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After the republicans don't compromise and we default on our debt, how exactly will my finances be affected, assuming I don't lose my job.
I know that interest rates will wise, but I'm assuming this is for new debt, is this true?
For example, if I have a conventional fixed rate mortgage, will my payments be affected? I don't care if the value of the property tanks, I just don't want my monthly payments to be affected.
Also, what about credit cards? Will I have rate hikes for those?
Will the dollar be devalued and everyday items like milk and bread be affected?
Why don't you educate yourself before posting nonsense. The destruction of the economy has long roots and is bipartison. The economy is already destroyed and raising the debt ceiling is just prolonging the inevitable.
Why don't you educate yourself before posting nonsense. The destruction of the economy has long roots and is bipartison. The economy is already destroyed and raising the debt ceiling is just prolonging the inevitable.
Whats why I posted this thread, to educate myself.
Whats why I posted this thread, to educate myself.
You clearly wrote "After the republicans destory the economy how will I be affected" which is totally untrue. Regardless, a default on our debt will be very bad for us. It could easily remove all confidence in the dollar making it worthless overnight.
Whats why I posted this thread, to educate myself.
Sure. I actually took it as such.
Describe your job and its funding, and you may be able to see for yourself.
Describe your housing and its funding and . . . .
Describe your school and its funding and . . . .
Could go on and on.
Bottom line, pretty much wide-scale destruction.
Ever read FerFAL regarding the economic collapse of Argentina? Or maybe Orlov regarding the collapse of the Soviet Union? Good reading for perspective, if you have not. Just google "FerFAL Argentina," or "Orlov Soviet Collapse" and you should have a good start on a good self-education.
The child-brats of the D=R parties are have little temper tantrums and threatening to burn the house down.
the republicans will cave and get nothing. but the fact that they seem to be looking for a $2 trillion cut over 10 years, seems to me like they not only will cave but their goal is to actually give away ground. a $2 trillion cut for obama's expected number isnt any cut at all since he is assuming 4% growth annually. so the republicans arent looking for any cuts, only reduced increases. while republican voters want about $15 trillion in cuts over 10 years, our elected criminals dont want to cut anything at all. so i wouldnt worry too much if i were you.
After the republicans don't compromise and we default on our debt, how exactly will my finances be affected, assuming I don't lose my job.
I know that interest rates will wise, but I'm assuming this is for new debt, is this true?
For example, if I have a conventional fixed rate mortgage, will my payments be affected? I don't care if the value of the property tanks, I just don't want my monthly payments to be affected.
Also, what about credit cards? Will I have rate hikes for those?
Will the dollar be devalued and everyday items like milk and bread be affected?
It is not just the Republicans. They have their share of the blame but in no way all of it. Here is my take- raising the debt ceiling is like trying to cure being fat by buying a bigger suit. I am not sure that is really the only answer but I also agree with the Democrats that Medicare and Social Security have to be off the table. Those programs are paid for by people using SEPARATE taxes and they should not be part of the general budget. Tax increases need to be on the table along with getting rid of stupid programs, unnecessary wars like Iraq and doing away with the Federal Government's obsession with getting into what private markets should handle, especially the real estate business. Getting out of the real estate business and closing down Fannie, Freddie and the FHA would save about a half a trillion and hurt nobody except people with no down payments or poor credit that should not be buying homes anyway. They should also get out of the farm business.
It is not just the Republicans. They have their share of the blame but in no way all of it.
Yeah, that share is about 90%. I seem to recall Clinton handing Bush a template to be debt free within 10 years and a balanced budget, it was tossed aside and 40% ($1.5 trillion) added to our debt his first year in office. That was before 9/11, Iraq or Afghanistan were even thought of! Give a rich boy a credit card and what do you expect?
And it only went down hill from there. That was with a two term Republican president and 6 years of a Republican congress. So, yeah the Republicans were definitely in charge while the damage was being wrought. It may be painful to acknowledge, for some, but it is all true.
Last edited by shaker281; 07-01-2011 at 12:37 AM..
Yeah, that share is about 90%. I seem to recall Clinton handing Bush a template to be debt free within 10 years and a balanced budget, it was tossed aside and 40% ($1.5 trillion) added to our debt his first year in office. That was before 9/11, Iraq or Afghanistan were even thought of! Give a rich boy a credit card and what do you expect?
And it only went down hill from there. That was with a two term Republican president and 6 years of a Republican congress. So, yeah the Republicans were definitely in charge while the damage was being wrought. It may be painful to acknowledge, for some, but it is all true.
Good grief, not another one. Most of our problems with our economy today can be traced back to the policies that were changed in the Clinton Gore leadership. However, I would never be so naive to say it is the democrat's fault that the economy is now failing. I will leave that role for the also clueless republicans. Here are some of the destructive policies that are now hurting us dearly that were instigated in Clinton's presidency:
Both the republicans and democrats are bought off and work for the same team. When someone says that either side is at fault for the failure of the economy really has no idea on what is going on:
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Most of our problems with our economy today can be traced back to the policies that were changed in the Clinton Gore leadership. However, I would never be so naive to say it is the democrat's fault that the economy is now failing. I will leave that role for the also clueless republicans. Here are some of the destructive policies that are now hurting us dearly that were instigated in Clinton's presidency:
