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Default is not a certainty. Sequester & improving economy are rapidly closing the debt gap. We have a very real chance of keeping or improving every ones current standard of living. But a default will greatly lower everyone's living standards, not just the poor & working class. Great wars have been fought over much less. None of us have ever lived through the misery of a world war.
that is the answer. cut the spending. the gap narrowed, but it is a big stretch to say it is closing as it is a big stretch to say economy is improving.
It is NOT.
Agreed. Anyone who believes that this economy is "improving" is drinking the kool-aid of OBarry. There are just as many people unemployed now as there were 2 years ago. Difference? They have given up looking and are living off Uncle Barry.
that is the answer. cut the spending. the gap narrowed, but it is a big stretch to say it is closing as it is a big stretch to say economy is improving.
It is NOT.
Agreed. Anyone who believes that this economy is "improving" is drinking the kool-aid of OBarry. There are just as many people unemployed now as there were 2 years ago. Difference? They have given up looking and are living off Uncle Barry.
Maybe you should try to get a job.
The Fortune 500 just recorded record profits.
that is the answer. cut the spending. the gap narrowed, but it is a big stretch to say it is closing as it is a big stretch to say economy is improving.
It is NOT.
Agreed. Anyone who believes that this economy is "improving" is drinking the kool-aid of OBarry. There are just as many people unemployed now as there were 2 years ago. Difference? They have given up looking and are living off Uncle Barry.
What you two are saying is absolutely not true. And blowing up the global economy & telling all those countries that we are not paying them back based on your lies is utterly insane. It will piss the entire planet of at us & we don't have the manufacturing base, oil or young warriors to fight them all off.
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
Agreed. Anyone who believes that this economy is "improving" is drinking the kool-aid of OBarry. There are just as many people unemployed now as there were 2 years ago. Difference? They have given up looking and are living off Uncle Barry.
Maybe you should try to get a job.
The Fortune 500 just recorded record profits.
Another stupid reply
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
The Senate has voted on the House bills, time and time again.
The House, refuses to vote on the Senate bills.
Its time for the House to vote on the Senate bill.
Fuck the senate bills. They have no power other than adding amendment's to the congressional bill. If congress decides to go along with those. No law exists that makes those additions binding to anyone.
The Senate is powerless in producing a budget. They can only pass what the congress approves of.
Then of course the Senate is called the upper chamber....mainly because they are people who actially use their heads unlike the teatard loons in the House.
Maybe you should try to get a job.
The Fortune 500 just recorded record profits.
Another stupid reply
What did you expect from Chris?
Einstein: The definition of insanity is doing the same thing and expecting a different result.
But you're right of course. Profits have been high because of cost cutting, which is why they are up when the economy is not improving.
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
Who is the biggest buyer of Euro Debt? Yes all countries are crashing to the bottom, but all we have to do is fall slower & turn the corner first. Then investment flows our way. We are managing that.
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
Who is the biggest buyer of Euro Debt? Yes all countries are crashing to the bottom, but all we have to do is fall slower & turn the corner first. Then investment flows our way. We are managing that.
The Euro isn't the world's reserve currency. I see you aren't economically inept like many here, but I do believe you're being overly optimistic regarding our position at the world table.
This is not a sustainable system, and when the music stops we're not going to have a chair.
Who is the biggest buyer of Euro Debt? Yes all countries are crashing to the bottom, but all we have to do is fall slower & turn the corner first. Then investment flows our way. We are managing that.
The Euro isn't the world's reserve currency. I see you aren't economically inept like many here, but I do believe you're being overly optimistic regarding our position at the world table.
This is not a sustainable system, and when the music stops we're not going to have a chair.
Yes the Euro isn't the world's reserve currency like the US Dollar is, but it is one of them. You can ring-fence a Greek default but you can't do that to the Euro or the US Dollar. Life will be pure hell for everyone on earth if either collapse.
The Euro isn't the world's reserve currency. I see you aren't economically inept like many here, but I do believe you're being overly optimistic regarding our position at the world table.
This is not a sustainable system, and when the music stops we're not going to have a chair.
Yes the Euro isn't the world's reserve currency like the US Dollar is, but it is one of them. You can ring-fence a Greek default but you can't do that to the Euro or the US Dollar. Life will be pure hell for everyone on earth if either collapse.
Now you've simply gone to hyperbole and demogoging the issue.
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
Actually, it's more than a tiny bit. Preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.Yea, but there is this little thing called insolvency.
