kowenicki said:
NJ5 said:
Akvod said:
Actually there's only a few spoiled kids, that don't want to do any chores whatsoever. Meanwhile, when the parents try to lower their bills to the doctors, a group of kids cried "Death Panels", while a few days later suggested that they shoud just scrap going to the doctor entirely.
It's a house that doesn't need to cut it's spending right now. Rather, it needs to borrow some money so that they can rent a car and get a job, so that they can actually get some income going in again.
And the other houses have their own problems that they need to fucking fix too. Unfortunately, all the parents in all the houses seem to have their heads up their asses, while the libertarians hobos chant "Gold! Gold! Gold!" outside.
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Yeah, just borrow some more money, the Keynesians say. When borrowing loads of money for 2 years is not enough, you haven't borrowed enough, prosperity is just a little more borrowing away...
How did that strategy work out for Greece, Portugal, Ireland etc.?
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very very very different situation for those countries.... and I suspect you know this.
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How is it different? The deficits are similar, the debts are similar. What makes the USA special in its ability to solve its problems by borrowing indefinitely?
Japan is the country I know of that managed to go much above 100% debt-to-GDP without yet blowing up, and that's mostly due to high personal savings and the fact that it's an exporting nation... and even in the case of Japan, more and more borrowing did not grow its economy (lost decade, or is it two decades now?).
