I hope you’ve enjoyed our National Theater Company’s recent production of “The Debt Ceiling Crisis” as much we enjoyed performing it for you on a world stage. Don’t forget to watch the movie version sequel coming this January!
If the definition of a compromise is something that most folks don’t like, then the $2.4 trillion debt-ceiling deal worked out over the weekend by President Barack Obama and GOP leaders in Congress is a resounding success.
As details of the framework began to leak early Sunday, the far wings of each party quickly rejected the compromise as capitulation. Democrats angrily noted that the plan was all spending cuts and no revenue increases. MoveOn.org, the liberal advocacy group, panned the deal and called on Congress to “pass a clean debt ceiling bill that doesn’t force the middle class and the poor to bear the brunt of this crisis.”
Conservatives, meanwhile, worried that the deal left open the door to revenue increases and could lead to steep defense cuts. “Republican Leaders are asking their members to accept tax increases or massive defense cuts and senior anger right before the election,” blogged Erick Erickson, editor of the conservative website RedState.com.
Clearly, Tony winning writing and acting with a surprise, twist ending like this that is all illusion:
Conversely, the one clear winner from all this seems to be President Obama. If the bill passes, he can now claim the mantle of fiscal conservatism – a surefire defense to ubiquitous Republican accusations of socialism and big government. If the debt ceiling were breached and the economy tanked, he likely would’ve borne the greatest political price. But by swooping in and making the deal at the last minute, Obama can say he saved the day.
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America is #1. Again.
What does anyone think is a legitimate analysis of what the revenue compared to GDP should be in the USA?
Pukes are saying no more than 18%–the lowest revenue as a percentage since Eisenhower?, or whenever.
…..I’ll jump to the bottom line: seems the USA is willing to spend twice the money on any given social program and get half the services/results that any comparable society is willing to put up with. Is that graft, corruption, inefficiency, fraud, jobs or what?
Its like watching a retard cut themselves. What pleasure are we gaining?
And what bank/Credit card corp would let you DEVALUE a loan?
The loans from China, are now DEVALUED..and the only recourse for China is to DEVALUE its own money, to get any amount NEAR equal to the loan.
In devaluing, the price of GOODS will go up, unless there is a CAP someplace. AND the price of GAS will go up again, as its based on the OLD price..
BUT, your wages wont go up, Either. Which means that $2 raise a few years back..AINT WORTH CRAP.
He would have done better to give us that OTHER PROMISED RAISE on min wage, to $9 per hour.
Or cut TOP wages in ALL parts of the economy..
@#2 “Pukes are saying no more than 18%–the lowest revenue as a percentage since Eisenhower?, or whenever.” – based on scientific evidence. It turns out that no matter how tax laws were set up, who paid (theoretically) how much, what were the exemptions,…. in last 100 or so years Government was able to collect about 18% of GDP. Higher spending than that since Eisenhower coincides with constant increase in debt (this includes “Holy Clinton” years, don’t look at the fake accounting trick surplus – look at the data about DEBT during his years). So, that is the experimental science behind “Pukes” number.
First, we should thank President Obama for saving the day.
As far as Teabaggers “concerned” about possible defense cuts…
In the words of Elton John, “kill the fatted cow”
Tea Party will not support the accord. Republicans need majority support to pass it, and a lot of people do not expect it to happen. I see that Jim Cramer is recommending a stock sale on an early rise, first time ever.
We’d rather have our bonehead wars than local post offices. The money presses are still going full blast. Nothing has been learned. Nothing has been “fixed.” We are still slouching toward a mega-depression. The ugliness of it will be unimaginable. Only bright spot will be that it’ll finally “bring the boys home.” Home to what? A ruined empire. An Amerika fallen from within.
Here comes all those jobs that are so important to Republicans and the Kool Aid Party.
Oh.
#5, Again you fail to grasp current events.
The Tea Party wants Dept of Offense cut back as well.
Do you have any relevant information you wish to contribute or are you going to continue licking Obush’s asshole?
#2 Bobbo asks: Is that graft, corruption, inefficiency, fraud, jobs or what?
Obvious Answer: Government inefficiency.
How many government run projects finish in time and come in under budget?
Consider the never ending Boston Big Dig project: the initial completion cost of $3 billion ballooned to $22 billion by the end of the project.
The Big Dig was the most expensive highway project in the U.S. and was plagued by escalating costs, scheduling overruns, leaks, design flaws, charges of poor execution and use of substandard materials, criminal arrests, and even four deaths.
And now it is getting worse. Workers are struggling to plug leaks that gush as much as 1.4 million gallons of water a month, driving up repair costs in the notorious money pit by millions of dollars each year.
Vs.
The Minnesota Bridge collapse due to a design flaw.
Bids were sent to private companies including a bonus for fast completion.
The replacement bridge was up and running 13 months after the collapse and came in under budget.
Ronald Reagan: “Government is not a solution to our problem, government is the problem.”
LibertyLover, don’t bother with Dallas. He’s a moron.
jbenson2 has the right answer, along with dusanmal and jbenson2.
It’s not surprising the conservatives approach this with facts and intelligence while the libs have nothing but hysteria.
BO’s threat that he “can’t guarantee” Americans their social security checks this month was a swell tactic.
Douchebag.
This whole thing was disgusting.
#10 Jbenson
What is your point? At first I thought you were decrying all bridge/road projects, which is ludicrous on its face. But then you seem to argue that the MN bridge was ok becasue it was done by private contractors.
The Big Dig also had private contractors. Some of whom were prosecuted.
