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This is a nightmare for Barack Obama. The last thing he needs is to be asking Congress to increase the debt ceiling right before people go to the polls.
Why didn't he exercise a bit of foresight and address this failing when he had a chance over the past 3 budget proposals? Does Barack Obama really not care about out debt and deficits? He shouldn't get a free pass over this. I don't think he will in November.
This is a nightmare for Barack Obama. The last thing he needs is to be asking Congress to increase the debt ceiling right before people go to the polls.
Why didn't he exercise a bit of foresight and address this failing when he had a chance over the past 3 budget proposals? Does Barack Obama really not care about out debt and deficits? He shouldn't get a free pass over this. I don't think he will in November.
The debt ceiling has been raised numerous times in the past without incident. It has been nearly a foregone consensus among both parties that the intelligent way to approach the issue is to raise the debt ceiling for now and then debate how to decrease the size of the budget and raise revenue moderately, over a period of years. That was what was done in the 1990s, and it worked to perfection. The debt began its spiral upward during the Bush administration but fearful of 'cutting support for the troops' and being labeled as traitors, democrats consistently raised the debt ceiling for Bush without a fuss. It wasn't until the morons on the right (aka the tea party) came to town that the debt ceiling became a political wedge issue.
But whatever, it doesn't matter anymore. Average, non-partisan Americans are beginning to see the truth: Republicans are serving their corporate masters. And the economy for the average American, while still not that good, is at least getting better. They know which party is on which side now. If the GOP tries that debt ceiling stunt with Obama again, they'll just look like idiots and they'll send Romney or Santorum to a certain and lopsided defeat, and they might even lose complete control of congress.
The debt ceiling has been raised numerous times in the past without incident. It has been nearly a foregone consensus among both parties that the intelligent way to approach the issue is to raise the debt ceiling for now and then debate how to decrease the size of the budget and raise revenue moderately, over a period of years. That was what was done in the 1990s, and it worked to perfection. The debt began its spiral upward during the Bush administration but fearful of 'cutting support for the troops' and being labeled as traitors, democrats consistently raised the debt ceiling for Bush without a fuss. It wasn't until the morons on the right (aka the tea party) came to town that the debt ceiling became a political wedge issue.
But whatever, it doesn't matter anymore. Average, non-partisan Americans are beginning to see the truth: Republicans are serving their corporate masters. And the economy for the average American, while still not that good, is at least getting better. They know which party is on which side now. If the GOP tries that debt ceiling stunt with Obama again, they'll just look like idiots and they'll send Romney or Santorum to a certain and lopsided defeat, and they might even lose complete control of congress.
Valid points, but I think there's a vast difference between raising the debt ceiling to....say $3 trillion....and asking to raise he debt ceiling to $17 trillion.
There comes a time where support from the constituency reaches a point of diminishing return. That point is very, very near. The country cannot support such unbridled spending.
To keep it simple: If you asked me to give you $10, i'd happily oblige. If you asked me to give you $10,000, i'd look at you like you're crazy. That's essentially what's happening now.
The Tea Party is reflective of most American's view that we are on an unsustainable path.
The debt ceiling has been raised numerous times in the past without incident. It has been nearly a foregone consensus among both parties that the intelligent way to approach the issue is to raise the debt ceiling for now and then debate how to decrease the size of the budget and raise revenue moderately, over a period of years. That was what was done in the 1990s, and it worked to perfection. The debt began its spiral upward during the Bush administration but fearful of 'cutting support for the troops' and being labeled as traitors, democrats consistently raised the debt ceiling for Bush without a fuss. It wasn't until the morons on the right (aka the tea party) came to town that the debt ceiling became a political wedge issue.
But whatever, it doesn't matter anymore. Average, non-partisan Americans are beginning to see the truth: Republicans are serving their corporate masters. And the economy for the average American, while still not that good, is at least getting better. They know which party is on which side now. If the GOP tries that debt ceiling stunt with Obama again, they'll just look like idiots and they'll send Romney or Santorum to a certain and lopsided defeat, and they might even lose complete control of congress.
What you described has been called insanity. To do the same thing over and over again and expect different results. Congress needs to make the hard decisions and begin putting into place austerity measures before we end up like Greece. We can no longer afford to continue to write checks as if we have a never ending supply of cash. Liberals hate the military. So why not announce to the world we will no longer be your world police and then withdraw all US forces back to USA? Why not back out of the UN and stop providing financial support to foreign nations including the UN? There are many other ways Congress could cut federal spending instead of reducing the growth rate of federal spending. ALL members of Congress share blame on their wasteful spending of our nation's future. I'd love to continue to write checks for things I need regardless of my bank account amount. I need a larger home, let me just write a check. I need a new car. Let me just write a check. I need a security alarm system and gun for home defense. Let me just write a check. I'm still earning cash and my earnings will increase so I should be good to cover those checks eventually right?
