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pueno



Joined: 03 Mar 2007
Posts: 2665

PostPosted: Fri Jan 18, 2013 10:13 am    Post subject: Reply with quote

isobars wrote:
The last time we breached the debt ceiling the US lost one of its AAA ratings from a credit agency and the markets imploded, wiping out over a trillion dollars in household wealth in a matter of days.

How many times did the republicans raise the debt ceiling during the Bush administration?
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swchandler



Joined: 08 Nov 1993
Posts: 5815

PostPosted: Fri Jan 18, 2013 1:55 pm    Post subject: Reply with quote

Are the Republicans in the House of Representatives so empty headed that they would not raise the debt ceiling, and as a result, irresponsibly cause a financial calamity that would ripple across the world? Honestly, are the problems with Social Security, Medicare and Medicaid so enormous and compelling that we have to sacrifice the integrity and well being of our economy to begin to address them? I can only hope that Republicans come to their senses and act rationally.

President Obama is absolutely right on the need to raise the debt ceiling without a scene. We need to show the world that Americans are confident in these times of difficulty. Hopefully, the Republicans in Congress will ultimately have the sense to agree on this. The way that I look at it, there is plenty of room for all parties to negotiate spending and new revenues to address the Sequester in the time before March. Even afterward, much can be done to make the right adjustments to control deficit spending and spur on economic growth. Again, I can only hope that Republicans come to their senses and act rationally.
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jpbassking



Joined: 19 May 1998
Posts: 2369
Location: Leo

PostPosted: Fri Jan 18, 2013 3:51 pm    Post subject: Reply with quote

swchandler wrote:
.......... Again, I can only hope that Republicans come to their senses and act rationally.


Don't hold your breath SW.

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capetonian



Joined: 11 Aug 2006
Posts: 899
Location: Oahu

PostPosted: Fri Jan 18, 2013 4:28 pm    Post subject: Reply with quote

jpbassking wrote:
swchandler wrote:
.......... Again, I can only hope that Republicans come to their senses and act rationally.


Don't hold your breath SW.


Those heavily invested in gold are praying they don't come to their senses...just saying.
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jpbassking



Joined: 19 May 1998
Posts: 2369
Location: Leo

PostPosted: Fri Jan 18, 2013 5:41 pm    Post subject: Reply with quote

The only gold I have is in my teeth.
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isobars



Joined: 12 Dec 1999
Posts: 14157

PostPosted: Fri Jan 18, 2013 5:54 pm    Post subject: Reply with quote

capetonian wrote:
Those heavily invested in gold are praying they don't come to their senses...

If you're referring to the money-printers and unlimited spenders who are over-building this house of cards coming to their senses, the pro-gold forecasters say it's too late, that the world's stampede to precious metals and non-discretionary commodities (e.g., food) was set in stone decades ago when Reagan drove the debt to 13 figures. They support their case with thousands of pages of analysis crammed full of economic data and the strong concurrence and dollars of many of the world's richest investors and nations.

What evidence do the deniers offer?

If you're referring to the GOP caving to the money-printers and unlimited spenders, a) surely you can't think the latter can succeed in the long term and b) the GOP congressmen were elected not to cave; they know they will be voted out if they do. Most informed Republicans (and many Democrats including Bernanke) understand the solid, global, historical evidence that QE is short term levitation, not a foundation for sustained growth.

How can anyone believe it's sane to spend ever-increasing unlimited trillions borrowed from other nations? Do you run your household or business that way?
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isobars



Joined: 12 Dec 1999
Posts: 14157

PostPosted: Fri Jan 18, 2013 8:10 pm    Post subject: Reply with quote

The GAO released yesterday its 2013 Financial Report of the U.S. Government. Quote: "... absent policy changes, the federal government continues to face an unsustainable path." Thus if the feds don't reign in the rabid spending and fix health care, Medicare, and SS, the USD is doomed. (The CBO said about the same thing last year.)
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swchandler



Joined: 08 Nov 1993
Posts: 5815

PostPosted: Fri Jan 18, 2013 11:02 pm    Post subject: Reply with quote

"The GAO released yesterday its 2013 Financial Report of the U.S. Government. Quote: "... absent policy changes, the federal government continues to face an unsustainable path." Thus if the feds don't reign in the rabid spending and fix health care, Medicare, and SS, the USD is doomed. (The CBO said about the same thing last year.)"


The above position is predicted on a twisted negative view. The US Dollar isn't doomed, and making Social Security and Medicare sustainable in the future is based on relatively simple changes in the future. Simply raising or removing the income ceiling currently on wages would have a huge impact on ensuring the viability of Social Security in the future. Add to that, taxing capital gains to support both SS and Medicare would provide immense financial support. Moreover, targeting fraud waste and abuse in Medicare costs could realistically provide great strides in controlling costs.

However, if one was to see only the Republican view, none of the above can be considered. Why is that? Stupidity or a patent selfishness controls their vision. Regardless, Republicans aren't interested in ensuring the future viability of Social Security or Medicare. They don't think we can afford these programs and they would prefer to eliminate them as they exist today. That's the truth about their position.
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pueno



Joined: 03 Mar 2007
Posts: 2665

PostPosted: Sat Jan 19, 2013 7:58 am    Post subject: Reply with quote

Mikey wrote:
Thus if the feds don't reign in the rabid spending and fix health care, Medicare, and SS, the USD is doomed.

You didn't mention the rapid spending on government free cash disability handouts, Mikey.

Why not?
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slinky



Joined: 24 Aug 2007
Posts: 419
Location: Old Saybrook Ct.

PostPosted: Sat Jan 19, 2013 5:52 pm    Post subject: Reply with quote

With regards to the sustainability of social security, why do the very wealthy only have to pay taxes on the the first $100,000? Which is about $7.000. Why not tax them at the same rate as the rest of us? A ceo making $200,000,000 a year should pay at the same rate as the rest of us, which would amount to $ 14,000,000. The average joe pays into s.s at a rate 2,000 X greater than the wealthiest americans. You call this fair?
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