A hypothetical IMF loan to the US.

piece-itpete · #1 10-13-2009, 09:02 AM

Take for the sake of conversation that we no longer had the world reserve currency and the reality of everyone else's currency applied to us.

Being basically broke, we turn to the IMF. What do they say?

Based on what I've read over the years they require a couple of things:

A balanced budget. For real, no smoke and mirrors, true austerity.

Free market reforms. A boatload of regulations and restrictions out the window.

Transparency, which we may have already. But I wonder if we'd be up to snuff completely.

Just thinking out loud.

Pete

Fast_Eddie · #2 10-13-2009, 09:13 AM

Well we sure don't have a balanced budget. We did. But we don't now.

piece-itpete · #3 10-13-2009, 09:37 AM

In reality, we have not had a balanced budget since Eisenhower. Clintons surplus is a farce. It's that pesky 'spending the ss' thing again.

http://www.geldpress.com/2008/07/us-...ing-deception/

Pete

Fast_Eddie · #4 10-13-2009, 10:24 AM

Hum. Guess we haven't lowered taxes enough.

noonereal · #5 10-13-2009, 10:57 AM

Quote:

Originally Posted by Fast_Eddie

Hum. Guess we haven't lowered taxes enough.

bush lowered taxes, why isn't the budget balanced?

piece-itpete · #6 10-13-2009, 11:12 AM

The last big increase was in ss withholding, to cover future payouts.

Pete

noonereal · #7 10-13-2009, 11:17 AM

Quote:

Originally Posted by piece-itpete

The last big increase was in ss withholding, to cover future payouts.

Pete

gee, maybe we should not have spent the SS surplus on other things

Fast_Eddie · #8 10-13-2009, 11:25 AM

Quote:

Originally Posted by piece-itpete

The last big increase was in ss withholding, to cover future payouts.

Pete

We're on the same page Pete, though we may disagree on a solution. Thing is, you're never going to get anyone elected who says "we need to kill (or significantly cut) Social Security". It's just not going to happen. So, we need to raise taxes to pay for it. Thing is, that's not going to get you elected either. So you have to...

Well, I'll let you fill that in. First off, do you agree with the above assumptions and if so, how do you fill in the end of that sentance?

Take care,

Ed

piece-itpete · #9 10-13-2009, 12:05 PM

Quote:

Originally Posted by noonereal

gee, maybe we should not have spent the SS surplus on other things

We are in absolute agreement.

Quote:

Originally Posted by Fast_Eddie

We're on the same page Pete, though we may disagree on a solution. Thing is, you're never going to get anyone elected who says "we need to kill (or significantly cut) Social Security". It's just not going to happen. So, we need to raise taxes to pay for it. Thing is, that's not going to get you elected either. So you have to...

Well, I'll let you fill that in. First off, do you agree with the above assumptions and if so, how do you fill in the end of that sentance?

Take care,

Ed

Agreed that ss is a big problem. I'll never join AARP.

Me personally filling in? Something like ....stop increasing spending. At least.

In that I know the IMF would concur. I can see why the small nations would be a bit bitter.

The overall populace, including the politicians? They've already answered it: ....print money till we run out of paper.

Or is that

Which the folks who argued against a democracy back at the beginning of our country would say 'I TOLD you so!!'

Pete

noonereal · #10 10-13-2009, 02:11 PM

Quote:

Originally Posted by piece-itpete

We are in absolute agreement.

Great, so you are for tax increases.