Edit: The UK have laws about it.
United Kingdom insolvency law - Wikipedia, the free encyclopedia
If the US government is insolvent, it doesn't have enough income to pay it's obligations and it is bankrupt. The US is not insolvent. It merely has to cut down on the frills a tiny bit. No more 100 million dollar vacations for instance. That 300 million the US is giving to the Syrian terrorists, that gets scratched off the list. Likewise another 300 million to Palestinians. Egypt is getting 250 million.
Then there are the parties, junkets, bonuses (for doing an ordinary job) and the useless studies like how fast a shrimp can run on a treadmill. Government waste costs 16 Billion dollars a year.
Government Spending Waste: 25 Wasteful Items - Business Insider
There there are 160 agencies that duplicate the work of other agencies wasting billions more.
GAO finds billions in wasteful, duplicative federal spending - The Hill's RegWatch
In reality, we cannot continue to borrow money just to pay the interest on the money we borrowed last time while we fritter away our income. No one can. No person, no business, no country can.
As of Oct 17th, the federal government will have about 30 billion dollars of cash on hand. That isn't enough because the government spends as much as $60 billion per day. How long the government could avoid defaulting would depend on how agile the administration is at raising cash by cutting spending to pay obligations coming due. Eventually, the government would be faced with either violating the law by not preforming some mandatory function or defaulting. At that point they would probably default. However before that happened financial markets would be in crisis mode and the country would be heading into a recession.
Obama should have the radical right arrested for treason and terror attacks against the nation.
this is why we are in this mess, dems/liberals actually believe this stuff, they believe their political opponents are terrorists and should be arrested.
that alone, says much about the left wing....
ter·ror·ism
[ter-uh-riz-uhm] Show IPA
noun
1.
the use of violence and threats to intimidate or coerce, especially for political purposes.
2.
the state of fear and submission produced by terrorism or terrorization.
3.
a terroristic method of governing or of resisting a government.
The definition of terrorism describes the teabaggers perfectly.
This is a race to the bottom, folks. Anyway you slice it up, eventually the day of reckoning will come. The government, at some point, is destined to default on its obligations. It's either that, or they hyperinflate. Or they run tyrannical protectionsit measures in order to pay creditors.
Who is the biggest buyer currently of US monetized debt?
That's nonsense. There is no reason they must default on the debt. The British Empire ran a deficit for probably 100 years with no issue. The problem is not a deficit per se. The problem is teh deficit in regard to the rest of the economy. And here we are pushing the limit.
But if somehow by some miracle Obama woke up and said The deficit is too high. We need to cut it in half in the next 2 years, and then actually did that, we could go on foreever.
Actually, it's more than a tiny bit. Preventing the government from borrowing to meet its obligations would require all discretionary spending, such as for defense, education, housing and other annual appropriations, to stop, according to the Congressional Research Service. Most of the outlays for mandatory programs, such as Social Security, also would have to be halted, while taxes would need to rise to ensure the government had money to spend. Deep spending cuts and tax hikes would throw the economy into recession.If the US government is insolvent, it doesn't have enough income to pay it's obligations and it is bankrupt. The US is not insolvent. It merely has to cut down on the frills a tiny bit. No more 100 million dollar vacations for instance. That 300 million the US is giving to the Syrian terrorists, that gets scratched off the list. Likewise another 300 million to Palestinians. Egypt is getting 250 million.
Then there are the parties, junkets, bonuses (for doing an ordinary job) and the useless studies like how fast a shrimp can run on a treadmill. Government waste costs 16 Billion dollars a year.
Government Spending Waste: 25 Wasteful Items - Business Insider
There there are 160 agencies that duplicate the work of other agencies wasting billions more.
GAO finds billions in wasteful, duplicative federal spending - The Hill's RegWatch
In reality, we cannot continue to borrow money just to pay the interest on the money we borrowed last time while we fritter away our income. No one can. No person, no business, no country can.
As of Oct 17th, the federal government will have about 30 billion dollars of cash on hand. That isn't enough because the government spends as much as $60 billion per day. How long the government could avoid defaulting would depend on how agile the administration is at raising cash by cutting spending to pay obligations coming due. Eventually, the government would be faced with either violating the law by not preforming some mandatory function or defaulting. At that point they would probably default. However before that happened financial markets would be in crisis mode and the country would be heading into a recession.
Well, if the government gets out of the business of public education, there will be open scripture reading a prayer allowed back in. Not such a bad thing...
