How should the debt ceiling crisis be handled? What should the Congress and President do to avert what will happen on August 2nd if we default? Who should blink first? Or should neither side give in, keep the ceiling, tax levels, etc. as they are and screw the result? Do you have an alternative that neither side has proposed? Speak up!
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#23 Isn’t this topic over your head? We’re not talking about needing some illegal alien to popcorn the ceiling.
We should increase the debt ceiling. In fact, instead of raising it by just $1 or $2 trillion, let’s just set it to $50 trillion right now.
Then, we just keep on deficit spending, without tax increases, for the next 10 years.
Before we hit the $50 trillion debt ceiling, one of these things will happen:
1. Everything will be just fine. So we just keep on increasing the debt forever.
or
2. The entire US economy (and the rest of the world) will fall of a cliff, into the deepest, darkest shit-hole of a depression of all time.
If it turns out to be #2, I promise I won’t say “I told you so” .
#33 Here’s an idea that is not hairball like yours! How about we raise the debt ceiling in proportion to the US economy?
It also can provide “an out” when Republicans borrow money to fund a war or borrow money to pay for tax breaks without spending cuts.
While I think people can tell from my other posts that I think the raising of the debt ceiling is a BS topic. The topic of our National Debt and current deficits is not.
In regards to the National Debt both sides are guilty of incompetence to the point that they should be jailed.
How things should work is really very simple:
In good times the Government should reduce expenditures and increases revenues. Causing Government surpluses and debt reduction.
In bad times the Government should increase expenditures and decrease revenues. Causing Government deficits and debt increases.
Government spending and revenues should be counter cyclical to the economy, which would over time tend to level out the ups and downs of the general economy.
If either side had any leader ship abilities they would truthfully explain the above to the public and approved spending and revenues were in line with the above. However both sides refuse to act like adults and continually play politics to the determent of everyone.
The actual level of long term spending is of course negotiated.
atmusky–such a reasonable Keynesian. I suppose his name should never be uttered in partisan conclaves?
While I could agree with you outright, I feel like a quibble. The Dumbo’s are tax and spend but in bad times, they are willing to spend a little less. The Pukes however want to reduce tax and spending all the time no matter what even when they start new wars.
So, while they should all be in jail, would you agree the Dumbo’s deserve less time than the Pukes?
Ha, ha.
Pedo Breath–I see you calling people sheeple again. How deep is that rut you run along? I assume one of those numbers calls me out, but I’m not going to save your lack of grace by looking it up.
Such a lack of manners—brings his donkey right into the house.
Silly Pedo.
I know its Huffpo, but: “Federal taxes, as a share of the overall economy, are at their lowest levels since 1950.”
http://huffingtonpost.com/2011/07/12/debt-ceiling-taxes-republicans_n_895450.html?utm_source=DailyBrief&utm_campaign=071211&utm_medium=email&utm_content=FeaturePhoto&utm_term=Daily%20Brief
Course, the news this morning is that the Pukes have caved in their Obama Authorization for him to ask them to raise the debt ceiling. What a bunch of jackoffs.
Imagine the HORROR if the PUKES had accepted the 4 trillion dollar offer from Obama. What was Obama thinking?
Sadly==the strength of the US dollar is based mostly on the weakness of all other currencies. Just like the “skill” of Obama is based on the Pukes operating with their head up their asses.
Yes, the death spiral: everyone making the worst choices they possibly can in a race to the bottom.
Silly stupid hoomans.
HEY!!!! Another threefer. Where is Upstairs Bob to critique this sad show of blog mania?
Ha, ha. I only wish it weren’t true.
We’re living in interesting times.
I hope that the government does default.
It would be called a bipartisan depression, since both parties intransigence are responsible for it, and would force interest rates to climb.
When Canada got into this kind of fiscal trouble, the fastest rising component of the Federal debt was the interest that the Federal government had to pay so they had no choice left but to dramatically raise taxes to the point that the major cause of inflation was the rising taxes…
It was hell for a year or two, but after that we reigned in the root causes of the problem and Canada’s economy is currently better than the ‘States.
Imagine that. I’d actually earn some money on my savings for a change.
#10 Dallas
You think people (over) simplifying things is a ‘huge problem’. Lend us your wisdom and explain how you can continue to spend more than you have year after year and expect to benefit anyone but the debt holders. This is not about the economy (trade, labour, capital, assets etc.), it is about insolvency (i.e. broke is broke even if you are massively, internationally, interdependently broke).
Continued waste on wars and faux security to the detriment of large sectors of the economy is not the sort of argument that would have won the last election, lucky people are too stupid to remember.
P.S. Don’t you think the term ‘sheeple’ has become rather flock-ish?
P.P.S. I blame Washington.
#42–mpod==lets parse:
We’re living in interesting times. /// Always.
I hope that the government does default. /// surely you jest?
It would be called a bipartisan depression, since both parties intransigence are responsible for it, /// both parties are responsible for the deficit but only the PUKES would be responsible for not issuing a “clean” debt ceiling increase. You confuse analysis with having no insight at all.
and would force interest rates to climb. /// Yes, that the immediate and long term consequence. Course, interest rates are going up no matter what as every economy is debt financed. except China?
