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Pastimes : Discussion Thread
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To: c.hinton who wrote (2483)11/6/2008 1:49:56 PM
From: TimF  Read Replies (1) of 3816
 
Palin showed a better grasp of the issues than Biden in the debate. Although he did show a better ability to appear knowledgeable while spouting nonsense.

you must balance expenditure with tax reciepts.

Only in the long run. And not exactly even then as long as deficit servicing costs grow slower than the long run growth rate of the economy (which they have not consistently done, so I'm not saying the larger deficits are a good thing, or even not a problem).

In any case considering we have about $3tril in government spending at the federal level, about another $3tril at the state and local levels, but hundreds of billions to the low trillions range in regulatory and legal compliance costs, we already effectively give the government at least half our resources.

To the extent that revenues don't match expenses the answer at this point is to lower expenses.

and i am talking about the war on terror which includes Afghanistan,iraq and home land security.

Still tiny as a percentage of GDP compared to Korea (and insignificant compared to WWII, small compared to Vietnam, and smaller than Reagan's build up in the 80s)

but, right or wrong, a nations debts need to be paid in full.

Spending on servicing our debt is less than 1/10th of federal spending.

a nations debts need to be paid in full.

No they don't. There is not a need to every have a national government debt of zero.
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