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Tax the Rich feed the poor until there are no Rich no more.
With US national net worth dropping and debt obligations rising, we are rapidly approaching the point where we have no real net worth. The fact that a disproportionate amount of it in concentrated in a few hands, while good political fodder, is just a smoke screen for the real problem, which is spending that can not be sustained.
Frank hit the nail on the head, as usual, profligate spending, without pain incurred for bad habits. Now we need to bail out the McMansion owners who used their equity to live above their means, until they became "rich no more".
They never were rich in the first place, they just imagined they were. Now we need to support them because they made bad choices.
Considered as a business the US is rapidly approaching the point where it's assets do not cover it's liabilities. I guess they could just do what they did to the bond holders when GM went bankrupt, pick the winners, the union, and the losers, the investors.
Problem with that is now the investors have been burned and they would rather bury their money than put it in any investment that offers govt the opportunity to screw them again.
I'm getting damn tired of living below MY means and being expected to pay for YOU living above yours. The whole govt of the US should be fired immediately. I'll take some semi competent amateurs over these "smart" professionals any time as Jefferson said.
regards
Mech
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