Comments on: America’s Credit Rating May Be In Jeopardy http://weakonomics.com/2009/10/22/americas-credit-rating-may-be-in-jeopardy/ Everything That's Wrong With You And Your Money Thu, 18 Mar 2010 17:41:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Josh http://weakonomics.com/2009/10/22/americas-credit-rating-may-be-in-jeopardy/comment-page-1/#comment-3154 Josh Fri, 23 Oct 2009 02:14:54 +0000 http://weakonomics.com/?p=3239#comment-3154 It's a definite worry about the size of the US national debt. I just checked a debt clock website and it's up to: $11,985,028,464,008.88 By my calculations, if the US government is paying 5% (just a guess) interest on the bonds issued that would amount to almost $600 billion a year. How is that possibly sustainable? I know if I was a US citizen I'd want the government to make some hard choices once the current economic downturn abates, by raising taxes and cutting some government spending programs. It would hurt to pay more taxes, but the national security of the US is at stake. I'd like to know what you think is the best strategy for tackling the debt Weakonomist. I've heard some say that raising taxes means lost jobs, therefore a smaller tax base, so the net gain is effectively zero. If you were president, what would you do?? It’s a definite worry about the size of the US national debt. I just checked a debt clock website and it’s up to:

$11,985,028,464,008.88

By my calculations, if the US government is paying 5% (just a guess) interest on the bonds issued that would amount to almost $600 billion a year. How is that possibly sustainable? I know if I was a US citizen I’d want the government to make some hard choices once the current economic downturn abates, by raising taxes and cutting some government spending programs. It would hurt to pay more taxes, but the national security of the US is at stake.

I’d like to know what you think is the best strategy for tackling the debt Weakonomist. I’ve heard some say that raising taxes means lost jobs, therefore a smaller tax base, so the net gain is effectively zero. If you were president, what would you do??

]]> By: Credit Card Chaser http://weakonomics.com/2009/10/22/americas-credit-rating-may-be-in-jeopardy/comment-page-1/#comment-3152 Credit Card Chaser Thu, 22 Oct 2009 19:40:48 +0000 http://weakonomics.com/?p=3239#comment-3152 If only the politicians could learn some of the financial discipline that we talk about so often. It makes you wonder why anyone thinks that it is a good idea that almost all of our politicians are lawyers and not business people... .-= Credit Card Chaser´s last blog ..<a href="http://www.creditcardchaser.com/boas-credit-card-business-is-losing-money-yet-still-catching-flak/" rel="nofollow">BOA’s Credit Card Business is Losing Money Yet Still Catching Flak</a> =-. If only the politicians could learn some of the financial discipline that we talk about so often. It makes you wonder why anyone thinks that it is a good idea that almost all of our politicians are lawyers and not business people…
Credit Card Chaser´s last blog ..BOA’s Credit Card Business is Losing Money Yet Still Catching Flak My ComLuv Profile

]]> By: Financial Samurai http://weakonomics.com/2009/10/22/americas-credit-rating-may-be-in-jeopardy/comment-page-1/#comment-3151 Financial Samurai Thu, 22 Oct 2009 16:40:09 +0000 http://weakonomics.com/?p=3239#comment-3151 No worries! What I've learned from the raging debate over at FS on the flat tax is that we don't need to curb spending! All we have to do is tax the "rich" to high heaven and all will be solved! No worries! What I’ve learned from the raging debate over at FS on the flat tax is that we don’t need to curb spending! All we have to do is tax the “rich” to high heaven and all will be solved!

]]>