‘Incalculable Damage’ If Debt Ceiling Not Raised

[sparky]

I'm often left with the impression that no POTUS, no Congress, can rien in this economic juggernaut

 

[editec]

Well...I suppose they can just cutting checks and stop bothering to keep the books.

If they do the USD won't be worth a Continental

 

[Jessica Blume]

Fine let's start by shutting down government programs like TSA and FDA and CIA and IRS for starters.

 

[007]

There is literally hundreds upon thousands of government agencies. Start going through them one by one and eliminating anything that isn't absolutely essential... and do it NOW.

 

[sparky]

well , isn't that the plan? Starve the Beast?

i mean, what does a few trillion really matter?

 

[editec]

the is no better way to devalue one's worth than debt, be it on an individual, or national level.....

It depends on for what purpose the debt is being assumed.

Essantially debt can be assumed for three general purposes

1. To make a wise investment that will pay off in the future

2. To preserve real assets from harm

3. To spend foolishly on things that have no postive long term effect.

It appears to me that we are considering raising our debt ceiling to insure that our economic house doesn't completely burn down when the US starts reneging on its current obligations.

Of course we ALSO know that much of the reason for us having to raise the debt ceiling is because we are spending money foolishly, too.

We all understand that the government has been (and plans to continue, too) spending more than it takes in.

I think we all also understand that ultimately that is not sustainable economic policy.

I think we also understand that there are two methods to change that vicious dynamic: we can either find economies to cut back on foolish spending, and/or we can raise taxes.

Neither policy is politically palatable.

But I think we all see where this is going to go.

The first DEBT holders we are going to screw are those who have been PRE-paying for their Social Security policies (US workers).

We WILL do THAT by cutting back on the benefits that those workers came to expect when they PREPAID for that insurance policy.

To some extent we have already been doing that by lieing about the real inflation that Americans have been experiencing.

In effect by lying about the real inflation, we have been cheating on the COLA raises that social security benficiaries should have recieved.

 

[sparky]

aptly put Editec

i just have a problem with people who's focus are Americans that have had nothing to do with our national debt levels, while ignoring the detals and machinations the perps that do....

 

[editec]

aptly put Editec

i just have a problem with people who's focus are Americans that have had nothing to do with our national debt levels, while ignoring the detals and machinations the perps that do....

Why its almost as though you don't believe that WELFARE MOTHERS weren't in charge of society, Spark.

Lad, you must be drinking that liberal Kool Aide.

 

[sparky]

uuuuurppp.....

 

[007]

aptly put Editec

i just have a problem with people who's focus are Americans that have had nothing to do with our national debt levels, while ignoring the detals and machinations the perps that do....

545 People.

 

[Jessica Blume]

the is no better way to devalue one's worth than debt, be it on an individual, or national level.....

It depends on for what purpose the debt is being assumed.

Essantially debt can be assumed for three general purposes

1. To make a wise investment that will pay off in the future

2. To preserve real assets from harm

3. To spend foolishly on things that have no postive long term effect.

It appears to me that we are considering raising our debt ceiling to insure that our economic house doesn't completely burn down when the US starts reneging on its current obligations.

Of course we ALSO know that much of the reason for us having to raise the debt ceiling is because we are spending money foolishly, too.

We all understand that the government has been (and plans to continue, too) spending more than it takes in.

I think we all also understand that ultimately that is not sustainable economic policy.

I think we also understand that there are two methods to change that vicious dynamic: we can either find economies to cut back on foolish spending, and/or we can raise taxes.

Neither policy is politically palatable.

But I think we all see where this is going to go.

The first DEBT holders we are going to screw are those who have been PRE-paying for their Social Security policies (US workers).

We WILL do THAT by cutting back on the benefits that those workers came to expect when they PREPAID for that insurance policy.

To some extent we have already been doing that by lieing about the real inflation that Americans have been experiencing.

In effect by lying about the real inflation, we have been cheating on the COLA raises that social security benficiaries should have recieved.

You realize as long as we borrow from the federal reserve, we can NEVER have prosperity, or a balanced budget, nor will it lead to a wise investment that will pay off in the future?

 

[Publius1787]

The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar in exchange markets. The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion

Enjoy! Two can play at this game!

[ame=http://www.youtube.com/watch?v=KlwHCEuga1w&feature=related]YouTube - ‪Obama Not To Raise Debt Ceiling?.mp4‬‏[/ame]