Author Topic: China & Japan Finance US Deficit.  (Read 84 times)

Ant

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China & Japan Finance US Deficit.
« on: October 29, 2004, 09:45:30 PM »
A quick explanation of why deficits are bad.  If you go to the below link you will see that China & Japan have been funding GWB's deficit for the past 4 years by buying US debt. 

In fact, 70% of the 2003 deficit (approx 400 billion) was financed by foreign countries.  If you watch over the past few months you will see Japan and China have continued to buy more and more US debt.  See the links:

http://www.house.gov/tanner/foreignholdings.htm

http://www.treas.gov/tic/mfh.txt

Current republicans think cutting taxes is a good thing.  They also think the war in Iraq is a good thing.  The concept that leaves me baffled is why the same group that wants the war also doesn't support fully funding the war.  Instead they 'outsource' the funding to Asia. 

Today, China and Japan combined own about $1 trillion worth of U.S. Debt and every month the U.S. makes interest payments to China & Japan. 

The moral here is simple:  Foreign countries are actually profiting from GWB's disasterous 1st term, while the US continues to suffer.     

« Last Edit: October 30, 2004, 02:08:37 PM by Ant »
 

Woodrow

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Re: China & Japan Finance US Deficit.
« Reply #1 on: October 30, 2004, 12:14:28 AM »
So why do you think we have a deficit?

Does 9/11 have anything to do with it?

Do you think the money spent on the war would erase the deficit?

Do you think the government can spend your money better than you can?
 

Woodrow

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Re: China & Japan Finance US Deficit.
« Reply #2 on: October 30, 2004, 12:39:59 AM »
Ant, to tell you the truth, I don't really care what you think....

I'm drunk, and thought it'd be funny to waste 15 to 20 mins of your time having you write up your views...

Immature? Yes...

Do I care? No...
 

Woodrow

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Re: China & Japan Finance US Deficit.
« Reply #3 on: October 30, 2004, 12:42:47 AM »
Ant 12:20:49 AM Posting in China & Japan Finance US Deficit....
 

Woodrow

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Re: China & Japan Finance US Deficit.
« Reply #4 on: October 30, 2004, 01:01:26 AM »
Ant  12:57:48 AM Posting in China & Japan Finance US Deficit. .
 

Ant

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Re: China & Japan Finance US Deficit.
« Reply #5 on: October 30, 2004, 01:01:46 AM »

So why do you think we have a deficit?


We have a deficit because GWB has mismanaged the economy.  He passed huge tax cuts, then rushed to war, then continued to pass tax cuts.  He accepted every republican spending proposal put forward to date.  As I've mentioned before, the US is currently conducting research to develop more powerful nuclear weaponry.  This is just a clear example of why we are running such a huge deficit.  Programs that are entirely unnecesary are approved and paid for by borrowing from foreign countries.  Then the tax payers get stuck with the burden of paying these countries back. 

Does 9/11 have anything to do with it?

Obviously 9-11 negatively impacted our economy, but after that happened GWB failed to take appropriate steps to help strengthen the economy.  Instead he took all the wrong steps and made us weaker.  A weak economy weakens our national security.  The two are tied together.   Tax cuts only make sense if they are affordable.  They obviously weren't.  Plain and simple if your a business owner you don't lower prices if your costs are going up.  GWB did just that.  Costs went up because of terrorism and GWB cut revenue.  Additionally, we all complain, and often can see with our own eyes how the government wastes tax dollars.  I don't dispute this point.  But clearly GWB has done nothing to eliminate government waste, reduce costs, and make it so tax cuts made sense. 

Do you think the money spent on the war would erase the deficit?


No actually the war is a one time cost of 150 billion (to date, it may eventually go higher).  The deficit is running at a rate of 500 billion per year (approx.).  This point further illustrates why 9-11 is used as an exuse to explain away mismanagement.  The war on terror only partly explains the deficit.  The rest of the explanation lies with GWB mismanaging the economy, and increasing spending when it just wasn't feasible.  For example, there are about 1 million new government jobs created during 2004.  GWB says he's only lost 600,000 jobs which is true.  Still its unheard of for a president to have a net job loss of any size.  John Kerry often points out that GWB actually lost 1.7 million private sector jobs.  A lot of the reduction in unemployment is government funded.

Do you think the government can spend your money better than you can?

In some cases the government can buy things for me I can't buy for myself as easily.  America relies on tax revenue to sustain itself. Taxes are pretty much the only way we fund things like the military, the public school system, our police and fire departments, and all other general infrastructure.  The stability our government provides establishes the system that allows corporations to flourish.  Without the stability of a government system, our economic system would be severly weakened.  I know of no successful economy which has progressed without a government there to provide essential tools and stability.  I don't mind paying taxes because the US government is responsible for the situation that allows me to have a good job, a decent education, and the freedom to do as I please (most of the time).   If the government can effectively reduce costs than I will happily accept a tax cut, and I believe that it is in our best interests if the government intelligently reduces costs and passes the savings onto the citizens.   However, on certain issues I'd rather have the government in charge than pay for it myself.  For example, I'd rather pay the government to establish a police and court system than carry a gun everywhere I go.  I'd rather pay the government to manage healthcare costs because I believe it has more leverage with the pharma companies than I do and can offer me healthcare at a lower cost.  I'd rather pay the government to fund an all volunteer army, than have to worry about being called to serve aganist my will.  And so on. 

 

Ant

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Re: China & Japan Finance US Deficit.
« Reply #6 on: October 30, 2004, 01:05:53 AM »
Ant  12:57:48 AM Posting in China & Japan Finance US Deficit. .

And your point is?  You sat around and waited for me to finish posting.  That was your choice.  Meanwhile I was actually having a discussion with my brother and forgot I hadn't finished my response.  You want to brag your on the side of intelligence and morality.  Instead you just prove your childishness sitting around here waiting patiently for my response.
 

Woodrow

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Re: China & Japan Finance US Deficit.
« Reply #7 on: October 30, 2004, 01:08:11 AM »
hahaahaha!

Nah... I made some nachos, watched some simpsons on the tivo, then came back...

I know it was childish, but it was fun.
 

Ant

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Re: China & Japan Finance US Deficit.
« Reply #8 on: October 30, 2004, 02:17:28 PM »
hahaahaha!

Nah... I made some nachos, watched some simpsons on the tivo, then came back...

I know it was childish, but it was fun.

Why is it fun to support a candidate who can't stand up to criticism.  Everytime I've shown why your wrong you fall back on childish name calling and personal attacks, but then call me a 'sell out' and proclaim yourself intelligent.  Its clear from your own actions, and from the actions of GWB that there are no logical arguements to defend his presidency.  Thats why he behaves as immaturely as you do and resorts to the same childish name calling - "flip flopper" "liberal"

"John Kerry is going to raise your taxes"

"John Kerry wants us to take global tests"

There is no logical way to defend GWB and you continue to prove me right.  Thanks.