U.S. Is Broke, Can't Afford to Raise the Debt Ceiling

[hvactec]

 

[Seawytch]

Again for the idiots...the debt ceiling is for money already spent.

 

[Freemason9]

"hvactec" has some misguided beliefs regarding what the budget deficit represents. He doesn't get it at all. I think he accepts economic theory from Sean Hannity.

 

[LordBrownTrout]

I think we should raise it to 900 hundred trillion and give everyone a billion dollars.

 

[Politico]

And my migrane had just gone away.

 

[Luddly Neddite]

Again for the idiots...the debt ceiling is for money already spent.

How many threads have been devoted to trying to get them to understand that very basic fact?

On top of trying to explain it to them the last time.

Meanwhile, they're still voting Republican.

Give it up cuz they are never gonna understand.

 

[jknowgood]

Didn't obama say when bush was president, that it is lack of leadership if the debt ceiling needs raising?

 

[Rambunctious]

Don’t you just hate it when you go to pay for a cup of coffee only to discover that you have somehow misplaced that $10 bill you thought you had in your pocket?

The IRS, who has been charged with the task of overseeing the enforcement of Obamacare, has done exactly that. Only it’s not a $10 bill; it’s $67 million they have misplaced.

In April of 2012, the Obama Administration shifted half a billion dollars from the DHS to the IRS to disguise the fact that the IRS had run out the necessary funds to enforce the Obamacare mandates that were not even in effect. The Obama Administration set up this slush fund for the IRS to dip from to offset their costs, but have, somehow, been unable to account for $67 million that appears to have been siphoned off bit-by-bit.

 

[LordBrownTrout]

Don’t you just hate it when you go to pay for a cup of coffee only to discover that you have somehow misplaced that $10 bill you thought you had in your pocket?

The IRS, who has been charged with the task of overseeing the enforcement of Obamacare, has done exactly that. Only it’s not a $10 bill; it’s $67 million they have misplaced.

In April of 2012, the Obama Administration shifted half a billion dollars from the DHS to the IRS to disguise the fact that the IRS had run out the necessary funds to enforce the Obamacare mandates that were not even in effect. The Obama Administration set up this slush fund for the IRS to dip from to offset their costs, but have, somehow, been unable to account for $67 million that appears to have been siphoned off bit-by-bit.

They needed more money to show men how to properly wash their genitals. Genital fund.

 

[Rozman]

Again for the idiots...the debt ceiling is for money already spent.

And every year we seem to have the need to raise it.
That tells me we spent more then the year before...

 

[ogibillm]

Again for the idiots...the debt ceiling is for money already spent.

And every year we seem to have the need to raise it.
That tells me we spent more then the year before...

that's not what that means.

extreme example, but lets say i have income of $100, and spend $125. i'd have $25 of debt. Next year let's say i have income of $100 and spend $101. I've cut my spending drastically, but i'd still need a larger 'debt ceiling' as it were.

 

[TooTall]

Didn't obama say when bush was president, that it is lack of leadership if the debt ceiling needs raising?

Here are is exact words:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … 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.

 

[Freemason9]

Again for the idiots...the debt ceiling is for money already spent.

And every year we seem to have the need to raise it.
That tells me we spent more then the year before...

that's not what that means.

extreme example, but lets say i have income of $100, and spend $125. i'd have $25 of debt. Next year let's say i have income of $100 and spend $101. I've cut my spending drastically, but i'd still need a larger 'debt ceiling' as it were.

Or this:

Let's say my household in the tribe creates oxcarts. Let's say that I sell them for 100 nuggets. I made 10 of them this year, and I got 1000 nuggets for them. Next year, I make 12 oxcarts. I should sell them for a total of 1200 nuggets because the demand exists. However, the extra 200 nuggets have to be created, because they didn't exist the prior year; if that didn't happen, the price of the oxcarts would "deflate" and the most they could bring in per cart would be 1000/12, or about 83 nuggets. So, the new 200 nuggets need to come from somewhere to maintain currency equilibrium.

Think about the dollar debt that way. The debt is simply the creation of additional money for our expanding economy.

NO, it does not need to be paid back--in fact, paying back the debt would be deflationary.

 

[Politico]

I love how you guys are arguing about writing the check for the money you already authoriuzed Obammy to waste. Pot kettle lol.

 

[QuickHitCurepon]

The congress is so blind, they don't even care that people know they're playing a game of chicken.

 

[petro]

Didn't obama say when bush was president, that it is lack of leadership if the debt ceiling needs raising?

Here are is exact words:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … 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.

Funny how his own words come to bite him in the ass.
The notion that it is for money already spent means that TOO much is being spent. The money whore called the Federal Government is out of control.

 

[NightFox]

NO, it does not need to be paid back--in fact, paying back the debt would be deflationary.

Yeah... The Wiemar Republic operated under the same fallacy, unfortunately for them they couldn't keep the merry-go-round ride going for as long as we can because they didn't have the luxury of controlling the world's reserve currency, unfortunately for US the merry-go-round eventually has to stop regardless of whether you control the world's reserve currency or not.

Anyone that believes that surfing debt works ad infintum hasn't read a history book, it's time for the American People to start listening to the adults in the room instead of believing in fairy tales spouted by hyper-partisan crackpots with no sense of history or economics.

"If something cannot go on forever, it will stop." -- Herb Stein

 

[Wolfsister77]

Bottom line is raising the debt ceiling has always been an automatic thing with no games being played. It was just done. Most countries don't even have a debt ceiling. This is money that has already been spent. Playing games with it and threatening default only hurts our credit rating and our economy.

There is no reason not to raise it.

 

[NightFox]

Bottom line is raising the debt ceiling has always been an automatic thing with no games being played. It was just done. Most countries don't even have a debt ceiling. This is money that has already been spent. Playing games with it and threatening default only hurts our credit rating and our economy.

There is no reason not to raise it.

Actually there is a GOOD reason not to raise it since operating under of the status quo of continuous accumulation of debt and currency debasement is a 100% sure-fire way of destroying the currency and the economy along with it.

At some point we're going to have to grow up and pay the piper or are all you borrow and spend types just hoping to be six feet under when the piper shows up to be paid? I guess if you don't care about the constant erosion of the American standard of living and the egregious disparity of wealth then the status quo isn't a concern, however there are some people that actually DO care about the future economic health of the nation and don't want to see our children living under a mountain a debt that they can never hope to recover from.

 

[The T]

Again for the idiots...the debt ceiling is for money already spent.

And every year we seem to have the need to raise it.
That tells me we spent more then the year before...

CONGRESS is addicted to the Continuing resolution(s)...they have NO care to do their duty.