We shouldn't have a debt ceiling, our debt should only be limited by market forces, not by some arbitrary figure. If country are not willing to buy our debt at the interest rate offered that is your debt ceiling.Let's remember that we the Federal budget expires Oct. 1. So this argument about what we promised to pay only extends until then. The other problem with the democratic talking point is that the congress refuses to do it's job, so we never even get a vote on what our "obligations" are.
Many people are getting tired of these gottya phrases that are unthinking talking points made by lame politicians and their flunkies.
It is well past the time we should get serious about the problems facing the nation.
This is false. The US government took in more than $2.2T in revenue in FY2009 - that's abetter than an order of magnitude greater than our debt service.Hello, do you still not get it? We can't pay all those people you mentioned if we don't raise the debt limit. If we pay our creditors we can't pay our military and Medicare recipients. If we pay our military and Medicare recipients we can't pay our creditors. This isn't rocket science!
U6 unemployment rate during that period went from 7.3% to to 9.7%, a 2.4 point increase (33%). You want Obama's head on a stick because it went from 14% to 16.2%, a 2.2 point increase (16%).
underemployment increases 2.4 points under Bush, Conservative: "Four more years!"
underemployment increases 2.2 points under Obama, Conservative: "Impeach him!"
Just admit you're a hypocrite. Get that weight off your shoulder.
"Not to worry" Bernanke assures us.
We should forget all this and get back to ensuring that we raise the debt ceiling under the guise of some pretend "cuts" to take on a couple more trillion dollars. After all, it's the "responsible" "adult" thing to do.
Following the example of our great President, one should always seek "balance" when it comes to negotiations, but avoid it all cost when it comes to budgets.
Your analogy is inapposite. If the debt ceiling isn't raised we will be unable to meet existing obligations -- not just future obligations. So let's look at a corrected version of your analogy:
Your personal debt ceiling isn't raised and you choose to pay your mortgage. But that means you won't be able to pay your electricity bill, your cable bill, your phone bill, or your car payment. These are all obligations you have already incurred and that you have promised to pay. This will affect your credit rating. And as a side note, your electricity, phone, and cable will be cut off, and your car will be repo'd.
We shouldn't have a debt ceiling, our debt should only be limited by market forces, not by some arbitrary figure
We shouldn't have a debt ceiling, our debt should only be limited by market forces, not by some arbitrary figure. If country are not willing to buy our debt at the interest rate offered that is your debt ceiling.
This is false. The US government took in more than $2.2T in revenue in FY2009 - that's abetter than an order of magnitude greater than our debt service.
Not being able to borrow more monet simply means we have less money to spend - at which point you decide how must to reduce spending on whatever.
To say that we cannot pay X Y Z if we cannot borrow more money is either a statement of ignorance, or a lie.
If we default the odds on fav to get their dough will be bondholders, also high on the list will be Social Security and Medicare recipients. Gotta keep us geezers placated, otherwise we will be marching in the streets with teabags hanging from our turbans, toting signs saying DON'T TOUCH OUR MEDICARE.
The number 40 percent(as in stiffing the 40 percent )keeps popping up, seein as we borrow 40 cents for every dollar we spend.:2wave:
Huh? The "40%" are the bondholders. That's who we borrowed from.
What's the problem, Adam, a little logic, common sense, and facts confusing you? You must be asking yourself how in the world did the liberal rhetoric be so wrong since they "mean so well?" Noticed that when presented with facts you either ignore them or simply don't respond at all.
Assuming, arguendo, that your numbers are accurate, you haven't addressed the revenue side of the equation, which renders your argument meaningless. What's more, your spending analysis is woefully oversimplified. The government doesn't *just* pay interest on the debt -- it also has to repay the principal! Thus, in the next 30 days, the Treasury has $500 billion in notes coming due. Oops. I guess that throws off your "facts" a little bit. Now, as Secretary Geithner pointed out, the normal course is for debt holders to buy new Treasuries when their existing ones expire, but it's quite likely that lenders will be reluctant to do that if the country is bouncing checks left and right.
A note on inflation: In capitalist economies in order to have economic growth you have to have inflation, but that doesn't mean that the politicians are doing a good job. Free trade and economic deficits are speeding up the process in ruining our dollar.
Inflation is still at a sub-optimal level! The dollar will continue to be the reserve currency as long as the rest of the world requires us to import their manufactured goods.
You issue was default and I showed you that there were enough revenue to pay our debt service which prevents default. We don't need a 3.7 trillion dollar Federal Govt. and that is the point. We have a spending problem, not a revenue problem
Inflation is still at a sub-optimal level! The dollar will continue to be the reserve currency as long as the rest of the world requires us to import their manufactured goods.
Inflation is still at a sub-optimal level! The dollar will continue to be the reserve currency as long as the rest of the world requires us to import their manufactured goods.
Thats not entirely true.
Historical Inflation Rates: 1914-2011, Annual and Monthly Tables - US Inflation Calculator
According to that we are in the highest inflation rate since about 1990; its also trending upwards, thats a bad sign. Hard to say if its going to continue or not.
Thats not entirely true.
Historical Inflation Rates: 1914-2011, Annual and Monthly Tables - US Inflation Calculator
According to that we are in the highest inflation rate since about 1990; its also trending upwards, thats a bad sign. Hard to say if its going to continue or not.
Uh, yeah, unless you count 2008 and a whole bunch of other years between this year and 1990!
Wouldn't demand for it go down then?
Thats not entirely true.
Historical Inflation Rates: 1914-2011, Annual and Monthly Tables - US Inflation Calculator
According to that we are in the highest inflation rate since about 1990; its also trending upwards, thats a bad sign. Hard to say if its going to continue or not.
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