To be honest, we’ve been on a tax and spend philosophy for the last 50 years, and it transcends parties. It started to get out of control under Bush, and Obama has no concept of the words fiscal responsibility.<quoted text> We have been on a tax and spend philosophy for the past 5 years with no positive results.
And it isn’t enough.<quoted text> We are now taxing at historic levels
The pink elephant in the room that everyone is ignoring is that interest rates have been kept at ridiculously low rates for a very long time. At some point, they are going to rise, and when they do, we will be in a heapatrouble.<quoted text> I realize a lot of people on here no longer work due to retirement or whatever other reason and rely on a fixed income that probably consists mostly of social security. But the ideology ruling our economic destiny right now is actually hurting what the people depending on SS consider dire to their needs - preserving that monthly SS income. SS invests in US Treasuries with the payments coming into the system. What growth have we had on US Treasuries over the past several years? If we spend more than we take in consistently, the only way to pay our bills is to print money. But what happens, when the dollar starts devaluing and inflation starts going sky high? The Fed will stop printing money. Then what happens? Austerity like you've never seen will be forced upon us. Just look at Greece, Spain, Italy, Portugal for great examples of this.