America is on track to go bankrupt. Just like Greece. The signs are all around us. We've lost our AAA credit rating. Trillion dollar deficits are the new normal. The Fed is buying 61% of our own debt. Barack Obama's 10 year budget will leave Americans with “more debt than has been accumulated by all previous Presidents in American history combined.” Nobody on the Left or Right seems to believe we'll ever pay off all of the money we owe. Life as we know it is very close to ending and yet Americans seem to be...
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No matter how you slice it, taking money from the private sector and giving it to government is a losing proposition. The government makes money by getting lots of taxes from workers wages, or by reducing payments for social services. Of course domestic oil has a huge multiplier effect, whereas government spending has a tiny multiplier effect (it doesn't produce anything).
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