When Canada got into this kind of fiscal trouble, the fastest rising component of the Federal debt was the interest that the Federal government had to pay so they had no choice left but to dramatically raise taxes to the point that the major cause of inflation was the rising taxes… /// I think “by definition” that is wrong. Rising taxes leaves less money in circulation causing deflation in standard theory. You must be thinking of something else?
It was hell for a year or two, but after that we reigned in the root causes of the problem and Canada’s economy is currently better than the ‘States. /// I thought it was “mainly” because your bank regulations were stronger than our? Of course, its multi-factorial but any problem that can be solved in two years wasn’t a problem to begin with. My how over reactive you Kanucks are.
Imagine that. I’d actually earn some money on my savings for a change. /// Yeah, and lose it in purchasing power.
None of us are getting out alive.
Check the results of the poll. What you see is that on this blog, Democrats outnumber Republicans two to one. Read this blog at your own risk.
Bobbo: puke count is 6
pedro: sheeple count is 6
We need one more from each to equal the number of times the debt ceiling was raised under Bush which was 7 times. If you include entitlements and bailouts then it was 9.
foobar–well done sir. This is about the debt ceiling though. Seems to me the Puke counts should be at least double the sheeple count given the importance of the subject. Hmmmm. Now tied at 8.
Makes me want to puke.
Am I the only person to think this could be resolved if they would just STOP SPENDING SO MUCH MONEY!?!?!?!
#42. No big guy, you don’t want the gov to default unless you’re really Chinese.
The Puke’s playing games with the credit, bond markets just to taunt the negro and entertain their sheep is VERY bad.
Next time a puke wants borrow money to wage war or borrow to cut tax for the 5% will cost even more than what it costs today.
i wonder,
What would happen if a small company or PERSON
ran up bills like this?
How many banks would allow you to take out more money then you have? at least for a short time.
And what is the default if they cant pa it back? Hmm, I know..RAISE TAXES..
The OLD business plan was that the OWNER/BOSS, got the profits, AFTER everything else was paid..
LETS cut the top salaries..
Strange stat==
1 days military spending= over 1 year at Nasa.
airsick==how appropriate. You are quite right: just like air pollution would stop if people stopped polluting the air. Or – overpopulation would stop if people stopped having kiddies.
Yes, your insight is so simple, so pure. Why can’t everyone see it?
These jackholes shouldn’t even be talking about raising the debt limit. What they should be doing is immediately slashing the limit by 50-75% this year and next year cutting it to ZERO.
I think we should continue with what congress has been doing.
The never ending enslavment of future generations to pay the debts of the power elit.
NOT!
#53 That’s all well and good when things are good (as in the Clinton years).
Let’s put the patient on a crash diet but only after he’s off the operating table gasping for air.
Dallas,
When these butt buddy cultists (false left/right illusion)created this countries problems with frivolous spending and creation of catastrophic debt you do not allow that same cult to create more debt with more frivolous spending with fake printed on demand money thinking that will fix the problem. At the rate they’ve been going, we no longer can claim to be a sovereign country, the IMF and big banks will own every square inch of this country and it wont be long before they come to claim it. That kind of treason needs to be forcibly removed.
The cult created this situation on purpose, to fix it you put an immediate halt to it, remove the cult, and move on.
I sure am glad Obama and the “Dems” put a stop to this crap. Of course it’s not a “War” it’s kinetic military action.
http://tinyurl.com/6yknw5z
The Pentagon has estimated the air campaign will cost the United States about $40 million a month, even after NATO allies took the lead in the U.N.-mandated operation designed to protect civilians against Moammar Gadhafi’s forces.
For the U.S. Air Force alone, the war costs about $4 million a day,
War is making us poor.
Ergo, the solution.
Bobbo: If Pedro promises to stop using “sheeple” would you, in turn, promise to stop using “let’s parse”?
ommmmmmmmmg no rollercoaster img!!!!!!!!!!!!!!!!!!
Awww Nimby–Gee Whiz, I can’t do nuttin’ right for you. First I was too negative about the GD Rotten Pukes tryin’ to kill us all, and now you want to give up my best analytical tool ever? Whats the beef? Why the mayhem? Not that my manhood is involved.
But to you question, there’s nothing in it for me. I glance by Pedo Breath so fast I don’t care if he uses sheeple indiscriminately or not. I will read his dribble when I’m waiting for a file to copy or some other task leaving with with nothing to do for 3-4 minutes.
But Ahhhh Nimby, I do respect you so. What should I call it instead? There are several terms for the process. I like to give a head’s up when a particular process is engaged in. You know, like marking a passage as sarcasm or issuing from a whiny bitch or from PedoBreath, not to be redundant.
So direct me like a colon exam, I’m a puppet in your hands.
“You can always count on Americans to do the right thing – after they’ve tried everything else.”
Winston Churchill
#62
I equate it to “Lets thinks about what you just said”
Clearly there is not enough of that going on around here, and hooray for your promotion of it.
There is no way to cut spending when the GOP insists that cutting subsidies = raising taxes.
Cut all subsidies that don’t lower food and energy costs, return taxes back to Reagan levels, cut the military in half, and save Social Security and Medicaid by raising the cap. Budget Balanced!
As for the debt ceiling, it is unconstitutional under the 14th Amendment, so we can just ignore it.