Taxation, as authorized by the Constitution, is not theft.

But not paying one's debts is.

Would anyone care to explain why Republicans are so keen on defaulting on the US's debts, but only when a Democrat is president?

Jeff.

"For every complex problem there is an answer that is clear, simple, and wrong." -- H. L. Mencken, who indeed was a racist thereby proving himself right.

--- Mystic BBS v1.12 A46 2020/08/26 (Raspberry Pi/32)
* Origin: Cold War Computing BBS (1:387/26)

Hello Jeff,

Taxation, as authorized by the Constitution, is not theft.

Taxation without representation is not authorized by the Constitution.
Maybe by the King of England. But he found out the hard way when he
tried to do that a few centuries ago when we were mere colonists and
subjects of the British Crown.

But not paying one's debts is.

The Boston Tea Party was a real party. Not sure who paid the bill
for it, but all who participated enjoyed it to the hilt.

Would anyone care to explain why Republicans are so keen on defaulting on the
US's debts, but only when a Democrat is president?

Republicans voted for a shutdown of the government in order
to avoid paying their taxes. It's that simple. Tax cheats. You
do understand.

--Lee

--
We Make Your Wet Dreams Come True

--- MesNews/1.08.05.00-gb
* Origin: news://eljaco.se (2:203/2)

But not paying one's debts is.

Would anyone care to explain why Republicans are so keen on defaulting on the US's debts, but only when a Democrat is president?

I am not certain that they are keen to default in so much as they are keen
not to incur additional debt (by approving additional spending of money we don't have) without paying some of the existing debt off first.

In the real world, if one incurs an incredible amount of debt, one's credit rating becomes so bad that one usually cannot get additional credit without addressing their existing debt first. As best as I can tell, the US Government is the only organization in the US where this fact somehow does not apply.


* SLMR 2.1a * Hah! If only BELL knew what I was do...+orCo NO CARRIER
--- SBBSecho 3.12-Linux
* Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)

On 25 Sep 2021, Mike Powell said the following...

But not paying one's debts is.
Would anyone care to explain why Republicans are so keen on defaulting o US's debts, but only when a Democrat is president?

I am not certain that they are keen to default in so much as they are
keen not to incur additional debt (by approving additional spending of money we don't have) without paying some of the existing debt off first.

Raising the debt limit is not done to raise money for future spending; it is done to fund existing spending for things that have already been approved by Congress. One of those things is paying for existing debt, the failure of
which would cause the US to default.

In the real world, if one incurs an incredible amount of debt, one's credit rating becomes so bad that one usually cannot get additional
credit without addressing their existing debt first. As best as I can tell, the US Government is the only organization in the US where this
fact somehow does not apply.

What is "an incredible amount fo debt?" The primary concern in lending money
to someone with existing debt is that they will be unable to pay back the
loan. Regardless of the amount of debt, the US has -- so far -- always been able to pay its debts. A failure to do so would trigger the collapse of its credit rating, as you noted. Our ability to borrow is based on trust, and Republicans are toying with betraying that trust.

Jeff.

"For every complex problem there is an answer that is clear, simple, and wrong." -- H. L. Mencken, who indeed was a racist thereby proving himself right.

--- Mystic BBS v1.12 A46 2020/08/26 (Raspberry Pi/32)
* Origin: Cold War Computing BBS (1:387/26)

Raising the debt limit is not done to raise money for future spending; it is done to fund existing spending for things that have already been approved by Congress. One of those things is paying for existing debt, the failure of which would cause the US to default.

Vicious circle. Most of us cannot spend money we don't already have, at
least not for long.

What is "an incredible amount fo debt?" The primary concern in lending money to someone with existing debt is that they will be unable to pay back the loan. Regardless of the amount of debt, the US has -- so far -- always been able to pay its debts. A failure to do so would trigger the collapse of its credit rating, as you noted. Our ability to borrow is based on trust, and Republicans are toying with betraying that trust.

Has the US "always been able" to pay its debts? If they are spending money before they have it, to pay off one debt by incuring more debt, the debts
as a whole are never paid off.


* SLMR 2.1a * This message written with recycled electrons.
--- SBBSecho 3.12-Linux
* Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)

On 26 Sep 2021, Mike Powell said the following...

Raising the debt limit is not done to raise money for future spending; i done to fund existing spending for things that have already been approve Congress. One of those things is paying for existing debt, the failure o which would cause the US to default.

Vicious circle. Most of us cannot spend money we don't already have, at least not for long.

Debt can in fact be managed.

What is "an incredible amount fo debt?" The primary concern in lending m to someone with existing debt is that they will be unable to pay back th loan. Regardless of the amount of debt, the US has -- so far -- always b able to pay its debts. A failure to do so would trigger the collapse of credit rating, as you noted. Our ability to borrow is based on trust, an Republicans are toying with betraying that trust.

Has the US "always been able" to pay its debts? If they are spending money before they have it, to pay off one debt by incuring more debt,
the debts as a whole are never paid off.

Of course it has, starting with our Revolutionary War debts. Initially, under the Articles of Confederation, such payments by the states were entirely voluntary and Congress had no power to tax. That was such a dismal failure
that the Articles of Confederation were scrapped and a new Constitution was written, this time giving Congress the power to tax.

Treasury Bills are a form of debt and they are paid off all the time.

Old debts are paid off and new debts taken on.

Personally, I think we should raise taxes (progressively) and not borrow so much, but that's just me.

Jeff.

"For every complex problem there is an answer that is clear, simple, and wrong." -- H. L. Mencken, who indeed was a racist thereby proving himself right.

--- Mystic BBS v1.12 A46 2020/08/26 (Raspberry Pi/32)
* Origin: Cold War Computing BBS (1:387/26)

On 26 Sep 2021, Mike Powell said the following...

What is "an incredible amount fo debt?" The primary concern in lending m to someone with existing debt is that they will be unable to pay back th loan. Regardless of the amount of debt, the US has -- so far -- always b able to pay its debts. A failure to do so would trigger the collapse of credit rating, as you noted. Our ability to borrow is based on trust, an Republicans are toying with betraying that trust.

Has the US "always been able" to pay its debts? If they are spending money before they have it, to pay off one debt by incuring more debt,
the debts as a whole are never paid off.

They key thing to remember here, or so I've been told, is that "tax cuts will pay for themselves." Apparently all we need to do is wait. And wait. And
wait. But surely after over 40 years of waiting, the promised windfall is almost upon us! Soon, four decades of accumulated tax cuts will supply us
with more money than we know what to do with! The debt will be but a bad memory.

Or so I've been told.

Jeff.

"For every complex problem there is an answer that is clear, simple, and wrong." -- H. L. Mencken, who indeed was a racist thereby proving himself right.

--- Mystic BBS v1.12 A46 2020/08/26 (Raspberry Pi/32)
* Origin: Cold War Computing BBS (1:387/26)