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Thread: Biggest Creditor of the U.S.

  1. #1
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    Biggest Creditor of the U.S.

    Hmmm, strange, it's not China or Japan.

    An amount of $4.5 trillion, that would be $4,500,000,000,000.00, to whom is that owed?
    .... over a third of our national debt is not owed to people who invested in treasury securities but rather to people who have been overpaying taxes and fees to the government for many years? The answer is simple. The United States government has been under collecting income taxes for decades and has been masking the size of the deficit by borrowing money from people who pay Social Security taxes, Medicare taxes, Railroad retirement withholding, federal employee retirement withholding and myriad other taxes and fees....
    Daily Kos: Who Is Our Biggest Creditor? Hint: It's Not Japan or China

    Well! Well! Well! And who is it exactly who started this snakey business?

    Why, bless my soul! It appears to have been Ronald Wilson Reagan!

    Shame on you, Mr. Reagan for casting your thievery under the rug, along with your illicit deals with Iranian hostage holders and your sneaky deals to sell arms to Iran when they held our citizens hostage.
    Brother, you can believe in stones as long as you do not hurl them at me. Wafa Sultan

    “War is an American way to teach geography,” British soldier

    War is sweet to those who have not tasted it, but the experienced man trembles exceedingly at heart on its approach. – Pindar

  2. #2
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    Quote Originally Posted by simone View Post
    Hmmm, strange, it's not China or Japan.

    An amount of $4.5 trillion, that would be $4,500,000,000,000.00, to whom is that owed?

    Daily Kos: Who Is Our Biggest Creditor? Hint: It's Not Japan or China

    Well! Well! Well! And who is it exactly who started this snakey business?

    Why, bless my soul! It appears to have been Ronald Wilson Reagan!

    Shame on you, Mr. Reagan for casting your thievery under the rug, along with your illicit deals with Iranian hostage holders and your sneaky deals to sell arms to Iran when they held our citizens hostage.
    Actually it wasn't Reagan. Then again he never didn't do either.

  3. #3
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    It's time to do away with Social Security anyway.

  4. #4
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    Educating Simone

    Quote Originally Posted by simone View Post
    Hmmm, strange, it's not China or Japan.

    An amount of $4.5 trillion, that would be $4,500,000,000,000.00, to whom is that owed?

    Daily Kos: Who Is Our Biggest Creditor? Hint: It's Not Japan or China

    Well! Well! Well! And who is it exactly who started this snakey business?

    Why, bless my soul! It appears to have been Ronald Wilson Reagan!
    You're deluded, as usual. And totally lost on who had the purse strings. President Reagan couldn't have spent a penney unless the DEMOCRATIC-CONTROLLED HOUSE OF REPRESENTATIVES approved the spending bill first.

    So already you're busted.

    Revisiting Liberal Myths – Reagan and the Deficit

    President Reagan entered the White House with an attitude of working honest deals with the Congress on spending. He wanted more defense spending, lower entitlement spending, lower tax rates which would boost the economy (and thus revenues) and seemed to achieve that agreement with Congress in both 1981 and 1982. However, despite getting concessions on taxes, the Democratic-controlled House of Representatives never once cut spending, and the actual budgets were higher than what Reagan asked for 7 out of 8 years. This attitude of "cut spending later" helped continue the debt trends that began under Ford and Carter. By the end of Reagans terms, debt had increased by $2 trillion.

    Actual budget figures in the link below:

    The President Reagan Information Page:Budget Myths

    President Reagan was able to sign into law the tax cuts in late 1981 after an attempt by congressional Democrats to block the cuts (i.e. "gridlock") failed...but at the reduced rate of 25%, and an effective rate of 23% since the cuts would be over three years (5% in 1981, retroactive; 10% for 1982; 10% for 1983).

    All taxpayers received these cuts, not just the rich as anti-Reagan revisionists would have you believe, as shown in the table of effective tax rates. And, also contrary to liberal recounting, the tax cuts helped spur the economy (see the expansion). In addition, income tax revenues increased during this period and the share of taxes paid by the rich increased also! In other words, the liberals have been lying to you.

    The Reagan Information Page:The Tax Cuts

    The smallest amount by which a Reagan budget was increased by the Democrat-controlled House of Representatives was $50 billion. The government shut down on numerous occasions because of budget battles between Reagan and Congress. Interestingly, back then no one blamed the Speaker of the House for shutting down the government. They blamed the President.

    When Reagan’s tax plan was passed in 1982, there were supposed to be two dollars in spending cuts for every dollar of tax cuts. But spending never got cut. In the end, for every new dollar of tax revenue, the Democrats spent $1.80. Rather than cut spending, they let the government shut down and blamed Reagan.

    House Atreides - The Truth About Tax Cuts

    You must really get tired of being embarrassed with your revisionist liberal claptrap. But we'll be around to keep you honest, because you won't hear about all these things on MSNBC or CNN.
    “For the scientist who has lived by his faith in the power of reason, the story ends like a bad dream. He has scaled the mountains of ignorance; he is about to conquer the highest peak; as he pulls himself over the final rock, he is greeted by a band of theologians who have been sitting there for centuries.” - Robert Jastrow

  5. #5
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    Quote Originally Posted by simone View Post
    Hmmm, strange, it's not China or Japan.

    An amount of $4.5 trillion, that would be $4,500,000,000,000.00, to whom is that owed?

    Daily Kos: Who Is Our Biggest Creditor? Hint: It's Not Japan or China

    Well! Well! Well! And who is it exactly who started this snakey business?

    Why, bless my soul! It appears to have been Ronald Wilson Reagan!

    Shame on you, Mr. Reagan for casting your thievery under the rug, along with your illicit deals with Iranian hostage holders and your sneaky deals to sell arms to Iran when they held our citizens hostage.
    Actually if you want to blame somebody, Alan Greenspan is a better target. He came up with the plan to take SS off the budget, which allowed the government to basically spend all the money in the trust fund without ever having to really count it as deficit spending.

    At the end of the day, though, it goes a lot deeper than SS and medicare and other government programs. Insurance companies, pension funds, retirement funds, and dozens of other private investment funds are essentially required to hold T bonds as cash equivalents.
    If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; May your chains set lightly upon you, and may posterity forget that ye were our countrymen. —Samuel Adams

  6. #6
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    Agreed, Daewoo. Greenspan must answer for a number of things.
    Brother, you can believe in stones as long as you do not hurl them at me. Wafa Sultan

    “War is an American way to teach geography,” British soldier

    War is sweet to those who have not tasted it, but the experienced man trembles exceedingly at heart on its approach. – Pindar

  7. #7
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    I've never been convinced the social security trust fund is really a savings account. If you are GM and you have a pension plan and GM says "loan me the pension money" and they spend it...how is that savings? Who is believing that they are just holding on to it? It's kind of confusing.

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