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Unfortunately, Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest markets would skyrocket. Instability would occur in financial markets and the federal deficit would soar.
The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility -- two things that set us apart in much of the world.
Question is, why take that risk? If our credit rating is reduced to what it was before the first world war our deficit will sky rocket, no question about that. The credit markets have already said that if we don't raise the debt ceiling, then they will likely decrease our credit rating.
So, if you care about the deficit, then you have to raise the debt ceiling. Then balance the budget.
Obama is wrong and the funny part is he acts like he wasn't part of the very same congress he is now wagging his finger at.
So it's OK to threaten default, or even to force a default on the debt? All in the name of getting ones way?
You don't believe him when he says that defaulting on the debt, or even threatening to do so, would cause interest rates to skyrocket, financial markets to become unstable and the federal deficit to soar?
Question is, why take that risk? If our credit rating is reduced to what it was before the first world war our deficit will sky rocket, no question about that. The credit markets have already said that if we don't raise the debt ceiling, then they will likely decrease our credit rating.
So, if you care about the deficit, then you have to raise the debt ceiling. Then balance the budget.
Personally, I like the Obama Plan. His plan is $4 TRILLION over 10 years (starting in 2013). That is $400 Billion per year.
That brings the National Debt to $32.4 TRILLION by 2023.
By 2023, you should be emerging from the recession and your GDP will be about $12 TRILLION.
Good luck with that, but at least the US will probably be forced to close the air and naval bases in my country.
Quote:
Originally Posted by Memphis1979
So, if you care about the deficit, then you have to raise the debt ceiling. Then balance the budget.
The two are separate issues.
Still in Denial. The issue is recession/depression. It is inevitable. The only issue is when it will happen, and Obama wants it to happen after Election Day.
Personally, I like the Obama Plan. His plan is $4 TRILLION over 10 years (starting in 2013). That is $400 Billion per year.
That brings the National Debt to $32.4 TRILLION by 2023.
By 2023, you should be emerging from the recession and your GDP will be about $12 TRILLION.
Good luck with that, but at least the US will probably be forced to close the air and naval bases in my country.
Still in Denial. The issue is recession/depression. It is inevitable. The only issue is when it will happen, and Obama wants it to happen after Election Day.
Nothing is inevitable, except death and taxes.
The economy is just fine. We have more then enough money and equity in the market to turn our economy around and avoid a depression or increase our recession.
All we need is a 10 year plan from the federal government so that business owners can plan for the next 5 years.
The economy is just fine. We have more then enough money and equity in the market to turn our economy around and avoid a depression or increase our recession.
All we need is a 10 year plan from the federal government so that business owners can plan for the next 5 years.
Right...
Every single scheme the federal government has pulled is coming to a very abrupt end. The faster the economy declines the faster they decline.
Mix this with an ever increasing world wide population putting much pressure on the cost of every day items.
Mix this with the fact that the only reason we haven't gone into a depression is because we've been borrowing "prosperity" and it's easy to see the house of cards is coming down fast (and faster and faster).
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