US debt limit raised to $8.96 trillion

Originally Posted by Watts

Do you think that the US government is selling out the future for the present?

Yep, and it has gotten to the point where there isn't even effort put into curbing the huge deficits. I also pity what ever elected official gets stuck having to deal with this situation, as they are likely to become pretty damn unpopular despite the fact that they are having to come in and clean up after someone else's mess.

Anyway, the US isn't the only one spending up huge sums of debt, Japan in particular worries me (their debt has gotten so bad its 150% of their GDP vs. 65% for the US) and with the ever increasing global economy the effects will likely cause a huge ripple when they finally do occur.

Jam it back in, in the dark.

Originally Posted by xen0phobia

It just means we'll have to pay back more later. A simple now versus later problem, and when those occur government loves the later. It's not really right or wrong.

I would only agree with you if there wasn't this notion of interest that the government is expected to pay on the debt they acquire. Of course, this means they are basically throwing away the money right now (I would consider that wrong, I don't know about anyone else) and it leaves a large sum of the country's debt to fall into other interested nation's hands.

I really don't see any positives to letting it pile up, or how you could see this as "right or wrong." The goverment does need to stockpile a certain amount of debt simply so they have the power to influence interest rates through what they currently pay, but the amount they have acquired is far beyond simply keeping that in check in the market.

There's nowhere I can't reach.

Originally Posted by xen0phobia

But maybe the effects of increasing taxes could hurt the economy more then the amount the debt will burden us later on. Of course, knowone can really know this but its a valid point to bring up.

Why not just spend less? These record deficits aren't happening with nothing driving them. Also taxing more is inevitable, especially by acquring more debt like the US is. If the current population isn't paying it, then all its doing is passing the buck to the next generation to be taxed more heavily to pay it off.

Most amazing jew boots