baddabing, we won't be driving off a cliff on 8/3/2011
but really smart people can't figure that out
curtailing domestic spending while paying all your debt would lower your credit rating?
I have to disagree
The thing that is sad, is we will never get to prove to you how big of idiots you are. Since we already know the ramifications of shutting the Govt down and not paying off our debts... we will never do it. Even if Congress can't agree on the debt ceiling, they will go around Congress and prove it unconstitutional to not pay our debts. We will never in our lives just stop spending. It is necessary for our economic growth and survival.
Where does it end?
"Today’s national debt—the public debt that government has accumulated to finance its out-of-control spending—is approximately $14.3 trillion. To put that into perspective, the government’s annual budget for 2011, which is in itself bloated, is roughly $3.7 trillion. And to put the future health of our economy in perspective, President Obama proposed in his 2012 Budget proposal that we add $9 trillion to that debt over the next ten years."
Obama says
"President Obama himself voted against raising the debt ceiling in 2006 saying: “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure…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.”
This is all scare tactics from the Obama administration. Geithner knows the a delay in raising the debt limit will in no way cause a default on our national debt. If Congress refuses to raise the debt ceiling, the federal government will still have more than enough money to fully service our debt.
The correction of 2008 has never really come. We either deal with it now or later. There's no way around it.
"Today’s national debt—the public debt that government has accumulated to finance its out-of-control spending—is approximately $14.3 trillion. To put that into perspective, the government’s annual budget for 2011, which is in itself bloated, is roughly $3.7 trillion. And to put the future health of our economy in perspective, President Obama proposed in his 2012 Budget proposal that we add $9 trillion to that debt over the next ten years."
Obama says
"President Obama himself voted against raising the debt ceiling in 2006 saying: “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure…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.”
This is all scare tactics from the Obama administration. Geithner knows the a delay in raising the debt limit will in no way cause a default on our national debt. If Congress refuses to raise the debt ceiling, the federal government will still have more than enough money to fully service our debt.
The correction of 2008 has never really come. We either deal with it now or later. There's no way around it.
Maybe the biggest problem is that they wouldnt be able roll over the maturing debt that is coming due in the next few months after, which is about 500 billion.
So basically they would be short 40 cent on the dollar PLUS 500 billion. Nowadays the debt they take on is of the very short term variety. Not 30 year anymore. Not even the Chinese are crazy enough to loan the US for that long
They would definitely default
So basically they would be short 40 cent on the dollar PLUS 500 billion. Nowadays the debt they take on is of the very short term variety. Not 30 year anymore. Not even the Chinese are crazy enough to loan the US for that long
They would definitely default
Considering the one fundamental idea obama, ryan, cantor, reid, bernanke, and geithner, along with us credit agencies is that the government defaulting on any loan or other service would be disastrous.
Fitch Ratings - A default would be without precedent by the issuer of the global reserve currency and would pose a systemic threat to U.S. And global financial security.
Fitch Ratings - A default would be without precedent by the issuer of the global reserve currency and would pose a systemic threat to U.S. And global financial security.
Considering the one fundamental idea obama, ryan, cantor, reid, bernanke, and geithner, along with us credit agencies is that the government defaulting on any loan or other service would be disastrous.
Fitch Ratings - A default would be without precedent by the issuer of the global reserve currency and would pose a systemic threat to U.S. And global financial security.
Fitch Ratings - A default would be without precedent by the issuer of the global reserve currency and would pose a systemic threat to U.S. And global financial security.
Exactly! The worst thing for America would be if people thought that we wouldn't pay back our debts. The economy would collapse. And we will never actually do it, so these idiots will continue to claim that they know better than the people who actually make decisions. The Republican's know this, they are just posturing and playing politics. I wish Obama would just let them destroy the country, but Obama is to kindhearted and cares too much about America to do that. God bless his soul!!
Why even have a debt ceiling? Just spend spend spend. If deficit spending is the best, why not just make everyone millionaires. Who cares if we pay it back we'd all be rich and can afford everything we need and then some. Why don't we just do that? Wait fiat economics only work if its structured like a pyramid. What happens in a fiat economy when the bottom falls apart?
