https://en.m.wikipedia.org/wiki/Alexand ... 20treasury.
Two centuries ago, a somewhat obscure Scotsman named Tytler made this profound observation: "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury.
Federal debt held by the public is projected to equal 195 percent of gross domestic product (GDP) in 2050, and the deficit is projected to equal 13 percent of GDP.
https://www.cbo.gov/publication/56598#: ... 0by%202050.
https://tradingeconomics.com/united-sta ... ebt-to-gdp
The United States recorded a government debt equivalent to 106.90 percent of the country's Gross Domestic Product in 2019.
https://www.nairaland.com/1494266/fate- ... john-glubb
Read the above link.
Covid and Joe Biden are the begining of the end.
The beginning of the end for the USA
Re: The beginning of the end for the USA
Perhaps we will be gone when the bubble bursts.
It happens.
Greece has been bankrupt 5 times in modern times. One US southern state went bk in the depression, replaced debt with long term bonds and recovered.
In 1957, I deliberately looked at the price of T-bone steak on sale. $1 a pound. When I was preschool in the 1940s, a bottle of coca cola was 2 cents and a 1 cent deposit on the glass bottle.
As we proceed along with inflation, readjustment of social increases to reduce the annual increase, the day of reckoning is simply postponed. Social security was once tax free at the federal level. Maybe that will change and all of it will be taxed.
One positive note, as I always look for a silver lining. At one time, state and local income taxes and property taxes on multiple owned homes were fully deductible at the federal level. The concept was that big spending, urbanized states would have more income to tax and would use the money wisely. The urbanized states did not. Now, the deductibility of non federal income taxes and property taxes is limited. This means reining in local spending. It means that the federal collapse is pushed out more years because it has a source of federal revenues.
Understand that social security had its reserves taken away years ago. Social security spending was merged with the general budget. This means that the formula for decreasing benefits is not as bad as it otherwise would be. I live in a high tax, urbanized part of the US. However, I can take a standard deduction because I did not put my life style on credit spending.
It happens.
Greece has been bankrupt 5 times in modern times. One US southern state went bk in the depression, replaced debt with long term bonds and recovered.
In 1957, I deliberately looked at the price of T-bone steak on sale. $1 a pound. When I was preschool in the 1940s, a bottle of coca cola was 2 cents and a 1 cent deposit on the glass bottle.
As we proceed along with inflation, readjustment of social increases to reduce the annual increase, the day of reckoning is simply postponed. Social security was once tax free at the federal level. Maybe that will change and all of it will be taxed.
One positive note, as I always look for a silver lining. At one time, state and local income taxes and property taxes on multiple owned homes were fully deductible at the federal level. The concept was that big spending, urbanized states would have more income to tax and would use the money wisely. The urbanized states did not. Now, the deductibility of non federal income taxes and property taxes is limited. This means reining in local spending. It means that the federal collapse is pushed out more years because it has a source of federal revenues.
Understand that social security had its reserves taken away years ago. Social security spending was merged with the general budget. This means that the formula for decreasing benefits is not as bad as it otherwise would be. I live in a high tax, urbanized part of the US. However, I can take a standard deduction because I did not put my life style on credit spending.
Re: The beginning of the end for the USA
I don't think "voting itself" largess is in our top ten problems.
I will say that the whole "51% = we do this" is a serious fail. As a business consultant, voting by simple majority is a recipe for failure. That is the same as saying 51% support it, and the 49% are working against you to make sure it fails.
Our country was death it's death blows in 1913.
- Direct election of Senators created a displaced and immune class of government
- The ability to federally tax individuals gave the government to fund activities outside of the peoples will
- The ability to take on debt
- The creation of the Federal reserve allowed the government to run up debt for its activities, at the benefit and self-interest of the banks
We made it a little more than 100 years after that - probably will get to 125 or more. It was a good run.
