Poll shows Americans oppose entitlement cuts to deal with debt problem

[waltky]

Granny says when Armageddon comes Jesus gonna put dem lefty lib'rals inna lake o' fire...

White House: Not upping debt limit 'Armageddon-like' for economy
04/11/11 - White House press secretary Jay Carney said Monday that Republicans should not "play chicken with the economy" and should vote to raise the debt ceiling quickly.

Carney warned that "the consequences of not raising the debt ceiling would be Armageddon-like in terms of the economy." Carney also said that President Obama's protest vote against raising the debt ceiling in 2006 while Obama was in the Senate was a "mistake" that Obama regrets.

While Republicans are warning that the $14.3 trillion debt ceiling will not be raised unless Obama agrees to trillions of dollars in spending cuts, Carney said that is "unnecessary" because Obama will underline his commitment to cutting spending and reducing the deficit with a speech on Wednesday. "We do not need to play chicken with the economy by linking the raising of the debt ceiling to anything," Carney said. "We should do that right away."

Treasury Secretary Tim Geithner told lawmakers last week that the government will reach its debt ceiling on May 16. He said the government could move funds that would avoid a default for some time, but that those tactics would be exhausted by July 8. Republicans on Monday reiterated their warnings to the administration that the House will not vote to raise the debt ceiling unless the administration agrees to cut spending.

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[Sheldon]

IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

Well if there ever were an argument for raising the ceiling that would be it.

I was reading an article yesterday or the day before about how the DoD budget is so insane and complex that the CBO can't even do a comprehensive audit.

 

[ClosedCaption]

I'm sure if you ended the subsidies for the oil companies, conagra, monsanto and the sugar brothers in Florida. You'd find that 1.2 trillion or close to it.

 

[auditor0007]

Why are we even discussing this? Honestly? The ceiling will be raised. I know it; you know it; everyone knows it. Let's talk about where we go from here.

 

[McDowell's]

IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

Well if there ever were an argument for raising the ceiling that would be it.

I was reading an article yesterday or the day before about how the DoD budget is so insane and complex that the CBO can't even do a comprehensive audit.

I don't know if that's a completely accurate statement. Are all of the federal governments expeditures entirely domestic? I know the DoD contracts extensively with foreign firms. Cutting those contracts would be GDP neutral. Some targeted reductions of Social Security payments wouldn't have a drastic affect on the overall economy. There are many people pulling a Social Security check who would not change their spending patterns one cent if they were not receiving a Social Security check. SS is not included in the calculation of GDP so making targeted cuts to SS payments would be a neutral place cut in reference to GDP.

 

[RetiredGySgt]

Here is the US budget for this year.

http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf

Total expected spending: $3.8 trillion.
Total expected tax revenue: $2.2 trillion.

Deficit: $1.6 trillion.

If the government cannot issue any more debt, and we're not going to raise taxes, then the deficit must be eliminated by drastic spending cuts.

Interest payments are expected to be $200 billion. Those must be met, unless we are planning to default. Thus, we can only spend $2 trillion. Here are the line items of the budget.

Social security, $800 billion.
Medicare and medicaid, $800 billion.
Defense, $800 billion
Interest, $200 billion. (Can't cut that though.)
Everything else, $1.2 trillion.

As you can see, social security, medicare and medicaid, and defense account for $2.4 trillion in spending. That means if we eliminate "everything else," and I mean everything, we have to cut $400 billion from those three. What do you cut? Social security? Medicare and medicaid? Defense?

And remember, we don't have any government employees any more, because we fired them all, since they were part of "everything else," so no one will actually be collecting and disbursing any revenues from the government any more.



BTW, if we go cold turkey and are forced to match expenditures with revenues, i.e. not raise the debt ceiling, the government will stop spending $1.6 trillion a year, or about $130 billion a month, which accounts for 11.3% of GDP. IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

Social Security is taxed for cant touch that. Get rid of Medicare/Medicaid. IF that is done raise taxes a little and cut else where.

I am OPPOSED to raising taxes UNTIL I have evidence the Democrats won't just spend more.

 

[Quantum Windbag]

Here is the US budget for this year.

http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf

Total expected spending: $3.8 trillion.
Total expected tax revenue: $2.2 trillion.

Deficit: $1.6 trillion.

