Republicans Threaten To Stifle Business

Discussion in 'Politics' started by Star, Nov 23, 2012.

  1. Star
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    Star Gold Member

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    Republicans Threaten To Stifle Business "...while corporate America wants to head off market turmoil and the economic uncertainty that debt-limit drama might bring, Republicans want to use the threat of a debt-limit standoff to extract the biggest spending cuts possible."


    Get Rid Of The Debt Ceiling - Business Insider

    Joe Weisenthal | Nov. 11, 2012


    <snip>

    ...there is one change that could be made without hurting anyone: Getting rid of the debt ceiling.

    The debt ceiling is a stupid, arbitrary rule that says Congress has to authorize going into more debt, beyond just the vote on the budget itself. It's the #1 source of vulnerability for the U.S. government. Because the U.S. can create its own money, there's zero chance of default, unless a committed opposition uses the debt ceiling as leverage to go too far. When S&P downgraded the U.S. credit rating after the last debt ceiling debacle (a downgrade, by the way, which had zero effect on anything) it identified that the biggest threat to the U.S. was politics, not actual debt loads. Eliminating the debt ceiling would defuse this one political vulnerability.

    <snip>


    This argument might still hold some water if not for the fact that the sequester (the future spending cuts agreed to in debt ceiling fight) is loathed by both parties. Everybody now hates what the Boehner Rule hath wrought.​

    In the best of times the Debt Ceiling is a pointless technical vote. In the worst of times, it's an opportunity for one side to hold the nation's economy hostage. At no time, is it a useful mechanism for constraining spending, or having a debate on anything.​

    With the government set to debate a whole range of fiscal issues in the coming weeks (or months) no move would be more conducive to stability than getting rid of the debt ceiling. And nobody would be hurt either, which can't be said for any other change in our fiscal system.​

     
  2. WillowTree
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    WillowTree Diamond Member

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    I'm sorry Star but judy can't fix stupid.
     
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  3. jwoodie
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    jwoodie Gold Member Supporting Member

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    To say that the Debt Ceiling has not had any constraint on spending is pure conjecture. Given the voters' entitlement mentality, who is to say that our Debt would not be twice what it is today without this "technical" vote? Implicit in this article is that the amount of our National Debt is meaningless. I believe Argentina has disproven that proposition.
     
  4. eflatminor
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    eflatminor Classical Liberal

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    Yea, because there are just too many obstacles in the way of federal spending...:doubt:
     
  5. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Bankster Takeover of America is complete!
     
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  6. Oddball
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    Oddball BANNED Supporting Member

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    Speak for yourself, comrade.
     
  7. jwoodie
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    jwoodie Gold Member Supporting Member

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    Do you find that a foreign concept?
     
  8. mudwhistle
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    mudwhistle Diamond Member

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    Obama has gone around the debt ceiling by instituting 3 separate QEs. He hits the debt-ceiling in no time yet delays actual cuts by printing more and more money and using it to pay down some of the debt.

    I think Congress needs to vote to make this practice illegal.
     
  9. Oddball
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    Oddball BANNED Supporting Member

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    That would require abolition of the Fed...Not gonna happen.
     
  10. Katzndogz
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    Katzndogz Diamond Member

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    We will reach the debt ceiling when China cuts us off. Just like you will increase your debt ceiling by getting more and more credit cards, until they cut you off. Greece reached it's debt ceiling when the EU said no.
     

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