Deficit fixes will affect everyone, author says

  • Article by: ADAM BELZ , Star Tribune
  • Updated: September 7, 2012 - 7:39 PM

The Wall Street Journal writer says politicians have obscured the choices that will have to be made.

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william2mnSep. 7, 12 9:33 PM

There are websites that allow people to get a feel for cutting the deficit and the only way possible to deal with it is to both cut spending and raise taxes and revenue - that's it folks - there is no way out of this that won't inflict pain on pretty much everyone.

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getalife59Sep. 8, 12 6:26 AM

Why do these economist focus so much on borrowing from China. The Saudi Arabians own more of our debt and country than China does. The percentage of our nation debt owned by outside interests in only about 30%. The Federal Reserve holds around 6% of our debt. That is a larger percentage than China. Social Security is 1/3 of the national debt.

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localguySep. 8, 12 7:42 AM

If you want to know why healthcare costs are going through the roof, you only have to look at the annual near-record profits of the HMOs and the obscene compensation packages of their executives. And that's just the tip of the iceberg. It's a lot easier to defer the purchase of a new car than to forgo major medical procedures, so people just pony up. There are far too many pigs at the healthcare trough.

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hjlazniSep. 8, 1210:41 AM

getalife59 thank you for the info. The rich people control the politicians and control the system. The rich borrow money to us to be repaid principal + interest rather than paying additional tax which was as high as 90% in the Eisenhower years. The rich people also outsource to lower pay employees outside the U.S. and to those brought here as alien workers. If the U.S. decides not to pay the money back or tax the rich so we can pay the same rich people back, what are the rich people going to do? Attack the U.S.? No, they will extend the due date and lower the principal hoping most of the population is too stupid to understand what is going on, hoping and praying the townspeople don't rush the castle and take the rich people's stuff and take them down off the hill. Just telling it like it is.

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adambelzSep. 8, 1210:51 AM

Just for the record, the rest of the world has zero aircraft carriers.

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