If the government cannot issue any more debt, and we're not going to raise taxes, then the deficit must be eliminated by drastic spending cuts.

Interest payments are expected to be $200 billion. Those must be met, unless we are planning to default. Thus, we can only spend $2 trillion. Here are the line items of the budget.

Social security, $800 billion.
Medicare and medicaid, $800 billion.
Defense, $800 billion
Interest, $200 billion. (Can't cut that though.)
Everything else, $1.2 trillion.

As you can see, social security, medicare and medicaid, and defense account for $2.4 trillion in spending. That means if we eliminate "everything else," and I mean everything, we have to cut $400 billion from those three. What do you cut? Social security? Medicare and medicaid? Defense?

And remember, we don't have any government employees any more, because we fired them all, since they were part of "everything else," so no one will actually be collecting and disbursing any revenues from the government any more.



BTW, if we go cold turkey and are forced to match expenditures with revenues, i.e. not raise the debt ceiling, the government will stop spending $1.6 trillion a year, or about $130 billion a month, which accounts for 11.3% of GDP. IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

First, we have time to talk about this. Not a lot, but we have been up against raising the debt ceiling before, and delayed the vote past the point where all hell was supposed to break loose. The Treasury has some leeway in there somewhere that allows them to spend past the limit. I don't remember how it works, and don't really feel like looking for the answer right now. They can also authorize a small increase in order to negotiate a bigger one later, if needed. Not raising the debt ceiling would not shut down the government, nor would it force us to default on our current debt.

 

[editec]

Social security ought not to be included in the budget

Social Security is solvent.

OUR Government owes THE SOCIAL SECURITY SYSTEM money.

If the government reneges on those bonds, then it must also renege on all other bonds.

So if you want to cut something?

Social security isn't the place to do it.

There's plenty to cut but paying BACK what the government currently owes isn't an option.

 

[KissMy]

Don't cut spending or raise taxes, Just keep printing. I have a lot of commodities, Oil, Gold, Silver & Farm Land. I would like to be a Multi-Millionaire soon.

 

[Mad Scientist]

BTW, if we go cold turkey and are forced to match expenditures with revenues, i.e. not raise the debt ceiling, the government will stop spending $1.6 trillion a year, or about $130 billion a month, which accounts for 11.3% of GDP. IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

I'll bet heroin withdrawal is terrible as well but once you make it through, you're no longer an addict.

 

[Sheldon]

IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

Well if there ever were an argument for raising the ceiling that would be it.

I was reading an article yesterday or the day before about how the DoD budget is so insane and complex that the CBO can't even do a comprehensive audit.

I don't know if that's a completely accurate statement. Are all of the federal governments expeditures entirely domestic? I know the DoD contracts extensively with foreign firms. Cutting those contracts would be GDP neutral. Some targeted reductions of Social Security payments wouldn't have a drastic affect on the overall economy. There are many people pulling a Social Security check who would not change their spending patterns one cent if they were not receiving a Social Security check. SS is not included in the calculation of GDP so making targeted cuts to SS payments would be a neutral place cut in reference to GDP.

Means testing for SS will probably be one of the targeted reductions, which I agree would probably not have a negative impact on GDP. No idea how many DoD contracts go to foreign firms. My guess is they favor domestic corps where possible, but maybe not.

I think this OP lays out good reasons for a scaled draw-down during a stabler economic period, instead of a guillotine right now.

 

[M14 Shooter]

I'm sure if you ended the subsidies for the oil companies, conagra, monsanto and the sugar brothers in Florida. You'd find that 1.2 trillion or close to it.

I'm sure you're full of horsepucky.
Disagree?
Show the numbers for these subsidies.

 

[M14 Shooter]

Here is the US budget for this year.

http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf

Total expected spending: $3.8 trillion.
Total expected tax revenue: $2.2 trillion.

Deficit: $1.6 trillion.

Social security, $800 billion.
Cut to $0
Medicare and medicaid, $800 billion.
Cot to $0
Defense, $800 billion
Interest, $200 billion. (Can't cut that though.)
Everything else, $1.2 trillion.

Budget balanced.

 

[ClosedCaption]

I'm sure if you ended the subsidies for the oil companies, conagra, monsanto and the sugar brothers in Florida. You'd find that 1.2 trillion or close to it.

I'm sure you're full of horsepucky.
Disagree?
Show the numbers for these subsidies.