#13 – My point was to illustrate government inefficiency.
When the govt steps aside and lets private industry compete on a level playing field, you end up with a 1-year success like the Minnesota bridge project.
When the govt rules with an iron fist, imposes regulation after regulation, and forces the contractors to use union-run companies and state-run hack agencies, you end up with a 20+ year long disaster like the Big Dig.
jbneson2, I though your point was clear and obvious.
I can’t imagine why anyone would want a further explanation of something so plain, unless they are a troll or a moron.
JB–when government ran both projects, you are demonstrating something other than government involvement. Size of the project, number of contractors come immediately to mind. I didn’t know the Bridge project used private contracting regulatory agencies as part of their success formula.
We need to get the government out of government projects.
Yea, verily.
#4–dusanmal==I’ve seen that chart a few times. If that is the basis, it is an interesting idea: to match tax policy with innate human tendencies. Of course, the issue is much more complex, but the notion has initial appeal. Not immediately apparent why corporations would act consistently with human motivation rather than the certainty of enforcement regimes applied, but as stated, its an interesting premise.
VOTE ALL “NO NEW TAXES” POLITICIANS OUT OF OFFICE. VOTE ALL SOCIAL SAFETY NET PROGRAM DESTROYERS OUT OF OFFICE.
Gee, looks like we are approaching the VOTE ALL INCUMBENTS OUT OF OFFICE territory. Good thing I saved all these campaign stickers. Anything negative should never be thrown out, just wait for the return cycle.
Ha, ha.
OH PEDRO: you say moron, sheeple, and up your meds, and I say Pedro. Let’s call the whole thing off.
Heh, heh. Must be a personal bias that I see my insults as so much more insightful, whereas the truth more likely is we are about the same?
ouch! Kinda like equating Opera with How do you turn this on?
Been googling AAA rating history. As with all things economic, its a real cat’s cradle. Foma and all. Did you know the definition of AA is that it is just like AAA except not quite as strong? The whole ratings list is like that. It will make a believer of you. Does have “validity” though as you look at the default histories of rated instruments—there actually is more default as you go lower in the ratings, but even AAA have defaulted in most recent history.
Predicting the future. Brings out the religious in us all.
#18 Bobbo
The results speak for themselves.
Mass. govt – inefficient
Minn. govt – efficient
#15
You can’t use a successful government project as an example against an unsuccessful one and claim the problem is government.
By your logic I could state that all contractors are incompetent and crooked. That wouldn’t be true either.
#16 Ah_yeah
The reason you thought it was clear and obvious is because you aren’t engaging your brain. You’re blindly agreeing with anti government sentiment that doesn’t even apply here. “Ah_Yeah” indeed.
#22–JB==but the “gov” is the same in each instance. ((No it isn’t, I’m just in a puke frame of mind right now, so I make up facts to fit my conclusion. Hey—strange feeling, but nice. Kinda like pissing into a wetsuit.))
Surely, its more about the scope/nature of the project than anything else, or maybe its just the Boston Mafia and nothing more?
Or did they use Chinese Steel in the bridge and opinions will flip when it falls down ahead of schedule?
JB–your brain should be used for more than a door stop. Try it.
The more read about this deal, I more I realize it is the typical non-solution.
One estimate is this “compromise” will increase the debt by $10T (instead of $12T).
I was watching the news earlier and there was some moron being interviewed and saying, “They had to do something!”
The reporter asked if the solution was a good one. The moron said, “It doesn’t matter. Something was done, whether it was right or wrong it was a compromise.”
The reporter asked him some technical details about what the “compromise” was. He didn’t have a clue, only that they came to an agreement.
And I ran into a guy the other day who thought senators were elected every two years, too.
These morons are responsible for electing our representatives AND our senators. Repeal the 17th amendment, please, before we’re all flushed.
It’s going to pass because people don’t know what’s at stake here. They just see the politicians up there screaming about the other side not “compromising.”
This thing is making me sick to my stomach.
We should change the national anthem to something more appropriate, like FuckedAgain by Blunt:
Books will come out of this mess. Both parties are now officially at war with themselves. The American political process is demonstrably unreliable which further erodes the US’s influence around the world. And the US bond rating will drop which means even less equity for business growth.
On the plus side, US politicians managed to go for a full week without making another “tar baby” comment. Right? I said, um, right?
I would have chimed in earlier, but I didn’t know what my opinion would be until I read it here:
http://paul.house.gov/index.php?option=com_content&view=article&id=1898:when-a-cut-is-not-a-cut&catid=62:texas-straight-talk&Itemid=69
I like being the smartest guy in the room and RP is a source that never lets me down.
That’s why so many of you are my bitches.
$14 trillion is a $45,000 personal debt load for every man woman and child in the US, PLUS state and personal debt load. Feel better now?
msbpodcast, I really like the song.
Personally, I made a whole bunch of pragmatic changes in my personal life (cash only payment, downsized housing footprint, debt 10% of equity, diversified investment portfolio, doubled charitable donations, got rid of my car, more sex, eat less but better food, listen to more live music, etc) over the last two years.
I think if individuals just quit whining and did the right things personally, then our various institutions (government, corporate, church, educational, etc) would just have to follow suit. There is a new reality in the world and the sooner each person figures this out, the better.
30 trillion debt in ten years guarantted.
Under this debt deal, spending increases year after year, but we are supposed to believe there are cuts.
“The loans from China, are now DEVALUED..and the only recourse for China is to DEVALUE its own money, to get any amount NEAR equal to the loan.”
How exactly are these unspecified loans devalued, and what does that term even mean?