The debt ceiling has been raised numerous times in the past without incident.
Wow, what a great textbook example of propaganda and disinformation. Why don't you post some photos of the shrine to Her Josef Göbbels you have hidden in your closet?
You disingenuously omitted a crucial key fact regrading GDP. Yes, the debt-ceiling has been raised in the past, but not in excess of the GDP.
An analogy would be like telling your spouse you spent $200 and then forgetting the part about your account was already at $0 (leaving you $200 overdrawn).
Quote:
Originally Posted by chickenfriedbananas
It has been nearly a foregone consensus among both parties that the intelligent way to approach the issue is to raise the debt ceiling for now and then debate how to decrease the size of the budget and raise revenue moderately, over a period of years.
Exscrews me, but isn't that what the Super-Committee was supposed to do?
If 12 freaking people can't agree on budget cuts then how in the hell are you going to get 535 people to agree on budget cuts?
Quote:
Originally Posted by chickenfriedbananas
It wasn't until the morons on the right (aka the tea party) came to town that the debt ceiling became a political wedge issue.
Again, that is a blatantly false statement. The issue was not raising the debt-ceiling, the issue was raising the debt-ceiling in excess of the GDP. You fail to understand or grasp the gravity of the situation.
However, I fear not, for you will understand when your average annual rate of Real Inflation starts running in the 35%-45% range about 12 years from now. And I will be rolling on the floor laughing.
[quote=chickenfriedbananas;23024114] And the economy for the average American, while still not that good, is at least getting better.[quote]
It is not getting better.
Your Labor Force Participation rate has gone from 67.3% to 63.4%.
5.85 Million Americans are permanently out of the work-force for the rest of the natural lives, which is bad for you, because you need every single one of those people to be working full-time (not part-time) in order to pay for Medicare and Social Security (and your State, county and city pension plans).
Oooops.
If your economy was truly getting better, then your unemployment rate would be increasing, because those who were discouraged and dropped out of the labor force would be re-entering the labor force, and that would cause your unemployment rate to rise. You will see that when your Labor Force Participation rate increases, if it ever does.
In order to restore your economy to its former glory and fund Social Security and Medicare to at least 2040, you must have a Labor Force Participation Rate greater than 66.5%.
It is currently 63.4%.
An unemployment rate of 5% with a Labor Participation Rate of 62.8% (which is what I'm predicting) is a failure.
We're following the Greek model only ours will end up much worse because we don't have to go borrowing money from other countries..we create our own by buying our own debt.
[quote=Mircea;23039147]Wow, what a great textbook example of propaganda and disinformation. Why don't you post some photos of the shrine to Her Josef Göbbels you have hidden in your closet?
You disingenuously omitted a crucial key fact regrading GDP. Yes, the debt-ceiling has been raised in the past, but not in excess of the GDP.
An analogy would be like telling your spouse you spent $200 and then forgetting the part about your account was already at $0 (leaving you $200 overdrawn).
Exscrews me, but isn't that what the Super-Committee was supposed to do?
If 12 freaking people can't agree on budget cuts then how in the hell are you going to get 535 people to agree on budget cuts?
Again, that is a blatantly false statement. The issue was not raising the debt-ceiling, the issue was raising the debt-ceiling in excess of the GDP. You fail to understand or grasp the gravity of the situation.
However, I fear not, for you will understand when your average annual rate of Real Inflation starts running in the 35%-45% range about 12 years from now. And I will be rolling on the floor laughing.
[quote=chickenfriedbananas;23024114] And the economy for the average American, while still not that good, is at least getting better.
Quote:
It is not getting better.
Your Labor Force Participation rate has gone from 67.3% to 63.4%.
5.85 Million Americans are permanently out of the work-force for the rest of the natural lives, which is bad for you, because you need every single one of those people to be working full-time (not part-time) in order to pay for Medicare and Social Security (and your State, county and city pension plans).
Oooops.
If your economy was truly getting better, then your unemployment rate would be increasing, because those who were discouraged and dropped out of the labor force would be re-entering the labor force, and that would cause your unemployment rate to rise. You will see that when your Labor Force Participation rate increases, if it ever does.
In order to restore your economy to its former glory and fund Social Security and Medicare to at least 2040, you must have a Labor Force Participation Rate greater than 66.5%.
It is currently 63.4%.
An unemployment rate of 5% with a Labor Participation Rate of 62.8% (which is what I'm predicting) is a failure.
You will know austerity in all of its forms.
Factually...
Mircea
I don't know how many times I've seen you try and explain this situation to these folks and they just gloss over it and rant on. Now add in the payroll tax reduction to those not working and what will pay for those entitlement programs??? I guess they think the evil rich folks will. LOL. That's what they're told anyway.
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