A Quote by Annie Lowrey
The things to watch are whether the country's borrowing costs are rising, whether its budgetary allotment for payments on the debt is increasing, and whether it is spending on good priorities. Those big, scary debt numbers are not as big and scary as they used to be.
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Any politician that says no tax revenue or zero spending cuts does not deserve reelection. Our hole is so deep in this country with the debt and the debt service, the interest on that debt, before the big expenses come for Social Security and Medicare - for we baby boomers in a few years - that everything has to be on the table.
Government or politics in America today is big business. Everybody makes money involving themselves in one way or the other, whether it's pollsters, whether they are policy wonks, whether they are pundits, whether they are those who believe that they must call it as they see it and then to be fair about it.
At issue is not whether the global economy will pass away. It is passing away. Rising populations and debt combined with depletion of freshwater sources and fossil fuel make the status quo untenable. The only question is whether civil society will survive the transition.
This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.
Now, whether that was Russia, whether that was China, whether it was another country, we don't know, because the truth is, under President [Barack] Obama we've lost control of things that we used to have control over.
Our approach is to reject the old vicious circle of the '80s-rising debt, higher long-term interest rates, higher debt repayment costs, lower growth, higher unemployment, then enforced cuts in public spending. That was the old boom and bust.
Here we are, worrying about whether we're thin enough or whether our bottom looks too big in this pair of trousers or even whether or not I should wear a hat - does it really matter in comparison to the important things that are going on in the world?
Get out of debt. In a world of stagnant incomes and rising core expenses like mortgage and health care costs, that's a lot easier said than done. The middle class is under enormous pressure. But families can stop the bleeding by reducing their reliance on debt wherever they can. They can also start fighting back by taking a hard look at whom they do business with and rethinking whether they want tricks-and-traps banks to hold their money. They can also demand that public officials take the side of families over the side of banks.
If the US Government was a family—they would be making $58,000 a year, spending $75,000 a year, & are $327,000 in credit card debt. They are currently proposing BIG spending cuts to reduce their spending to $72,000 a year. These are the actual proportions of the federal budget & debt, reduced to a level that we can understand.
Every major country on earth, whether it's the U.K., whether it's France, whether it's Canada, has managed to provide healthcare to all people as a right and they are spending significantly less per capita on health care than we are. So I do not accept the belief that the United States of America can't do that.
Whether it is good or evil, whether life in itself is pain or pleasure, whether it is uncertain-that it may perhaps be this is not important-but the unity of the world, the coherence of all events, the embracing of the big and the small from the same stream, from the same law of cause, of becoming and dying.
Bad debt is debt that makes you poorer. I count the mortgage on my home as bad debt, because I'm the one paying on it. Other forms of bad debt are car payments, credit card balances, or other consumer loans.
An example of good debt is the debt on the apartment houses I own. That debt is good only as long as there are tenants to pay my mortgages. If tenants stop paying their rent, my good debt turns into bad debt.
Student loan debt is crushing young people. And so they're not doing the things we would expect them to do. They're not moving out of their parents' homes in as big a numbers, they're not saving up money for down payments, they're not buying homes or cars or starting small businesses or doing any of the things that help move this economy forward.
I have taken on virtually every element of the big money establishment, whether it's the Koch brothers, and the big energy companies, whether it's the industrial complex, whether it's Wall Street... I have taken on the drug companies. I have taken on the insurance companies.
I have serious concerns about whether it's prudent to give any foreign country substantial leverage over the U.S. economy. Instead of spending $80 billion on important programs here at home, we're sending this money overseas just to pay interest on our debt.
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