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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: koan who wrote (96570)4/17/2009 1:20:47 PM
From: Steve Lokness  Read Replies (1) of 116555
 
Koan;

On Kugman's home page he has a graph which shows this is ecactly what happened. By 1950 personal debt was very low and government debt had fallen greatly.

But aren't you just shifting the debt from the individual to the individual "tax payer" - and adding in the inefficiencies of government? Krugman seems to think there is a magic bucket of money that we just pull dollars out of - but what about all the debt we owe our trust funds (SS) and other nations - China. Where do you think the money for the interest payments going to China comes from if not the individual tax payer? ......So instead of being able to borrow and buy a big screen TV we instead pay taxes to pay interest on the money owing China and others.
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