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|User Info||Volcker: Raise Taxes Now; entered at 2012-03-16 15:58:47|
Registered: 2009-03-09 North Coast
We can't "solve" our problem by "printing" unless we no longer need to borrow. If we could successfully shift our national debt entirely onto long-term bonds (like the 100 year bonds the UK wants to sell), THEN we could hose over our creditors (icluding Americans) by devaluing the currency overnight through printing. If we keep our debt on short-term bills & notes, then the interest rate spike that would accompany the printing would defeat the purpose.|
We should only raise taxes on the "rich" if we can raise them on EVERYONE. None of this "only raise taxes on the top 2%" crap. The only way we'll get a groundswell against spending is if everyone feels (through higher taxes) the pain of wasteful government spending. As long as people think they can get their free stuff by taxing only the rich guy behind the tree, they'll keep trying that route.
We're screwed no matter what, it would appear.