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There needs to be change, but it can't be all at once. We need to pull back, but it has to be a soft landing and not a crash, which may send the whole world economy upside down.
OK - what do we do now?
To me, the soft landing is the increase in interest rates, and the slightly higher unemployment in the short term - IF we apply sound economic principles to the debt and reverse course.
The hard landing would be China playing hardball, or the stock market losing over 50% of value in a short time. The stock market is detached from reality right now. It will correct itself at some point.
Again - what do you suggest for now? I will tune in later...
There needs to be change, but it can't be all at once. We need to pull back, but it has to be a soft landing and not a crash, which may send the whole world economy upside down.
And Obama should compromise to make it soft. Otherwise it's going to be he's fault because he's the leader and he's going to be responsible.
And Obama should compromise to make it soft. Otherwise it's going to be he's fault because he's the leader and he's going to be responsible.
Obama can't force Congress to play nice. Republicans will take the fall for this, not Obama. Obama can't do anything until a bill crosses his desk that was agreed on by Congress. Congress can't agree on anything, so how is this Obama's fault?
To me, the soft landing is the increase in interest rates, and the slightly higher unemployment in the short term - IF we apply sound economic principles to the debt and reverse course.
The hard landing would be China playing hardball, or the stock market losing over 50% of value in a short time. The stock market is detached from reality right now. It will correct itself at some point.
Again - what do you suggest for now? I will tune in later...
I am only guessing that you would mean that things you listed above would be the result of not raising the debt ceiling. I can cite many sources that say that it would be much worse than that, but to be fair, nobody knows for sure. It is just a big risk that does not need to be taken.
You can always argue about the budge. Pass the debt ceiling and then introduce a balance budget amendment by itself. It would be excellent political advantage if either party did this, but the bill would need to be a lone bill.
They ARE digging the hole deeper, though. When your credit is downgraded, your interest rates go up, then your payments on that interest go up. We are trillions of dollars in debt; for every interest point that goes up, it means we owe trillions more. That is the reality that seems to escape some people. Protecting our credit rating is vital to paying off our debt.
So it surprises you that they don't seem to care if it will cost us more. That is not why they are doing this anyway. They think they are going to look good and the president will not.
And remind us who said NO to tax increases. Who said NO to closing tax loopholes? Who said NO to President Obama's proposal that called for 4 trillion dollars in spending cuts? Remind us who WALKED away from the negotiating table 3 times?
Yeah SURE, walking AWAY from the negotiating table and devising a House GOP bill for cut, cap, and balance is called "compromise."
A-when you default, there is no such thing as a fixed rate.
B-It's not consumer credit. The entire American economy is affected, not just one consumer's pocketbook.
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