Debt is not debt - Is Obama that dumb? (economic, state, claim)
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I'm just following your argument, here. It appears to have no coherent conclusion.
So you admit that raising the debt ceiling is because there is more debt, otherwise an increase wouldnt be needed, so I have to ask what the hells your point?
What doesnt make more sense, the fact that one needs to raise the debt ceiling in order to spend more than they have, or the fact that people are supporting spending more than they have, by increasing the debt ceiling?
Your words are too vague, you aren't specific enough about who "We" are, and what kind of debt that the aforementioned "We" supposedly has.
There are many players in this game -- households, the u.s. government, foreign governments, the financial sector, the central bank, and foreign central banks. Some of them are debtors, some of them are lenders.
Quote:
the fact that one needs to raise the debt ceiling in order to spend more than they have
Well, it is the CONGRESS who raises the debt ceiling.
And they do so in order to have the FEDERAL RESERVE generate assets
Which it then lends to the TREASURY so the treasury can pay off its DEBTS.
When you say, "WE", you are vague about whether you're talking about Congress, the Federal Reserve, the Treasury, or someone else entirely.
Quote:
or the fact that people are supporting spending more than they have, by increasing the debt ceiling?
You seem to not grasp the concept of "currency."
"We," the American people, don't run out of U.S. Dollars.
Now, the U.S. Treasury might run out of Baht, or Euros, or Kroner -- but that's precisely why the U.S. Treasury doesn't borrow money in those currencies.
Your words are too vague, you aren't specific enough about who "We" are, and what kind of debt that the aforementioned "We" supposedly has.
There are many players in this game -- households, the u.s. government, foreign governments, the financial sector, the central bank, and foreign central banks. Some of them are debtors, some of them are lenders.
Well, it is the CONGRESS who raises the debt ceiling.
And they do so in order to have the FEDERAL RESERVE generate assets
Which it then lends to the TREASURY so the treasury can pay off its DEBTS.
When you say, "WE", you are vague about whether you're talking about Congress, the Federal Reserve, the Treasury, or someone else entirely.
You seem to not grasp the concept of "currency."
"We," the American people, don't run out of dollars.
Weird you keep quoting this "we"..
Where did I say we, because you said this
Quote:
Originally Posted by pghquest
So you admit that raising the debt ceiling is because there is more debt, otherwise an increase wouldnt be needed, so I have to ask what the hells your point?
Didnt make sense, and I didnt use the word we in it once.
President Obama made a more-than-usually ridiculous statement today, saying that raising the debt ceiling does not increase our debt.
He seems to be trying to get people (Congress, to be exact) to raise the debt ceiling by promising the debt will NOT go up if they do.
Does anyone actually believe that?
Would anyone like to place a bet, that the National Debt will NOT increase by a TRILLION dollars or more, within, say, one week of the debt ceiling being raised by an amount that would allow that?
Stunning.
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