The US Ain't Broke, Mr. Boehner

Rhetorical flourishes and Whodeyesque exaggerations from the Republicans aside, the US isn't "broke" or "bankrupt" or anywhere near it. This excellent article from Bloomberg shows why: http://www.bloomberg.com/news/2011-03-07/bonds-show-why-boehner-saying-we-re-broke-is-figure-of-speech.html

Some highlights:

The U.S. today is able to borrow at historically low interest rates, paying 0.68 percent on a two-year note that it had to offer at 5.1 percent before the financial crisis began in 2007. Financial products that pay off if Uncle Sam defaults aren’t attracting unusual investor demand. And tax revenue as a percentage of the economy is at a 60-year low, meaning if the government needs to raise cash and can summon the political will, it could do so.

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Financial markets dispute the political world’s conclusion. The cost of insuring for five years a notional $10 million in U.S. government debt is $45,830, less than half the cost in February 2009, at the height of the financial crisis, according to data provider CMA data. That makes U.S. government debt the fifth safest of 156 countries rated and less likely to suffer default than any major economy, including every member of the G20.

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Americans also aren’t overtaxed compared with residents of other advanced nations. In a 28-nation survey, only Chile and Mexico reported a lower total tax burden than the U.S., according to the Organization for Economic Development and Cooperation.


So don't believe the screeching; the facts are the facts.

so it's ok if we fund useless public employees with much better benefits than our own.

Originally posted by no1marauder
Rhetorical flourishes and Whodeyesque exaggerations from the Republicans aside, the US isn't "broke" or "bankrupt" or anywhere near it. This excellent article from Bloomberg shows why: http://www.bloomberg.com/news/2011-03-07/bonds-show-why-boehner-saying-we-re-broke-is-figure-of-speech.html

Some highlights:

The U.S. today is ...[text shortened]... operation.


So don't believe the screeching; the facts are the facts.

in nicely featherbedded sinecures.

because we can afford it.

Originally posted by no1marauder
Rhetorical flourishes and Whodeyesque exaggerations from the Republicans aside, the US isn't "broke" or "bankrupt" or anywhere near it. This excellent article from Bloomberg shows why: http://www.bloomberg.com/news/2011-03-07/bonds-show-why-boehner-saying-we-re-broke-is-figure-of-speech.html

Some highlights:

The U.S. today is ...[text shortened]... operation.


So don't believe the screeching; the facts are the facts.

if the government needs to raise cash and can summon the political will, it could do so

Originally posted by sh76

if the government needs to raise cash and can summon the political will, it could do so

Therein lies the key caveat.

Can we summon the political will?

Originally posted by Sleepyguy
Nope. Cut the spending.

Originally posted by sh76
Both.

Originally posted by sh76

if the government needs to raise cash and can summon the political will, it could do so

Therein lies the key caveat.

Can we summon the political will?

Originally posted by no1marauder
Rhetorical flourishes and Whodeyesque exaggerations from the Republicans aside, the US isn't "broke" or "bankrupt" or anywhere near it. This excellent article from Bloomberg shows why: http://www.bloomberg.com/news/2011-03-07/bonds-show-why-boehner-saying-we-re-broke-is-figure-of-speech.html

Some highlights:

The U.S. today is ...[text shortened]... operation.


So don't believe the screeching; the facts are the facts.

Originally posted by Metal Brain
If I have no money but can mortgage my home to get a loan does that mean I am not broke?

Originally posted by no1marauder
You think the US government "has no money"?

Originally posted by Metal Brain
They can print all the money they want. That is not the point.

Originally posted by Metal Brain
If I have no money but can mortgage my home to get a loan does that mean I am not broke?

Originally posted by no1marauder
It makes your analogy worthless. That was my point.