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Debt Limit for Dummies

By EastCoastBubbleBoy   2012 Jan 15, 1:09am   733 views   2 comments   watch (0)   quote      

Loved this. Strip out all the extra zeros, and you get a better handle on the mess we're in.

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1   Nomograph     2012 Jan 15, 7:35am  ↑ like   ↓ dislike   quote    

EastCoastBubbleBoy says

Strip out all the extra zeros, and you get a better handle on the mess we're in.

Not really.

People assume that we owe the debt entirely to somebody else, when in fact the lion's share of the national debt we owe to ourselves.

2   TwoScoopsMcGee   1225/1225 = 100% civil   2012 Jan 15, 11:42am  ↑ like   ↓ dislike   quote    

I notice we didn't get a list of all the assets that the guy had.

I mean, it doesn't matter if you borrow $140k and only make $22k a year, when you have millions of dollars in assets.

Think of the value of federal land alone. Parks, Forests, Wilderness, and also Office Buildings, Bases, etc. Easily in the trillions.

Then think of the theoretically unlimited power to tax all the private property and income.

Also, the conversation implied all the money is wasted on lattes and trips to Australia. The government doesn't waste all the money, it spends on Education, Research, Infrastructure, etc. that can grow future revenues, often in areas that private investors are unwilling to develop. See: The Internet/DARPA.

I wouldn't be surprised if Uncle Sam has recouped far more revenue in income tax and corporate taxes on internet-based companies and their employees (not to mention telecom taxes, etc.) than they spent to develop the infrastructure behind it.

Wonder if there is any info on it.

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