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No Matter Who Wins the Election - We're Going to Have to Pay the Piper

post #1 of 15
Thread Starter 
According to Nobel economist Joseph Stiglitz and Linda Bilmes in an excerpt of their new book, "The Three Trillion Dollar War," in Vanity Fair, "The price in blood has been paid by members of the volunteer military. The price in treasure has been financed entirely by borrowing. Taxes have not been raised to pay for the war."

http://www.marketwatch.com/news/stor...t=MostReadHome

Whether you agree with Paul Ferrell (author of the article) or not, it's a fascinating read.

Laurie
post #2 of 15
Terrific article, and it should be required reading for all those moaning that taxes will go up if a Democrat is elected president.
post #3 of 15
Quote:
Originally Posted by jcat View Post
Terrific article, and it should be required reading for all those moaning that taxes will go up if a Democrat is elected president.
I totally agree. 1000%!
post #4 of 15
The following comment may sound cold and callous but...

If they want to start working on the massive debt we've racked up then the first step would be to pull out Iraq altogether. I really don't have a problem with that. The Sunnis and Shiites have been killing each other for thousands of years, they killed each other before we invaded Iraq, they are killing each other while we are there, they will continue to kill each other after we leave. Let them have at it. I agree with the article that the money being spent over there would be put to better use in our own country.

You're darn right I'll moan about tazes being raised to help with the debt IF spending isn't largely curbed to help combat the problem. I don't see that happening. Between the lobbyists who have their hands out begging for money and the politicians who are more than willing to give it to them I don't see anything truly changing for the better.
post #5 of 15
I've been saying for many years now that the country is racking up a credit card debt that will be passed onto our children. I'm not a financial wizard, but I can balance my checkbook each month. When you spend far more than you make, you have to borrow it. The only way to pay it off is to either: a) reduce your spending, or b) earn more money.

It's going to be a combination of these 2 things that will get us out of the deficit. Programs will be cut to reduce spending and taxes will be raised to earn more money.

The shame of it all, is that the democrats will be blamed for trying to be fiscally responsible to pay off this debt.
post #6 of 15
On the other hand, the best quote ever on economists:

"If you laid all the economists in the country end to end, they'd still all point in different directions."
post #7 of 15
It would be nice if switching parties would make a difference but realistically it is only a matter of deciding which set of lies you prefer - the problem is lack of honesty period - and lobbyist simply need to be booted out of Washington. I think war is a stupid idea no matter who is fighting it but I agree with what some one said up above the Sunni and Shiites have been killing each other for generations - the only thing these two probably do agree on is forgien troops need to go home and mind their own business - I am all for minding my own business - we can't take care of the people on our own country we have no business butting into other countries business -


Sense big oil business was the only one who profited from this stupid war they should pay for it.
post #8 of 15
Which of our oil companies is getting Iraqui oil?
post #9 of 15
Thread Starter 
Here is a report, apparently written in 2006 about the problem of economics with "Production Sharing Arrangements" (PDF): http://www.globalpolicy.org/security...udedesigns.pdf

And two 2007 articles discussing who "wins" and how it got structured: http://www.atimes.com/atimes/Middle_East/IB28Ak01.html
http://www.independent.co.uk/news/bu...ts-431036.html

Laurie
post #10 of 15
Well, doesn't look like it has happened yet. I do hope we end up getting some oil from Iraq. Maybe the price will go down.
post #11 of 15
I heard a blurb during a radio show a couple nights ago ( I wish I could remember the show) where someone said that the US has the capability to produce enough of it's own oil that we should never have to buy a drop of foreign oil. If that is true then why aren't we doing it?
post #12 of 15
Quote:
Originally Posted by Essayons89 View Post
I heard a blurb during a radio show a couple nights ago ( I wish I could remember the show) where someone said that the US has the capability to produce enough of it's own oil that we should never have to buy a drop of foreign oil. If that is true then why aren't we doing it?

EPA regs, not enough oil refineries and reluctance to build new ones, as well as NIMBY syndrome ("Not in my backyard").

www.ncpa.org/pub/ba/ba603/
post #13 of 15
We're our worst enemy in this country. If newer refineries are cleaner and more efficient it would make sense to build new ones to replace the outdated facilities we currently have and maybe build a couple additional ones. I have a government job and it never ceases to amaze me how they always make things much harder than they need to be.
post #14 of 15
And the Caribou will be sad if we drill in ANWR.
post #15 of 15
Quote:
Originally Posted by ckblv View Post
Which of our oil companies is getting Iraqui oil?
More on American, British and French oil companies and Iraqi oil:


http://www.sfgate.com/cgi-bin/articl.../BU5PVPNP8.DTL

Even Alan Greenspan said it was all about oil.
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