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The Water Cooler
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Ron Paul!
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<blockquote data-quote="Dave70968" data-source="post: 1613522" data-attributes="member: 13624"><p>You really don't get it. $100 trillion in liabilities against $15 trillion in GDP means that if the gov't took in taxes <em>every single dime produced in this country</em>, it would take seven years to cover the debt. 'course, "every single dime" means that workers don't get paid at all, and we all starve to death. There's a limit to how much the government can take in taxes; historically, it's been about 19% (cite: <a href="http://reason.com/blog/2010/11/29/the-remarkably-stable-amount-o" target="_blank">http://reason.com/blog/2010/11/29/the-remarkably-stable-amount-o</a> ). You simply can't get it much higher before people start altering their behaviour. Yes, you say eliminate all tax shelters. Great--people will decide that it's not worth it to put in the extra hours. The only way you consistently increase revenue (in actual dollars) is to grow the economy.</p><p></p><p>Right now, we're in the position of having promised more dollars than we can collect. You say you're owed what's been promised to you, and you're right--the country does owe it to you. Unfortunately, the country doesn't have it. We have a term for that: bankrupt. The country owes to you your share just the same as the bum who owes fifty grand in credit card debt, but in both cases, the debtor doesn't have--and can't get--the money it owes to the creditor. Welcome to reality; you simply can't have what you've been promised.</p></blockquote><p></p>
[QUOTE="Dave70968, post: 1613522, member: 13624"] You really don't get it. $100 trillion in liabilities against $15 trillion in GDP means that if the gov't took in taxes [I]every single dime produced in this country[/I], it would take seven years to cover the debt. 'course, "every single dime" means that workers don't get paid at all, and we all starve to death. There's a limit to how much the government can take in taxes; historically, it's been about 19% (cite: [url]http://reason.com/blog/2010/11/29/the-remarkably-stable-amount-o[/url] ). You simply can't get it much higher before people start altering their behaviour. Yes, you say eliminate all tax shelters. Great--people will decide that it's not worth it to put in the extra hours. The only way you consistently increase revenue (in actual dollars) is to grow the economy. Right now, we're in the position of having promised more dollars than we can collect. You say you're owed what's been promised to you, and you're right--the country does owe it to you. Unfortunately, the country doesn't have it. We have a term for that: bankrupt. The country owes to you your share just the same as the bum who owes fifty grand in credit card debt, but in both cases, the debtor doesn't have--and can't get--the money it owes to the creditor. Welcome to reality; you simply can't have what you've been promised. [/QUOTE]
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