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Old 10-17-2013, 01:15 PM
 
48,505 posts, read 96,675,147 times
Reputation: 18304

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Its really that failure of not doing anything about the reason we have continued to raise the debt celing .Its like failing to budget to avoid paying bills using a credit card by addressing spending. We are like a family living off credit card and hoping we can continue to get credit.
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Old 10-17-2013, 01:16 PM
 
Location: "Daytonnati"
4,243 posts, read 7,156,821 times
Reputation: 3014
The issue continues to be revenue generation. Repeal of a portion of the Bush tax cuts MUST happen or we will never get out of this hole.

Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits

...and take a look at the chart.



and:




The downtun in the economy has ALSO affected the deficit, reducing revenue. So if this downturn is structural..ie "the new normal"....there will have to be some offsets via budget cuts. Perhaps in defense...we really cant afford to intervene all over the place (like O. wanted to do in Syria). But for sure those Bush tax cuts hit the budget hard.
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Old 10-17-2013, 01:16 PM
 
3,417 posts, read 3,066,958 times
Reputation: 1241
Quote:
Originally Posted by victimofGM View Post
US Senator says,“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

That was Senator Obama 2006.
Obama defends 2006 vote against raising the debt ceiling – CNN Political Ticker - CNN.com Blogs
remind me again, did he filibuster the vote to raise the debt ceiling? No, he didn't, he knew republicans would vote for it, so he just voted against it.
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Old 10-17-2013, 01:17 PM
 
Location: Portland, OR
8,802 posts, read 8,881,188 times
Reputation: 4512
Quote:
Originally Posted by urbanlife78 View Post
Probably, it is one thing to play politics, it is another to understand why it is bad to default.
For he can do no wrong
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Old 10-17-2013, 01:21 PM
 
Location: Portland, Oregon
46,001 posts, read 35,097,852 times
Reputation: 7875
Quote:
Originally Posted by VTHokieFan View Post
For he can do no wrong
That is false, we are all human and can all make mistakes.
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Old 10-17-2013, 01:26 PM
 
17,543 posts, read 17,485,812 times
Reputation: 25556
Quote:
Originally Posted by Dayton Sux View Post
The issue continues to be revenue generation. Repeal of a portion of the Bush tax cuts MUST happen or we will never get out of this hole.

Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits

...and take a look at the chart.



and:




The downtun in the economy has ALSO affected the deficit, reducing revenue. So if this downturn is structural..ie "the new normal"....there will have to be some offsets via budget cuts. Perhaps in defense...we really cant afford to intervene all over the place (like O. wanted to do in Syria). But for sure those Bush tax cuts hit the budget hard.
Wrong, the problem is the federal government not living within their means. You spend the money you have, not the money you wish you had.
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Old 10-17-2013, 01:54 PM
 
Location: Aiken, South Carolina, US of A
1,794 posts, read 4,895,817 times
Reputation: 3669
Where are the job?
I'm still waiting...and waiting....
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Old 10-17-2013, 01:57 PM
 
Location: Portland, Oregon
46,001 posts, read 35,097,852 times
Reputation: 7875
Quote:
Originally Posted by Butterfly4u View Post
Where are the job?
I'm still waiting...and waiting....
What are you waiting for?
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Old 10-17-2013, 02:05 PM
 
Location: "Daytonnati"
4,243 posts, read 7,156,821 times
Reputation: 3014
^
The problem is that the voters want the level of government we have, which is why the GOP never can get programs reduced. There is no political support out there for it...for the reduction in food stamps, medicaid, medicair, unemployment, what-have-you.

Yet they don't want to the repsonsible thing and raise taxes via a progressive tax system. ..taxing those who can pay for it.

When the tax cuts were passed back during the Bush era there were no offsets. And at that time the GOP was in contol of both houses and the presidency. They reliaed on this "dynamic scoring" concept to show that the tax cuts themselves would generate more economic activity and revenue, thus providing the offset.

Dynamic scoring proved a chimera, revenue generation didnt happen, and eventually the economy went off the cliff in 2008.

There was some speculation at the time that this tax cut would eventually provoke a fiscal crisis sometime in the future, which would be how the GOP would defund programs (vs a fair fight over legislative repeal). Well, that prediction turned out to be true.

Then there was the unfunded wars/national security ramp-ups after 9-11. Iraq/Afghanistan was like Vietnam in that it was an unfunded conflict. LBJ didnt ask for a war tax, and neither did Bush. So add that to the bill.
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Old 10-17-2013, 03:10 PM
 
Location: Portland, OR
8,802 posts, read 8,881,188 times
Reputation: 4512
Quote:
Originally Posted by urbanlife78 View Post
That is false, we are all human and can all make mistakes.
That must've been a huge step to acknowledge Obama is capable of making mistakes.
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