Would you raise the interest rate on your own mortgage or credit card?

[Derideo_Te]

Would you raise the interest rate on your own mortgage or credit card?

Sounds like a really stupid question because no one wants to pay more than they have to when it comes to borrowing money, right?

But if the Debt Ceiling is not raised the credit rating of the USA could be downgraded again and that will mean that the interest rate that We the People will have to pay will go up.

Since it is going to be us taxpayers who are paying that interest does it make any sense at all to increase the rate that we are going to have to pay?

 

[ba1614]

So the solution to your maxed out credit card is to raise the limit of debt you can accumulate?

There's no reason to default on anything

 

[bendog]

So the solution to your maxed out credit card is to raise the limit of debt you can accumulate?

There's no reason to default on anything

It's true. We can't afford a dime of new debt, regardless of how fast the economy grows.

"liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate... it will purge the rottenness out of the system."

 

[Vox]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

 

[deltex1]

I say yes...since I have no mortgage and ony use debit card..

 

[bendog]

I think the gop should cut vertically and not horizontally.

 

[Derideo_Te]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

The wealthiest nation on earth has maxed out it's credit limit?

Who says?

Other nations are still more than willing to lend the US money so obviously they haven't set any credit limit.

 

[ba1614]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.

 

[Derideo_Te]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.

Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?

 

[Vox]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

The wealthiest nation on earth has maxed out it's credit limit?

Who says?

Other nations are still more than willing to lend the US money so obviously they haven't set any credit limit.

we do

 

[Nyvin]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

Japan has a 211% Debt to GDP ratio, and they dont' even have a world reserve currency

 

[Derideo_Te]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

The wealthiest nation on earth has maxed out it's credit limit?

Who says?

Other nations are still more than willing to lend the US money so obviously they haven't set any credit limit.

we do

Define "we".

 

[Vox]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.

an individual - yes. a nation can get trapped by creditors and that is why it is never happening to the nation.

which does not mean we have to put the rope on our neck ourselves.
the debt has reached the 100% GDP.

Time to stop and start reducing.

 

[Vox]

The wealthiest nation on earth has maxed out it's credit limit?

Who says?

Other nations are still more than willing to lend the US money so obviously they haven't set any credit limit.

we do

Define "we".

the taxpayers, duh

 

[Vox]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

Japan has a 211% Debt to GDP ratio, and they dont' even have a world reserve currency

who cares?

people do stupid things - does not mean everybody has to do them

 

[itfitzme]

This "the government is like a household" is just stupid. The government isn't a household. Government debt doesn't work like household debt. Government income doesn't work like household income. Government expenditures don't work like household expenditures.

The only thing that interferes with the gov debt accumulation is at some point the revenues equal the interest. Then, there is no more increase except with increased revenues.

None of that means much of anything. It's just bookkeeping.

There are considerations with regard to the balances of the flow of funds in the economy. The household budget analogy doesn't yield any information with regard to this.

For the most part, it just doesn't matter because it is just a bunch of numbers in a computer or on pieces of paper. That is it.

What matters is the employment level and what products are being produced. The money just accounts for them...get it? Accounting..... the money is just accounting. In the total closed economy, it's just a bunch of numbers that tracks the stuff going from one place to another.

 

[itfitzme]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

Japan has a 211% Debt to GDP ratio, and they dont' even have a world reserve currency

who cares?

people do stupid things - does not mean everybody has to do them

The point it, it's meaningless.

 

[Jarhead]

if you maxed your card - you can not use it anymore.
the ceiling is achieved.

True, an individual in as much of a financial mess as America is would get laughed out of the bank if they asked for a limit increase.

Instead the Bank of China opens its' doors wide and asks its' best customer how much more credit do you want?

Would you consider one that is living well above ones means and continually saying to himself "I will just borrow another 1000 and then I will stop"....a schmuck?

I would.

And that's what we are.

A bunch of schmucks.

 

[Vox]

Japan has a 211% Debt to GDP ratio, and they dont' even have a world reserve currency

who cares?

people do stupid things - does not mean everybody has to do them

The point it, it's meaningless.

the point is -we should not raise it anymore.

 

[Jarhead]

who cares?

people do stupid things - does not mean everybody has to do them

The point it, it's meaningless.

the point is -we should not raise it anymore.

But if we don't raise it anymore, people won't be able to get their free stuff!

And then democrats will have no platform to run on!