As I write this, the showdown over the debt limit has entered the firing squad stage where executioners point their weapons at a prisoner standing against a wall. Democratic and Republican negotiators have started firing rhetorical volleys at each other, even as catastrophic default by the United States Treasury slouches from unthinkable towards unavoidable. If the parties can’t or won’t compromise over the debt ceiling, then the markets, the economy and America’s credit standing will end up dead, and the only thing left standing will be the deficit. If that happens, I’ll blame Republicans—for letting the country down and betraying conservative economic principles.
Yes, of course, both parties share blame over the debt. But the only reason we are even discussing a default on U.S. debt is that Republicans have insisted on $2 trillion in debt reduction as a condition for supporting a $2 trillion debt ceiling hike—and then taken a negotiating stance that makes coming close to $2 trillion very difficult. The Dems have dutifully coughed up $1 trillion in spending cuts over 10 years and asked to be met partway by additional revenues. The Republicans, however, seem to believe they must oppose any revenue increase, even if accomplished by closing tax loopholes many of them have long sworn to eradicate. Risking a catastrophic default to preserve corrupt loopholes is not only stupid economics; it’s stupid conservative economics. Read more....
You know why there are no comments here, beside mine, and its short?
ReplyDeleteThis article is ridiculous in its stupidity, warrenting on the following comments.
You should change this blogs name to:
'The Incredibly stupid Coming Marxist Depression that I embrace with both of my liberal paws'.
The article is stupid because this blog should name itself "'The Incredibly stupid Coming Marxist Depression that I embrace with both of my liberal paws'."
ReplyDeleteSounds like great reasoning to me. It's a good thing you aren't in any position to make decisions for this country.
-Monetary Central Planning: http://www.world-depression.info/
ReplyDelete-Kevin Annett, manoy system to slave native people in Canada: http://youtu.be/8do5BVTkYfI
It is all BS. The Democrats offerred to cut spending on paper, which in Washington speak means that the budget won't rise as much as it was planned to rise and count that as a reduction. My idea of real progress on this is first to stop borrowing, that means no extension of the debt ceiling. Second to separate out SS from the general fund and allow it to be run by accountants and not politicians. Third adjust the payroll tax portion that pays for medicare enough so it remains solvent. fourth cut the size of the federal government in a big way. That could be to freeze hiring and pay raises and at the same time cut 50% of the positions over four years. Fifth cut the cost of the federal payroll. Set realistic payrates and for a start cut them by 10% each year for four years. Sixth, eliminate federal welfare. Help the states set up a state run "workfare". set the maximum amount at minimum wage for 40 hour week and require everyone who wants aid to work for it. Do it cold turkey; that is this month you get your normal welfare next month you go to city hall in the city you live in and someone will assign you a job and you go to work.
ReplyDeletein order to keep the welfare hire from displacing the city/state employee or a contractor employee who keep up the parks, read the meters, maintain the roads, trim the tree's off the lines, and tons more stuff, they'd have to make the welfare workers do the things that aren't being done..like repair bridges and other major infrastructure...but then we're back to square 1..with the union and insurance and environmental and other industries never allowing welfare roll people to repair bridges and other things that aren't now being done. So the welfare worker is simply going to replace a current city/state parks employee and etc through all branches of employment. It would drive the overall wages down for all workers though..saving the city/state money...
DeleteFrick and frack argue in the canoe as they go over the falls...opps
ReplyDeleteSeems like a reasonable view of where we are? "WRONG"
The Financial situation of the USA is past the point of no return and kicking the can down the road is sadly the best option today.
History will look back and say we had mass insanity believing John Maynard Keynes and his ideas !
For the fastest turn around we must Abolish the FED and return to honest money as the constitution describes it. and put the bankers in leg irons and send them to make big rocks smaller by hand
When does 16 Trillion get paid? In 16 Trillion years? America borrows 4 Billion a day because it can't pay its bills. This government will borrow money till it collapses from debt. Meanwhile Democrats can't wait till "Free" ObamaCare takes effect and gay marriage gets passed. Anyone want to guess the ending to this bad movie.
ReplyDeleteThere was only one way to destroy this once proud and productive nation; using democracy from within. Not a shot to be fired. The 47% riding in the wagon will vote for free crap every time.
ReplyDeleteWhile that 47% includes millions of third world imports brought in to speed up the process, we have plenty of lazy fat home grown feeders too raised by TV watching baby factories fueled by drugs and dumbed down by Hollywood and government schools.
The goose is cooked and obozo is laughing all the way to the bank as he and his criminal cartel squeeze the last remaining wealth out of the productive fools that work their asses off, living in the past.