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Is the United States on the road to bankruptcy?

By maxwell edison ·
For the past twenty years (ten, here at TR), I've been warning about the possibility - no, make that the inevitability - that the United States government will face the ultimate financial disgrace - financial bankruptcy.

I've been extremely critical of the Democratic Party for advancing policy positions - especially social policy positions - that will ultimately lead to such an outcome; and I've been even more critical of the Republican Party for capitulating to said Democrats and for failing to advance a more fiscally responsible and libertarian principled philosophy for the sake of bipartisanship and/or compromise.

Political party preference aside (if that's even possible), what's on the horizon for the financial stability of, what was once the most financially stable nation on the planet, the United States of America?

P.S. I expect most replies to be nothing but typical political rhetoric. Please prove me wrong.

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What does the American consumer's thirst for oil . . . . .

by maxwell edison In reply to We need more Oil...

..... have to do with American government out-of-control spending, deficit spending, accumulation of massive debt, etc.?

Our trade deficit is related to oil, to be sure, but federal spending?

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Why else are we in the Middle East?

by CharlieSpencer In reply to What does the American co ...

Why did we go to war defending Kuwait in 1990 if it wasn't over oil? Why are we there now? There may be other excuse, but oil is a prime factor.

It isn't cheap to maintain a military presence there for eight years. Unlike previous military excursions, we funded this one with ... tax CUTS.

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Two points

by maxwell edison In reply to Why else are we in the Mi ...

The amount of money spent on military presence in the middle east pales in comparison to federal spending on social programs. Moreover, you want to see our economy really tank? Then stop the flow of imported oil!

Re: Tax cuts - more accurately, tax rate cuts. Why is it that over those years of tax rate cuts, the total revenue collected by the federal government increases (almost) every year after year, and is always on a general upward climb? I certainly acknowledge that if tax rates were cut to zero percent, or some other ridiculously low number, that total revenues would drop, but that hasn't been the case.

The answer is obvious: They've taken in MORE money - regardless of tax rate cuts - but their spending has outpaced even those increases in revenue!

http://www.usgovernmentrevenue.com/downchart_gr.php?year=1902_2014&view=1&expand=&units=b&fy=fy11&chart=F0-fed&bar=0&stack=1&size=m&title=&state=US&color=c&local=s

If federal spending could be frozen at a particular level - and tax rates, for that matter - the growth in GDP would result in higher revenue year after year, thereby eliminating the annual budget deficit in a very short time, and eventually allow the national debt to be paid down. In the very least, STOP INCREASING FEDERAL SPENDING!

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"stop the flow of imported oil"

by neilb@uk In reply to Two points

The only thing that will do THAT is the bankrupting of your economy. There is never going to be the widespread adoption of a more energy-conserving lifestyle when there are other alternatives.

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Response

by CharlieSpencer In reply to Two points

You asked what was the connection between oil consumption and federal spending - military defense of the source. There it is. I'm not making claims as to the size in comparison to other expenditures, or in terms of value for the money spent, just that the expenditures are there.

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Response to your response

by maxwell edison In reply to Two points

You asked what was the connection between oil consumption and federal spending - military defense of the source. There it is. I'm not making claims as to the size in comparison to other expenditures, or in terms of value for the money spent, just that the expenditures are there.

And what would happen if the U.S. military didn't defend the free flow of oil - the life blood of not only the U.S. economy, but the world's economy? Maybe the French would do it. Or the Brits. Or maybe the Russians?

Why do people treat oil as a four-letter word? All the people who speak out against it as something evil, depend on it themselves!

Besides, I doubt very much the G-Man was referring to the military use and/or defense of the flow of oil. He just saw an opportunity to paint Americans as greedy.

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As supposed to

by PSer In reply to Two points

painting Americans as stupid, helpless, cowards?

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PSer

by maxwell edison In reply to Two points

That was funny. I laughed. Touche'

P.S. But I really do see a lot of people as afraid to face life's challanges without the guarantee of a government bail-out! And politicians prey upon that fear.

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Max,

by CharlieSpencer In reply to Two points

"And what would happen if the U.S. military didn't defend the free flow of oil ... Why do people treat oil as a four-letter word?"

As I already said and as you already quoted, "I'm not making claims ... in terms of value for the money spent..." Again, I'm just pointing out where the connection is, in response to your original query, "Our trade deficit is related to oil, to be sure, but federal spending?" Federal money is used to pay for military operations in the Middle East that are primarily conducted to sustain the flow of oil. (It's also used to subsidize arms deals to questionably friendly countries for the same reason, now that I think about it. One could make a case it is a factor in our support of Israel.)

I assume you're addressing your 'What' and 'Why' questions to someone else, despite their being in your reply to me. Seek value judgments on this topic elsewhere; I'm not making any today. As to G-Man, I won't speculate on his motivations.

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Your

by PSer In reply to Two points

eyes ...

Mine have seen many people (myself and my family included), throughout my life, live on beans and rice never asking for or receiving ANYTHING close to a 'government bailout', as you would label the measly checks one would receive in the form of unemployment/welfare checks.

My eyes have also seen ... multimillion (billions) of corporate 'government bailouts'.

In my eyes, they do not equate.

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