so much for the new Sen Paul

[billwald]

http://www.alternet.org/newsandview...how_he'll_cut_government_spending/#paragraph3

Exactly what does "balanced budget" mean? Unless there is accounting fraud the left side of the balance sheet always equals the right side. Does a family who makes payments on a mortgage have a balanced budget?

One of my kids is a civilian supervising employee of the Navy and doesn't make close to $120K/year. Does Sen Elect Paul know the difference between average (mean) and median? Without knowing both numbers either number is not very meaningful.

 

[targus]

It is obvious that you are not an accountant.

From someone who is. :smilewinkgrin:

 

[webdog]

It is obvious that you are not an accountant.

From someone who is. :smilewinkgrin:

:laugh: It's obvious to non accountant's too!

 

[preachinjesus]

Stirring pot again I see...

 

[Salty]

Stirring pot again I see...

2 + 2 always = 4 - unless you are a liberal:tonofbricks:

 

[rbell]

Exactly what does "balanced budget" mean? Unless there is accounting fraud the left side of the balance sheet always equals the right side. Does a family who makes payments on a mortgage have a balanced budget?

Wow...I think he's seriously asking this...

I'm no accountant...but isn't that pretty basic?

And your house is collateral for the loan (provided you're not upside-down). So, um, the balance is there. Sorry to disappoint.

 

[billwald]

>And your house is collateral for the loan (provided you're not upside-down).

EXACTLY! and the government's ability to raise taxes is the collateral for the national debt.

And the government "owns" half the land west of the Mississippi. This is also good collateral. I suspect the Chinese government might accept title to the right million acres for few billion of government paper they are holding.

Some Libertarians have proposed selling off the national forests to pay off national debt. The Paul family might agree. <G>

 

[targus]

EXACTLY! and the government's ability to raise taxes is the collateral for the national debt.

That may not be the case anymore.

The demoncrats may have already spent more than the government can tax to repay.

 

[HankD]

2 + 2 always = 4 - unless you are a liberal:tonofbricks:

Correct, then it's whatever Nancy says it is.

HankD

 

[glfredrick]

What Paul is saying is that we need to pay as we go -- just like we do at home (except some who borrow their way into serious trouble).

That would be a very novel approach for our government. Typically, the national annual budget and expenditures have no basis in the actual amount of money we bring in from various sources in any given fiscal year. We just do one of two things -- run the printing press faster and generate more of what we call money, or we borrow from other wealthy nations, who are likely running their own printing presses faster.

We are currently doing both... Borrowing at a pace that NNE can ever repay and also running the printing presses at warp speed. I posted a FRED graph in another government thread the other day, and what that shows is scary to an extreme for those who know what it means. We have printed hundreds of times the amount of money in the past 2 years alone than we have since America was founded as a nation!