I will say that the whole "51% = we do this" is a serious fail. As a business consultant, voting by simple majority is a recipe for failure. That is the same as saying 51% support it, and the 49% are working against you to make sure it fails.
Our country was death it's death blows in 1913.
- Direct election of Senators created a displaced and immune class of government
- The ability to federally tax individuals gave the government to fund activities outside of the peoples will
- The ability to take on debt
- The creation of the Federal reserve allowed the government to run up debt for its activities, at the benefit and self-interest of the banks
We made it a little more than 100 years after that - probably will get to 125 or more. It was a good run.
Re: The beginning of the end for the USA
See - here is a great statement I heard: "The people have spoken and they rejected Trump"
Actually, no. 49% Of the people love Trump. and (allegedly) 51% Hate him. For those who voted...
So basically "The People" do not agree at all on this. And when I run an improvement team that is in that mode - we have a problem. If everyone does not leave the room in 100% agreement to support the action, I can guarantee the project will fail. Why?
51% of the people go do what was said.
49% of the people do nothing, do something else, actively undermine it, and bad mouth it to everyone not involved.
But...If I wanted to keep a job where I worked on projects all the time, but didn't have to achieve anything - I'd be all about the majority vote.
Actually, no. 49% Of the people love Trump. and (allegedly) 51% Hate him. For those who voted...
So basically "The People" do not agree at all on this. And when I run an improvement team that is in that mode - we have a problem. If everyone does not leave the room in 100% agreement to support the action, I can guarantee the project will fail. Why?
51% of the people go do what was said.
49% of the people do nothing, do something else, actively undermine it, and bad mouth it to everyone not involved.
But...If I wanted to keep a job where I worked on projects all the time, but didn't have to achieve anything - I'd be all about the majority vote.
Re: The beginning of the end for the USA
The USA does not vote by a simple majority for president.Bob wrote: ↑Sun Nov 22, 2020 12:56 pm I don't think "voting itself" largess is in our top ten problems.
I will say that the whole "51% = we do this" is a serious fail. As a business consultant, voting by simple majority is a recipe for failure. That is the same as saying 51% support it, and the 49% are working against you to make sure it fails.
Our country was death it's death blows in 1913.
- Direct election of Senators created a displaced and immune class of government
- The ability to federally tax individuals gave the government to fund activities outside of the peoples will
- The ability to take on debt
- The creation of the Federal reserve allowed the government to run up debt for its activities, at the benefit and self-interest of the banks
We made it a little more than 100 years after that - probably will get to 125 or more. It was a good run.
Re: The beginning of the end for the USA
And we aren't a Democracy either, we are a Constitutional Republic. Big difference. Democracy is only one rung higher than socialism on the ladder.
A man cannot call himself peaceful if he is not capable of violence. If he's not capable of violence he isn't peaceful, he is harmless. There is a distinct difference.
Fate whispers to the warrior "You cannot weather this storm". The warrior replies, "I am the storm".
Fate whispers to the warrior "You cannot weather this storm". The warrior replies, "I am the storm".
Re: The beginning of the end for the USA
And we are not much of a Constitutional Republic anymore either...Federalism is destroying the 50 petri-dish Freedom Experiment.
And there are many ways to do Democracy. the 51 wins 49 loses is a horrible way - unless you want gridlock and fighting. That leads to Tranny of the Majority. A key to th original blueprint was that there needed to be Freedom from Tranny of the Majority, and of the Minority.
A loud vocal minority shouldn't be able to invoke their will on the many, and the many should not be able to invoke their will on the few. Tough balancing act - especially if you don't care about either.
And there are many ways to do Democracy. the 51 wins 49 loses is a horrible way - unless you want gridlock and fighting. That leads to Tranny of the Majority. A key to th original blueprint was that there needed to be Freedom from Tranny of the Majority, and of the Minority.
A loud vocal minority shouldn't be able to invoke their will on the many, and the many should not be able to invoke their will on the few. Tough balancing act - especially if you don't care about either.