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Bush did spend too much, and he did open the flood gates, the point I'm making is both conservatives and liberals were upset with Bush's deficit spending, and we all spoke out against it, including John McCain...
That's revisionist history. Republicans defended Bush's deficit spending.
Last month, I posed a rhetorical question: Whatever happened to fiscally prudent Republicans? The question deserves a proper answer. In the early 1990s the bipartisan, business-led Concord Coalition made the accumulated Reagan-Bush deficits a major public issue. George H.W. Bush had to break a pledge and raise taxes because of mounting concerns in financial markets. H. Ross Perot put the deficit center stage in the 1992 election, helping to defeat Bush I and elect Bill Clinton. He made fiscal responsibility his signature issue.
A decade later, Republican deficit hawks have all but vanished. "It's pretty astonishing," I was told by Robert L. Bixby, executive director of the Concord Coalition. "We used to get a lot of Democrats saying: 'You're just a Republican front group.' Now it's almost the reverse. The change in the Republican Party has been astounding." Are we on the record? I asked. "Absolutely," he replied. "The Republicans are now the ones making excuses for big deficits."
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Originally Posted by budgetlord
Pfft. That silly little Constitution. Requiring that the power to coin money and declare war has to be done by Congress (as representatives of "We The People"). Of course, I use the term "representative" loosely.
and that is what the Congress did, unless you think that the Congress itself has to run the coin pressing machines:
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31 USC § 5112 - Denominations, specifications, and design of coins
The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.
This thread logic is coming from a guy who has a thread bragging about getting as much open credit limit in Credit Cards as he can. I believe he was proud of having $120,000 + in available credit on credit cards.
You see, you cannot finance your everyday expenses into infinity when they are greater than your ability to produce income. You accelerate the trajectory of your own demise when you do so. In America, we are spending WAYYYYYYYY beyond our means to pay for it and we should all be ashamed.
Yup. Living beyond your means, eventually, bites you in the butt and then you have to live like a pauper while you pay off the debt.
What these 20 and 30 somthings who voted for this mess don't realize is they will be working until they are 90 to pay off the debt....well those who work anyway...
How much did Katrina cost us? Not much. Besides, I am not saying there were no reasons to spend money, I am simply saying that vast majority of the debt accumulated in 2000-2008 could have been easily avoided since most of it went to unfunded tax-cuts, which is a hand-out, unfunded corporate welfare and undunfed massive expansion of medicare etc. It is a self-inflicted wound. You can divert the conversation to Clinton and Dems, but don't expect me to defend them. I am not a Dem, and didn't vote for Clinton or Obama, so I have no reason to defend their spending.
You missed the part wheer the tax cuts generated MORE income.
Also when the repubs overspent we voted them out. Ain't gong to happen from the left.
You missed the part wheer the tax cuts generated MORE income.
We accumulated a massive debt. There is nothing wrong in tax-cuts per se, but when it leaves spending bills unfunded, then there is a pronblem, and that is what happend. For example the GOP half a trillion dollar expansion of medicare in 2003 was completely unfunded. There was zero plan to fund it in any way, except by borrowing from China. Everything they came up with was funded by borrowed money.
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Also when the repubs overspent we voted them out. Ain't gong to happen from the left
What are you talking about? The left was voted out two years ago. The GOP has been in charge since then, and guess what? Nothing changed. Neither party is interested in fixing anything, they are only interested in talking about it.
The United States defaulted on some Treasury bills in April 1979 we paid a steep price for stiffing bondholders, because the interest rates doubled. They went from 8% to 16% & it took 8 long years before rates came back down to 8%. This would destroy the US economy if it happened today. Yet we now are intentionally going to default. Bondholders will certainly be more pissed about that than they were for the mistake in 1979.
Treasury blamed it on the failure of Congress to act in a timely fashion on the debt ceiling legislation in April 1979. The bond holders had to join a class action lawsuit & sue the Federal Government to get the rest of their money.
The U.S. treasury collects about $250 billion in taxes and fees every month.
Interest on debt is about $20 billion per month.
There is no way interest on bonds can not be paid. If interest is not paid, it is the total political action of Obama and the Treasury Secretary.
Let those RWNJ loonies take this country DOWN. They've been trying to do it for four years. Just do it; I honestly do not know how he deals with the knuckle draggers that he is forced to deal with.
Let those LWNJ loonies take this country DOWN. They've been trying to do it for four years. Just do it; I honestly do not know how Congress deals with the knuckle dragger in the White House that they are forced to deal with.
The U.S. treasury collects about $250 billion in taxes and fees every month.
Interest on debt is about $20 billion per month.
There is no way interest on bonds can not be paid. If interest is not paid, it is the total political action of Obama and the Treasury Secretary.
First of all, Treasury can't pick winners & losers. Appropriations law is passed by congress & signed into law by the president & Treasury must follow the law & pay according to the spending law. Otherwise they will be charged with the crime misappropriation of funds. They can't take money that was appropriated for one recipiant & pay it to another unless a law is passed saying so. Otherwise treasury would fund who ever it wanted regardless of what congress passed.
Secondly, as discovered in previous near defaults & in the actual default in 1979, it is not possible to change the complex automated payment system in time.
Third, The 4 week treasuries have already tripled due to congress threatening to not raise the debt ceiling. The front month CDS has spiked as investors now fear at least a technical default. That will cause another downgrade of the US credit rating when it happens.
Wonder if your poll is an example of how we get some of the poll results on TV? No accurate response for me. The Senate should have voted for the first bill sent to them defunding the mistake made before and the president should have signed it.
Wonder if your poll is an example of how we get some of the poll results on TV? No accurate response for me. The Senate should have voted for the first bill sent to them defunding the mistake made before and the president should have signed it.
Why not repeal Obamacare instead of defund it?????
Because that way we get stuck with a huge unfunded mandate forcing us to pay Wallstreet even more of our money. If you think your 250% insurance rate increase was bad, just see what it is when congress defunds Obamacare. Remember Obamacare was written by a Wellpoint lobbyist.
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