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| Who are to pay for the spending spree? |
Now all the nations around the globe are in this chicken race "race to the bottom" of spending. If the US government spends and prints dollars, then those who compete with the US companies must look for lowering their currencies. Is this the point the Democrats have been making over the years?
All the 'excitements' on spending will and is resulted in raising taxes in those nations as well. What could they do? They are in the race. Leadership matters. If directed, all would be forced to be in the race.
The supplementary budget just kepts up in Japan, where taxes have never been lowered in its (long) history of democracy. Australia just declared it may not be able to balance its budget for this year. South Korea announced to spend their tax money to welfare by expanding the recipients of the money. The responsibility of the US is enormous; it is practically taxing the people around the globe.
There are moves to avoid using dollars. That, however, needs more political maneuver. Until that completes, the race will continue: you spend, we spend, and they spend. Who are to pay for it? Us the tax payers. Who are the easy target? The bottom 80%.