Iceland is bankrupt

[theaub]

See you in the finals, Iceland

[superjames1992]

Re: Iceland is bankrupt

That's what is going to happen here in the USA if we don't cut our massive spending.

[Cebby]

Re: Iceland is bankrupt

I was going to say "IB4 superjames mentions socialism", but I was too late.

[bkrich83]

Re: Iceland is bankrupt

I was going to say "IB4 superjames mentions socialism", but I was too late.

Remember when you were 16 and knew it all?

[dkgojackets]

Re: Iceland is bankrupt

That's what is going to happen here in the USA if we don't cut our massive spending.

no

[SlimKibbles]

Re: Iceland is bankrupt

That's what is going to happen here in the USA if we don't cut our massive spending.

If you read the article, that won't be the case.

[superjames1992]

Re: Iceland is bankrupt

We can't afford Medicare. We can't afford Social Security. We keep on bailing out and wasting trillions of dollars on banks. We keep on expanding the federal government. If we don't stop, we will be bankrupt in 20-30 years.

There is really no way to raise more funds either. Raise taxes and you hurt the economy since people will make and spend less which will hurt tax revenue. Raise taxes on corporations and they will make less, which will not make any more money for the government. Raise taxes on the rich and they will just spend less and make less. The top 10% already pay 70% of the federal income tax while the bottom 50% pay a mere 2.9% of the income tax. Lower taxes and the economy will be better off, but you will not be bringing in as many taxes. Actually, we set tax revenue records with the Bush tax cuts, so maybe some tax cuts need to be in order to raise tax revenue.

All in all, there is no way to raise enough revenue to support our ever expanding debt-ridden federal government. While we are in okay shape now, we won't be in 20-30 years.

[bad_philanthropy]

Re: Iceland is bankrupt

The greed in the banking sector simply caused it to outgrow the ability of Iceland's tiny population to back up their spending. I wouldn't be surprised to see other, larger, banking sectors like Britain and Switzerland go in the crapper as well, too much making money off of money going on.

[baumy300]

Re: Iceland is bankrupt

Remember when you were 16 and knew it all?

Ever heard that Montgomery Gentry song?

Not relating it to any specific member here, but that song sure describes me to a T around that age range.

[mgoblue]

Re: Iceland is bankrupt

See you in the finals, Iceland

Awesome quote...got me chuckling!

Also, just crazy that a country can go bankrupt in this day and age, will be interesting to see what ends up happening.

[Cebby]

Re: Iceland is bankrupt

Also, just crazy that a country can go bankrupt in this day and age, will be interesting to see what ends up happening.

The same thing that happens to all third world countries with a primarily white population:

Mail order brides

[bkfount]

Re: Iceland is bankrupt

That's what is going to happen here in the USA if we don't cut our massive spending.

the article even explains why this happened to Iceland, and that a few countries in Europe are in danger still. The UK will fall like this before we ever do.

[bad_philanthropy]

Re: Iceland is bankrupt

The same thing that happens to all third world countries with a primarily white population:

Mail order brides

From what I've heard, Icelandic women are some of the hottest in the world. Excluding Bjork of course, those looking for, tall, blonde, nordic women should take advantage while the going's good.

[HiJumpr111]

Re: Iceland is bankrupt

Apparently the krona won't buy much Corona right now.

[dkgojackets]

Re: Iceland is bankrupt

Apparently the krona won't buy much Corona right now.