining position. On the average, it has been a good store of value over the centuries, but it has had its ups and downs.

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