Thursday, July 14, 2011

Obama Warns Cantor As Debt Talks Stall: 'Don't Call My Bluff'

First, turn off your cap lock. The United States of America is certainly not broke. The debt ceiling has been raised before without drama when it was Republican­s in the White House. The United States of America has had a debt albeit not as horrible as since Ronald Reagan severely increased the debt during his terms. George W. Bush went from a surplus to addition trillions to the debt. That said, America is not broke in fact we are still the richest country in the world what we do have is a financial industry run amuck killing jobs and two wars.

Obviously you have not a clue as to what would happen if we default on our debts. Not only would we in this country would go into an immediate financial downturn shedding even more jobs we would drag the entire world along for that awful ride.

The way out is a second stimulus, a public works program and increasing the tax rate on the top 2 % and corporatio­ns. What we need to pull out of the recession is revenue! Employed workers pay taxes (revenue). Workers spend money which means companies have more clients buying things that requires them to hire more people to serve them. Those newly hired? Why they pay taxes too so more revenue for treasury. I challenge you to review your history from 1928 to 1940. It also would not hurt to read up on economics too.
Read the Article at HuffingtonPost

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