Will DC wreck the economy again?

Discussion in 'Politics' started by Truthmatters, Nov 17, 2011.

  1. Truthmatters
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    Will DC wreck the economy again? - 1 - Investing & politics - MSN Money


    Europe had hammered out an against-the-odds agreement to save Greece and bolster its bailout fund. The U.S. economy was revving up again with a solid third-quarter report on the gross domestic product. And central banks around the world were opening the floodgates, washing the financial markets in more cheap cash.

    Then it all went wrong. It went wrong because of politicians. It went wrong because of democracy. And it's about to go wrong again if the bipartisan "supercommittee" in Congress fails to agree on at least $1.2 trillion in budget savings over the next 10 years through tax hikes and cuts to popular programs like Medicare and defense spending.





    The committee's deadline is Nov. 23 -- a week from now. And hopes are not running high.

    It's worth remembering that the economy looked ready to rev up in late June and early July, before the debt and deficit mess in Washington in August. And it looks like the politicians are ready to derail the nascent recovery. Again.
     
    Last edited: Nov 17, 2011
  2. Truthmatters
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    If the right screws this pooch again it wont bode well for them.


    The vast majority of Americans want taxes raised on the wealthy.

    The vast majority of voters were pissed as hell at the budget ceiling stunt the right pulled.

    You guys do this shit again with the super committee and you will pay one big price for it
     
  3. Truthmatters
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    Back in the USA
    Similar dynamics are playing out here at home as Democrats and Republicans knock skulls over taxes, spending and the deficit. Their constituents scream for jobs, while groups like Occupy Wall Street, Grover Norquist's Americans for Tax Reform and the Tea Party press hard for competing demands.

    The unwillingness to make politically risky choices is why, back in August, when the deal to raise the debt ceiling fell short of what was needed to stabilize the fiscal outlook, Standard & Poor's cut America's AAA credit rating. The market hasn't recovered from that downgrade.



    Congress committed to budget savings of less than $1 trillion over 10 years, with an additional $1.2 trillion hopefully coming from the select supercommittee. S&P was looking for something closer to $4 trillion in savings to keep the U.S. rated AAA. The analysts added that the government was losing its ability to manage public finances, due to "America's governance and policymaking becoming less stable, less effective and less predictable." This interparty bickering, which took the country to the verge of a government shutdown and default on its debt, "weakens the government's ability to manage public finances," they suggested.

    America faces stark choices, tight deadlines and scary consequences for inaction, too. Yet politicians continue to dance around the inevitable, unable to compromise and unwilling to do the honorable thing: sacrifice their political careers to do what's right for the country.
     
  4. blastoff
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    blastoff Undocumented Reg. User

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    You're way overdue for another post in your thread.
     
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  5. Truthmatters
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    so you think the subject of the super committee is unimportant ?


    The reason people are not answering is because to this money guy clearly stating the right screwed the economy in the debt ceiling fiasco.

    They are set to do it again with the super committee.


    They refuse to place country over party and re election
     
  6. FuelRod
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    FuelRod Gold Member

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    I think Mathematicians would be fascinated with your definition of a vast majority.
     
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  7. Truthmatters
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    what are the polls running at?

    How many want taxes raise in the wealthy?
     
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    You guys are going to follow Grover Norquest into a hole
     
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