Does the US Have a Fiscal Crisis?

Discussion in 'Politics' started by georgephillip, Feb 25, 2011.

  1. georgephillip
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    georgephillip Gold Member Supporting Member

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    Or are we living and reliving "a boom-bust-bailout fiscal damage scenario that the Bank of England refers to routinely as the 'doom loop.'"

    Simon Johnson @The Baseline Scenario:

    "The United States faces some serious medium-term fiscal issues, but by any standard measure it does not face an immediate fiscal crisis.

    "Overindebted countries typically have a hard time financing themselves when the world becomes riskier – yet turmoil in the Middle East is pushing down the interest rates on US government debt.

    "We are still seen as a safe haven...

    "Our main fiscal issues are three (see my testimony to the Senate Budget Committee earlier this month).

    "The most immediate problem is that our largest banks and closely related parts of the financial system blew themselves up in 2007-08.

    "The ensuring recession and associated loss of tax revenue will end up pushing up our government debt, as a percent of GDP, by around 40 percent..."

    So... do we tax the bankers that caused the Great Recession or continue to borrow from them?

    And destroy public unions as a corporate distraction.
     
  2. washamericom
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    washamericom Gold Member

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    for awhile we had a dimocrat crisis. could not tell the difference between real life and monopoly money. now we have paul ryan, thank god
     
  3. georgephillip
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    georgephillip Gold Member Supporting Member

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    What percentage or Ryan's campaign contributions come from the richest 1% of Americans?

    "Choosing" between Dims and Thugs changes nothing fundamentally.
     
  4. liebuster
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    liebuster VIP Member

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    Nope. No fiscal crisis here. Just keep on spending like you have unlimited money.
     
  5. washamericom
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    washamericom Gold Member

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    inflation, we''ll see how sanctimonious you prodigals are when milk and gas are 7 $/gallon... we'll be sure to thank you then for your great work
     
    Last edited: Feb 25, 2011
  6. georgephillip
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    georgephillip Gold Member Supporting Member

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    "You can’t fight something with nothing.

    "But as long as Democrats refuse to talk about the almost unprecedented buildup of income, wealth, and power at the top – and the refusal of the super-rich to pay their fair share of the nation’s bills – Republicans will convince people it’s all about government and unions."

    No one is saying there is no fiscal crisis.
    Virtually every Republican and many Democrats want you to believe bloated government spending and unions are responsible for that crisis.

    Do you believe that government spending is responsible for our current levels of unemployment or declining wages or falling home prices?

    "The truth is that while the proximate cause of America’s economic plunge was Wall Street’s excesses leading up to the crash of 2008, its underlying cause — and the reason the economy continues to be lousy for most Americans — is so much income and wealth have been going to the very top that the vast majority no longer has the purchasing power to lift the economy out of its doldrums.

    "American’s aren’t buying cars (they bought 17 million new cars in 2005, just 12 million last year).

    "They’re not buying homes (7.5 million in 2005, 4.6 million last year). They’re not going to the malls (high-end retailers are booming but Wal-Mart’s sales are down)."

    The rich are the problem.
    Should we continue to borrow from them?
    Or tax them?

    The Republican Shakedown
     
  7. Avorysuds
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    Avorysuds Gold Member

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    Paul Ryan would sell you out in a second buddy.
     
  8. georgephillip
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    georgephillip Gold Member Supporting Member

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    Shouldn't your thanks go to the Federal Reserve?

    How many more of us are expected to lose our jobs to insure low rates of inflation for America's creditor class?

    If the Fed succeeds in turning every $10 bill in the land into a $5, will you blame Wall Street or Wisconsin?
     
  9. georgephillip
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    georgephillip Gold Member Supporting Member

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    Republicans AND Democrats serve the same Master

    "The one thing we know from Paul Ryan's 'Roadmap for America' -- his claim to fiscal fame -- is that Ryan is fundamentally unserious about the debt.

    "Though few have bothered to look at his plan's details, the CBO analysis Ryan requested shows that the Roadmap does not balance the budget for more than fifty years and incurs, by my small-c conservative estimate, at least $62 trillion in debt between now and then. (I've explained the details elsewhere.)..."

    PostPartisan
     
  10. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Do pigs like mud?
     

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