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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (682155)	5/13/2005 1:36:53 AM
From: Peter Dierks	Read Replies (1) \| Respond to of 769670

"BTW - IMO the ability to print money is much like the ability to sign up for ever more credit cards, and dig deeper into debt." You make an interesting point I hadn't considered... I guess if there was NO CREDIT SCORING and approval for new credit lines was always automatic.... (Still, even with sovereigns able to print ALL the paper fiat currency they want --- such as the Weimar Republic, Argentina, or any other sovereign... say: the US --- even there a day of reckoning where lenders demand better terms to accept their debts is always just over-the-hill, it's not a mere theoretical possibility... it's a real fact of economic life.) Yes, even the US cannot mint endless dollars, nor can they borrow endlessly. "As you have seen, the debt as a percent of GDP is not soaring." Depends on what you consider 'soaring' to be. It's rising FAR too fast for my druthers. But as I have pointed out, it has been falling. "President Bush proposed eliminating many wasteful programs," LOL! Presidents' propose a lot of things. How many HAS he eliminated? Clinton & Reagan had some success at restraining the growth of federal bureaucracy... but not this guy: not one veto YET! President Bush 43 is unlikely to go down as one of the more fiscally conservative office holders. I continue to hope that he finds the veto pen; I stopped holding my breath awhile ago. The debt is climbing more rapidly than most people realize because of the unenumerated liabilities caused by the PayGo system." LOL! No, THIS ONE 'ya gotta explain to me! Social Security and Medicare are unenumerated. As I said previously in one of our exchanges, if any corporation used retirement accounting like the federal government uses, they would be shut down. Corporations must fund the liabilities. The federal government's liabilities are not funded. One of President Bush's proposals is to recognise the liability and issue bonds for it. Spendthrifts on the hill don't like the increase in interest payments that the truth would expose, and resist that portion of his proposal. The unfunded liabilities have accumulated with and without the PAYGO rules.