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Honestly I'm a little surprised people would be willing to risk the creditworthiness of the United States.
Personally, I think its great talks about reducing the debt and making cuts to government are happening cause if not we could end up like Greece in the future. There is no doubt we need to get out financial house in order.
However, the USA has never defaulted on its debt and it is something that makes our country unique and a safe haven for investors around the world. If we were to default we would just be putting ourselves in the same boat with all the other countries. Default would also increase our interest rates and so in essence we would be raising the cost of our government anyways.
I know a lot of people that post on this board talk about always paying off their CC bills and making payments on time but how can we as people make those claims then say its ok for our government not to pay its debt and bills.
2 10 year wars(Afghanistan, Iraq), Libya, Obamacare, Medicare, and other big spending increases are something most Americans had no problems with at the time they were enacted. However, our taxes have remained the same. We as people want more spending but aren't willing to pay for it. Hypocrisy at its finest. Both parties are to blame and its time to take responsibility for the people we elected.
Not raising the debt ceiling does not equal default. Interest payments equal approx $20B per month and the government currently takes in approx $200B in revenues. The problem is we spend approx $300B. If we didn't raise the ceiling, interest payments would be made first and the remaining $180 would have to be prioritized. Approx $100B in spending would have to be cut. This is actually the prudent course to take.
Not raising the debt ceiling does not equal default. Interest payments equal approx $20B per month and the government currently takes in approx $200B in revenues. The problem is we spend approx $300B. If we didn't raise the ceiling, interest payments would be made first and the remaining $180 would have to be prioritized. Approx $100B in spending would have to be cut. This is actually the prudent course to take.
Not raising the debt ceiling does not equal default. Interest payments equal approx $20B per month and the government currently takes in approx $200B in revenues. The problem is we spend approx $300B. If we didn't raise the ceiling, interest payments would be made first and the remaining $180 would have to be prioritized. Approx $100B in spending would have to be cut. This is actually the prudent course to take.
Honestly I'm a little surprised people would be willing to risk the creditworthiness of the United States.
Personally, I think its great talks about reducing the debt and making cuts to government are happening cause if not we could end up like Greece in the future. There is no doubt we need to get out financial house in order.
However, the USA has never defaulted on its debt and it is something that makes our country unique and a safe haven for investors around the world. If we were to default we would just be putting ourselves in the same boat with all the other countries. Default would also increase our interest rates and so in essence we would be raising the cost of our government anyways.
I know a lot of people that post on this board talk about always paying off their CC bills and making payments on time but how can we as people make those claims then say its ok for our government not to pay its debt and bills.
2 10 year wars(Afghanistan, Iraq), Libya, Obamacare, Medicare, and other big spending increases are something most Americans had no problems with at the time they were enacted. However, our taxes have remained the same. We as people want more spending but aren't willing to pay for it. Hypocrisy at its finest. Both parties are to blame and its time to take responsibility for the people we elected.
Rationality doesn't seem to get us anywhere with voters, they'll just tell you that you are wrong. Because of course its not my debt or my fault, its those guys over there who actually use the programs I don't have use for. Bring me the guy who will tell me this and I'll vote for him every time.
I dont think anybody wants to see tax increases----the proposals being made for raising revenues---are they really tax increases or just shutting of massive loopholes which enable multi millionaires to add mucho dinero to their coffers.
According to the Republicans no deal can be reached unless all tax increase proposals are eliminated.
So I need to ask----are these tax increase proposals?
1. eliminating corporate jet breaks for corporations
2. restructing oil depletion allowances
3. toughening limits for massive tax breaks for zillionaires
I agree with most Americans in that the middle classes and small businessman cannot afford new tax increases. Yet the above proposals are being labeled tax increases by many in congress.
Ladies and gentlemen-----all of us are going to have to feel some pain as America heads for deficit reduction years ahead.
If senior citizens are going to hit with an increase in the eligibility age for medicare---a restructuring of social securtiy---and medicare cutbacks-------than zillionaires will have to receive some tonic and possiblily a change in the tax codes can a long way to increasing revenue.
Why not go a flat tax---15-17%. That way all Americans will taxed with equal doses of taxation.
No longer will any group of people who have the wealth and powerful tax attorneys be able to dodge their responsiblity and chuck more wood into their fireplace as a result.
The reason a flat tax wont pass for years to come is that it is too simple and logical of a solution. The unbelievably complicated and loophole filled tax codes will continue and our revenue gaps will increase. Come on its time for tax reform--I know it---you know it---and I think most of congressmen and senators realize it---but it wont happen.
Yeah sure, hyperinflation is coming. Easy to just throw out big words, harder to prove there is any substance to suggesting they even have a remote chance of happening.
The whole charade is about trying to avoid the pain. But you can't. We've had 30 years of credit binge and there will be pain, the sooner you take it the easier it will be. We can keep kicking the can and the eventual outcome will get worse and worse. I understand it will cause a recession, you're already in one. Take the increase in government debt out of the GDP and we are already negative.
we are going to have a recession/depression anyhow. people have got to understand that all the lying and all the spending brought us to this point in time-all of that pulling demand forward-war spending/ government spending, until we reached maximum debt saturation.
people are rioting around the world for a reason.
on the home front:
The Biggest Fed Money Pump Since Lehman Went Under...
Posted by: Phoenix Capital Research
Post date: 07/11/2011 - 19:41
For the week ended June 27, the Fed flooded the financial system with $76 BILLION in liquidity. Bill King of the King Report puts that number into perspective noting that it’s BIGGEST increase since September 22, 2008 right after Lehman Brothers collapsed. That’s right, the Fed just juiced the system as much as it did when Lehman Brothers went under. While a shockingly large single money pump, the Fed’s generally been flooding the system with liquidity at a pace equal to that of 2008 since the beginning of the year.
Last edited by floridasandy; 07-12-2011 at 05:04 AM..
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