<div dir="ltr"><div class="gmail_default" style=""><span class="im" style="color:rgb(0,0,0);font-family:arial,sans-serif;font-size:12.8px"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">> </div>The US has become so addicted to borrowing and spending, we are openly proclaiming we cannot balance the budget without it,</blockquote><div><br></div></span><div style="color:rgb(34,34,34);font-family:arial,sans-serif;font-size:12.8px"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"><font size="4">So what? As I said, except the for Clinton years the budget hasn't been balanced since 1835 and we don't seem to have reached the point on no return yet. </font></div> </div><div style="color:rgb(34,34,34);font-family:arial,sans-serif;font-size:12.8px"><br></div><div style=""><div class="gmail_default" style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-size:12.8px"><font size="4">John K Clark</font></div><div class="gmail_default" style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-size:12.8px"><font size="4"><br></font></div><div class="gmail_default" style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-size:12.8px"><font size="4">I don't pretend to understand it. But I have heard before that household debt and gov debt are two entirely different animals. Here is a Nobel prize winner writing on it. If you understand it, explain it to me, please?</font></div><div class="gmail_default" style="color:rgb(34,34,34);font-family:arial,helvetica,sans-serif;font-size:12.8px"><font size="4"><br></font></div><div class="gmail_default" style=""><span class="im" style="color:rgb(34,34,34);font-family:arial,sans-serif;font-size:12.8px"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><font style="font-family:arial,helvetica,sans-serif;font-size:12.8px"></font><font face="arial, helvetica, sans-serif" size="4"><a href="http://www.nytimes.com/2015/08/21/opinion/paul-krugman-debt-is-good-for-the-economy.html?_r=0">http://www.nytimes.com/2015/08/21/opinion/paul-krugman-debt-is-good-for-the-economy.html?_r=0</a></font></blockquote><div><br></div><div>bill w </div></span></div></div></div></div><div class="gmail_extra"><br><div class="gmail_quote">On Sun, Jul 17, 2016 at 7:33 PM, John Clark <span dir="ltr"><<a href="mailto:johnkclark@gmail.com" target="_blank">johnkclark@gmail.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr"><span class=""><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><span style="font-family:arial,sans-serif">On Sun, Jul 17, 2016 at 4:13 PM, spike </span><span dir="ltr" style="font-family:arial,sans-serif"><<a href="mailto:spike66@att.net" target="_blank">spike66@att.net</a>></span><span style="font-family:arial,sans-serif"> wrote:</span><br></div></span><div class="gmail_extra"><div class="gmail_quote"><span class=""><div lang="EN-US" link="blue" vlink="purple"><div><p class="MsoNormal"><span style="font-size:11pt;font-family:Calibri,sans-serif"><u></u> </span><span style="font-family:Calibri,sans-serif;font-size:11pt"> </span></p></div></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><p class="MsoNormal"><span style="font-size:14pt;font-family:Calibri,sans-serif"></span></p><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">> </div>John, US presidents do not control T-bills. <p></p></div></blockquote><div><br></div></span><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">Yes they do. Unless the congress periodically passes a law to raise the farcical "debt ceiling" and the president signs it, that is to say unless they agree to pay for the stuff they <b>ALREADY AGREED TO BUY</b> the T bills will go into default. Let me repeat that, the largest and universally regarded as the safest investment on planet Earth would go belly up! And that almost happened, on October 16 2013 T-bills came within 45 minutes of defaulting. That was the day I stopped being a Republican and that is why I think Ted Cruz may be the only person who would be a worse president than Donald Trump. </font></div></div><span class=""><div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><p class="MsoNormal"><span style="font-size:14pt;font-family:Calibri,sans-serif"></span></p><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">> </div>We recognize that not all debt is bad.<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>Runaway debt is very bad. <p></p></div></blockquote><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><p></p></div></blockquote></span><div><font size="4">Runaway?<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>In fiscal year 2009<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>the deficit was 9.8<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">%</div> of GDP, in<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>2015<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>it was<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div></font><span style="font-size:large">2</span><div class="gmail_default" style="font-size:large;font-family:arial,helvetica,sans-serif;display:inline">.</div><span style="font-size:large">5</span><div class="gmail_default" style="font-size:large;font-family:arial,helvetica,sans-serif;display:inline">%. That doesn't sound like the end of the world to me. </div></div><span class=""><div> <br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><div><div><div><div><div><div><p class="MsoNormal"><span style="font-size:14pt;font-family:Calibri,sans-serif"></span></p><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">> </div>There is no way the US can keep borrowing at the rate it is going without catastrophic default, regardless of who is president.<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"> </div>It isn’t at all clear to me we haven’t already passed the point of no return some time ago. <p></p></div></div></div></div></div></div></div></blockquote><div><br></div></span><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"><font size="4">The sign that government debt was getting too large would increasing inflation and skyrocketing interest rates, but today the inflation rate is the lowest in my lifetime and interest rates are the lowest in the history of the country. It sound to me like debt is too low not too high. </font></div> </div><span class=""><div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">> </div>The US has become so addicted to borrowing and spending, we are openly proclaiming we cannot balance the budget without it,</blockquote><div><br></div></span><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline"><font size="4">So what? As I said, except the for Clinton years the budget hasn't been balanced since 1835 and we don't seem to have reached the point on no return yet. </font></div> </div><div><br></div><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">John K Clark</font></div><br></div><div><br></div><div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><div><div><div><div><div><p class="MsoNormal"><span style="font-size:16pt"> </span></p></div></div></div></div></div></div></blockquote></div><br></div></div>
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