No cause you will just bitch about the numbers, the source, or the date it was posted. Dont have time to attept educating someone who will fight every piece of evidence presented.

 

[Toro]

I won't bitch about any of that and I would love to see it. Can you link it? I honestly don't believe it but you can change my mind.

 

[Ravi]

Search tags for this page raising debt ceiling and illuminati

 

[ClosedCaption]

I won't bitch about any of that and I would love to see it. Can you link it? I honestly don't believe it but you can change my mind.

The Archer Daniels Midland Corporation (ADM) has been the most prominent recipient of corporate welfare in recent U.S. history. ADM and its chairman Dwayne Andreas have lavishly fertilized both political parties with millions of dollars in handouts and in return have reaped billion-dollar windfalls from taxpayers and consumers. Thanks to federal protection of the domestic sugar industry, ethanol subsidies, subsidized grain exports, and various other programs, ADM has cost the American economy billions of dollars since 1980 and has indirectly cost Americans tens of billions of dollars in higher prices and higher taxes over that same period. At least 43 percent of ADM's annual profits are from products heavily subsidized or protected by the American government. Moreover, every $1 of profits earned by ADM's corn sweetener operation costs consumers $10, and every $1 of profits earned by its ethanol operation costs taxpayers $30

Archer Daniels Midland: A Case Study In Corporate Welfare

Theres one

 

[The Rabbi]

Here is the US budget for this year.

http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf

Total expected spending: $3.8 trillion.
Total expected tax revenue: $2.2 trillion.

Deficit: $1.6 trillion.

If the government cannot issue any more debt, and we're not going to raise taxes, then the deficit must be eliminated by drastic spending cuts.

Interest payments are expected to be $200 billion. Those must be met, unless we are planning to default. Thus, we can only spend $2 trillion. Here are the line items of the budget.

Social security, $800 billion.
Medicare and medicaid, $800 billion.
Defense, $800 billion
Interest, $200 billion. (Can't cut that though.)
Everything else, $1.2 trillion.

As you can see, social security, medicare and medicaid, and defense account for $2.4 trillion in spending. That means if we eliminate "everything else," and I mean everything, we have to cut $400 billion from those three. What do you cut? Social security? Medicare and medicaid? Defense?

And remember, we don't have any government employees any more, because we fired them all, since they were part of "everything else," so no one will actually be collecting and disbursing any revenues from the government any more.



BTW, if we go cold turkey and are forced to match expenditures with revenues, i.e. not raise the debt ceiling, the government will stop spending $1.6 trillion a year, or about $130 billion a month, which accounts for 11.3% of GDP. IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.

Downsizing the Federal Government

 

[william the wie]

I am heavily invested in the fall of the dollar so let the debt ceiling rise to the sky. This will make social security payments worthless, food stamps even more inadequate than they are now and worsen the state of the average American. If that does not please you end the wars and bring the troops home. Foreign aid is practically nothing but foreign garrisons with multipliers cost a couple of Trillion in GDP growth each and every year. Take $200B spend it for European garrisons this subtracts a trillion from US GDP growth and transmits it to the EU. Add in Far East and ME garrisons and you get a huge total.

 

[RetiredGySgt]

I won't bitch about any of that and I would love to see it. Can you link it? I honestly don't believe it but you can change my mind.

The Archer Daniels Midland Corporation (ADM) has been the most prominent recipient of corporate welfare in recent U.S. history. ADM and its chairman Dwayne Andreas have lavishly fertilized both political parties with millions of dollars in handouts and in return have reaped billion-dollar windfalls from taxpayers and consumers. Thanks to federal protection of the domestic sugar industry, ethanol subsidies, subsidized grain exports, and various other programs, ADM has cost the American economy billions of dollars since 1980 and has indirectly cost Americans tens of billions of dollars in higher prices and higher taxes over that same period. At least 43 percent of ADM's annual profits are from products heavily subsidized or protected by the American government. Moreover, every $1 of profits earned by ADM's corn sweetener operation costs consumers $10, and every $1 of profits earned by its ethanol operation costs taxpayers $30

Archer Daniels Midland: A Case Study In Corporate Welfare

Theres one

You are aware of course that Obama is heavily influenced by ethanol subsidies? He supports them and works to make them better. He did as a State Senator, a Federal Senator and no reason to believe he has changed as President.