- The lag between the raising of the debt ceiling and the 'need' to raise the debt ceiling can easily be explained by economic forecasts predicting that the debt ceiling needs to be raised and being heeded by legislators in advance of the need. While I am aware that libertarians mostly agree that economics prediction are impossible (due to their insistence that economics cannot be accurately measured by math, but only by philsophical axioms), mainstream economists create such predictions all the time using mathematics. Some are even followed by legislators.
- His assertion that if you just pay the interest, then everything will be fine and dandy is correct. However, his amounts are way off. On August 3rd, we won't be able to pay the entitlements. No Social Security, no Medicare, no veteran payment. (No federal government salaries will be paid either, but it seems no one gives a shit about that.) The next interest payment is due August 15th, when Treasury owes $29 billion in interest but will already have missed $54 billion in scheduled payments if the debt ceiling hasn’t been extended. At that point, not only will the entitlements not be paid, but there WON'T be enough money for the interest either.
- Wait, wait...because STATE governments had increased revenue, the FEDERAL government should have had $2 trillion in reserve? HAHAHAHAHAHAHHA. This is where Molyneux's Canadian citizenship comes up. It's clear that he doesn't understand the separation of state and federal budgets in the USA, as opposed to the more mixed system of Canada's provinces. When state governments get money, they don't give it to the federal government. So so, the feds WOULDN'T have $2 trillion in reserves from an increase in state government income. He should brush up on his knowledge of American government. (He does this "I think the USA works just like Canada." bit quite often.)
- His claim of a doubling of the Federal debt over the next decade under the best-case scenario is purely held by Austrian economists. Mainstream economists disagree with him greatly. Probably because they use math and Austrians use praexeology and axioms instead.
- I wonder why he doesn't mention the current legal investigations that he's running a cult along with his awards? Guess he's shy on the subject.
Was getting Hannitized for some reason this afternoon, and he kept talking about "Cut, Cap, & Balance". He kept implying that Obama was blocking the debt ceiling deal, and lied at least once to a caller.
Italy has a much smaller debt. It has a higher debt per gdp, but gdp is a bullshit measure of nonsense anyway. But yes, Italy is in a bad, bad way economically, no doubt. I'm not though. :)
Of course Italy has a much smaller debt, they're a msaller country. They're at something like 115% of GDP right now. It'll take us 4 years to get to that point, but we'll make it. Then life will be so good.
I'm not though. :)
FU,GM? This is the Gini index in a nutshell. Although, Italy's is better than America's. Who knew we were already living in a banana republic?
A banana republic refers to a state that only has one source of export income (generally a primary industry), just after that market has collapsed, not just a generic failed state.
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politicartoons2011-07-19 12:56 am
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- The lag between the raising of the debt ceiling and the 'need' to raise the debt ceiling can easily be explained by economic forecasts predicting that the debt ceiling needs to be raised and being heeded by legislators in advance of the need. While I am aware that libertarians mostly agree that economics prediction are impossible (due to their insistence that economics cannot be accurately measured by math, but only by philsophical axioms), mainstream economists create such predictions all the time using mathematics. Some are even followed by legislators.
- His assertion that if you just pay the interest, then everything will be fine and dandy is correct. However, his amounts are way off. On August 3rd, we won't be able to pay the entitlements. No Social Security, no Medicare, no veteran payment. (No federal government salaries will be paid either, but it seems no one gives a shit about that.) The next interest payment is due August 15th, when Treasury owes $29 billion in interest but will already have missed $54 billion in scheduled payments if the debt ceiling hasn’t been extended. At that point, not only will the entitlements not be paid, but there WON'T be enough money for the interest either.
- Wait, wait...because STATE governments had increased revenue, the FEDERAL government should have had $2 trillion in reserve? HAHAHAHAHAHAHHA. This is where Molyneux's Canadian citizenship comes up. It's clear that he doesn't understand the separation of state and federal budgets in the USA, as opposed to the more mixed system of Canada's provinces. When state governments get money, they don't give it to the federal government. So so, the feds WOULDN'T have $2 trillion in reserves from an increase in state government income. He should brush up on his knowledge of American government. (He does this "I think the USA works just like Canada." bit quite often.)
- His claim of a doubling of the Federal debt over the next decade under the best-case scenario is purely held by Austrian economists. Mainstream economists disagree with him greatly. Probably because they use math and Austrians use praexeology and axioms instead.
- I wonder why he doesn't mention the current legal investigations that he's running a cult along with his awards? Guess he's shy on the subject.
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I'm not though. :)
FU,GM? This is the Gini index in a nutshell. Although, Italy's is better than America's. Who knew we were already living in a banana republic?
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Doesn't sound too bad, maybe I can open a tiki bar on the beach and serve all the rich Italian tourists. I can make some good jerk chicken.
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