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Would you raise the interest rate on your own mortgage or credit card?
Sounds like a really stupid question because no one wants to pay more than they have to when it comes to borrowing money, right?
But if the Debt Ceiling is not raised the credit rating of the USA could be downgraded again and that will mean that the interest rate that We the People will have to pay will go up.
Since it is going to be us taxpayers who are paying that interest does it make any sense at all to increase the rate that we are going to have to pay?
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.
Senator Barack Obama, March 20, 2006
if you maxed your card - you can not use it anymore.
the ceiling is achieved.
True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.
an individual - yes. a nation can get trapped by creditors and that is why it is never happening to the nation.
which does not mean we have to put the rope on our neck ourselves.
the debt has reached the 100% GDP.
Time to stop and start reducing.
who cares?
people do stupid things - does not mean everybody has to do them
The point it, it's meaningless.
the point is -we should not raise it anymore.
we do
Define "we".
the taxpayers, duh
The point it, it's meaningless.
the point is -we should not raise it anymore.
But if we don't raise it anymore, people won't be able to get their free stuff!
And then democrats will have no platform to run on!
I think the gop should cut vertically and not horizontally.
if you maxed your card - you can not use it anymore.
the ceiling is achieved.
True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.
Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?
the point is -we should not raise it anymore.
But if we don't raise it anymore, people won't be able to get their free stuff!
And then democrats will have no platform to run on!
Except is has always been a democrat that has reduced government outlays while, with the exceptions of Bush I, republicans always increase spending.
But sure, if you want to just make shit up and say it, I suppose you can live in a fantasy land.
True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.
Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?
Would you consider one that is living well above ones means and continually saying to himself "I will just borrow another 1000 and then I will stop"....a schmuck?
I would.
And that's what we are.
A bunch of schmucks.
True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.
Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?
Sure they do, but that doesn't mean it's the best way to proceed.
Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?
Would you consider one that is living well above ones means and continually saying to himself "I will just borrow another 1000 and then I will stop"....a schmuck?
I would.
And that's what we are.
A bunch of schmucks.
The US government has the necessary authority to increase its' "means" at any time that it deems appropriate. Failure to do so is what is making a "bunch of schmucks" out of the taxpayers.
Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?
Sure they do, but that doesn't mean it's the best way to proceed.
Why not, it's US dollars that we used to buy Chinese products?
Are you saying that the free market consumer shouldn't buy goods from where they want to?
Are you saying that we shouldn't recirculate US dollars back into the US economy?
What do you think your really talking about?
Or have you just not actually bothered to learn how the funds flow and what it means?
Sure they do, but that doesn't mean it's the best way to proceed.
Why not, it's US dollars that we used to buy Chinese products?
Are you saying that the free market consumer shouldn't buy goods from where they want to?
Are you saying that we shouldn't recirculate US dollars back into the US economy?
What do you think your really talking about?
Or have you just not actually bothered to learn how the funds flow and what it means?
actually...the fact that you actually think it is all "China" pretty much shows me how little you know.
Truth is....you obviously have no idea about what the debt is all about...the debt limit....and how we borrow.
FYI....China is a very small portion of it.....not even worthy of discussion.
Why not, it's US dollars that we used to buy Chinese products?
Are you saying that the free market consumer shouldn't buy goods from where they want to?
Are you saying that we shouldn't recirculate US dollars back into the US economy?
What do you think your really talking about?
Or have you just not actually bothered to learn how the funds flow and what it means?
actually...the fact that you actually think it is all "China" pretty much shows me how little you know.
Truth is....you obviously have no idea about what the debt is all about...the debt limit....and how we borrow.
FYI....China is a very small portion of it.....not even worthy of discussion.
I don't recall seeing anywhere in ifitzme's post that it is ALL China. China is only one country out of many the US does business with.
Since you obviously know everything there is to know about the debt, why don't you explain it to us in economic and financial terms instead of just ridiculing those who attempt to do so?
China is our largest foreign holder of our total debt....albeit only 8% or our TOTAL debt which includes what we owe ourselves for borrowed SS surpluses and other pensions and fundsSure they do, but that doesn't mean it's the best way to proceed.
Why not, it's US dollars that we used to buy Chinese products?
Are you saying that the free market consumer shouldn't buy goods from where they want to?
Are you saying that we shouldn't recirculate US dollars back into the US economy?
What do you think your really talking about?
Or have you just not actually bothered to learn how the funds flow and what it means?
actually...the fact that you actually think it is all "China" pretty much shows me how little you know.
Truth is....you obviously have no idea about what the debt is all about...the debt limit....and how we borrow.
FYI....China is a very small portion of it.....not even worthy of discussion.
U.S. Debt - How Much China OwnsSo who owns all that U.S. debt?
About 32 cents for every dollar of U.S. debt, or $4.6 trillion, is owned by the federal government in trust funds, for Social Security and other programs such as retirement accounts, according to the U.S. Department of Treasury.
China and U.S. Debt
The largest portion of U.S. debt, 68 cents for every dollar or about $10 trillion, is owned by individual investors, corporations, state and local governments and, yes, even foreign governments such as China that hold Treasury bills, notes and bonds.
Foreign governments hold about 46 percent of all U.S. debt held by the public, more than $4.5 trillion. The largest foreign holder of U.S. debt is China, which owns more about $1.2 trillion in bills, notes and bonds, according to the Treasury.
In total, China owns about 8 percent of publicly held U.S. debt. Of all the holders of U.S. debt China is the third-largest, behind only the Social Security Trust Fund's holdings of nearly $3 trillion and the Federal Reserve's nearly $2 trillion holdings in Treasury investments, purchased as part of its quantitative easing program to boost the economy.
Would you raise the interest rate on your own mortgage or credit card?
Sounds like a really stupid question because no one wants to pay more than they have to when it comes to borrowing money, right?
But if the Debt Ceiling is not raised the credit rating of the USA could be downgraded again and that will mean that the interest rate that We the People will have to pay will go up.
Since it is going to be us taxpayers who are paying that interest does it make any sense at all to increase the rate that we are going to have to pay?
"The US government has the necessary authority to increase its' "means" at any time that it deems appropriate. Failure to do so is what is making a "bunch of schmucks" out of the taxpayers."
That is the problem in a nutshell....and the author doesn't even know it.
But if we don't raise it anymore, people won't be able to get their free stuff!
And then democrats will have no platform to run on!
Except is has always been a democrat that has reduced government outlays while, with the exceptions of Bush I, republicans always increase spending.
But sure, if you want to just make shit up and say it, I suppose you can live in a fantasy land.
wow....
You are the ideal candidate for the juice.
You hear the spin...soak it up....and then regurgitate it.
The left wing candidates love mindless sheep like you.
You are too easy.
Good luck sparky.
Life is gonna be a drag for you in the long run.
