Re: If Hurricane Irma hits Florida........
Posted by:
There is no 'lock box'
()
Date: September 04, 2017 04:24PM
Lock box Wrote:
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> No Wrote:
> --------------------------------------------------
> -----
> > Pim puh Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > Semantics Wrote:
> > >
> >
> --------------------------------------------------
>
> >
> > > -----
> > > > Pkpklp Wrote:
> > > >
> > >
> >
> --------------------------------------------------
>
> >
> > >
> > > > -----
> > > > > 20T near-term, 200T long-term Wrote:
> > > > >
> > > >
> > >
> >
> --------------------------------------------------
>
> >
> > >
> > > >
> > > > > -----
> > > > > > The US already is bankrupt.
> > > > >
> > > > >
> > > > > So if you owe money you are bankrupt?
> > > >
> > > >
> > > > "Bankrupt" is a specific legal
> determination
> > of
> > > > insolvency so strictly speaking, no.
> > > >
> > > > Insolvency is the inability to satisfy
> debts
> > > owed
> > > > and just claims made against an entity so
> > > > practically speaking, yes.
> > >
> > >
> > > We, US, can't pay our bills?
> >
> >
> > No. We only pay (some of) the interest on our
> > debt. Then we roll the debt over into more
> debt.
> >
> >
> > For other larger, longer-term bills we just put
> > them in a drawer and pretend that they don't
> > really exist and say that we'll deal with it
> > later.
>
> If we put them in a drawer and don't pay them it
> seems like the folks we owe the money to would
> complain ?
They will when it becomes more apparent that we can't pay and in order to cover just the minimum coming due we have to raise income taxes by ~17%, increase payroll taxes by ~25%, cut discretionary spending programs 25%, and reduce benefits by 15%. As is beginning now in the case of some states and other entities which can't get away with pretending that their bills don't exist.