The Tea Party Says Nothing Will Happen If We Default

[Derideo_Te]

No, because the economic realities of how much tax revenue the federal government collects ensure there will be no default.

Are you really this stupid or are you just being obtuse?

The economic realities of that revenue also ensure that if interest payments are made in full,

40% of everything else cannot be paid. Do you really think that's a scenario that the country can just stroll through, unaffected?

If government spending was cut by 40 percent it would be great for the country. Cutting it by 80 percent would be even better.

So you are all in favor of slashing military funding by 80%?

 

[kiwiman127]

I didn't realize we had so many right wing world class economist who post on these boards.
Do a Google search and see what real economists have to say. Of course the far right will call them libtards because a huge majority of the world's economist disagree with their talking points.
Are these people real?

 

[JoeNormal]

I didn't realize we had so many right wing world class economist who post on these boards.
Do a Google search and see what real economists have to say. Of course the far right will call them libtards because a huge majority of the world's economist disagree with their talking points.
Are these people real?

I think a lot of Tea Partiers feel they owe the movement their undying loyalty and gratitude because it's the only group that's ever made them feel like they were anything but low grade morons.

 

[eflatminor]

Because the Tea Party says so?

No, because the economic realities of how much tax revenue the federal government collects ensure there will be no default.

Are you really this stupid or are you just being obtuse?

The economic realities of that revenue also ensure that if interest payments are made in full,

40% of everything else cannot be paid. Do you really think that's a scenario that the country can just stroll through, unaffected?

40% of everything else...yet we lived just fine back in 2008 on the current level of federal tax revenues.

Point is, I don't give a shit about the 40% of everything else. Those are expenses we should not have incurred in the first place. There is NO REASON we can't live on the current level of tax revenues (thereby incurring no deficit or further debt), just as we did in 2008.

Unaffected? Fuck no. I want to affect this out of control spending.

Again, I understand that fucks with your collectivist mind.

 

[eflatminor]

The Tea Party Says Nothing Will Happen If We Default

I noticed you didn't provide a link or any proof whatsoever for this claim.

You're full of shit, I understand.

Not raising the debt limit is NOT the same thing as "default". Nobody's saying it's okay to default...so stop making shit up.

Meanwhile, you continue to argue that we should borrow more money on top of the trillions in debt we already have in order to employ non essential workers...

Splitting hairs means that you are avoiding the issue that the GOP is going to be 100% responsible when the US defaults on debt obligations because the debt ceiling was not increased.

You can keep lying as much as you like. It does not change reality. Not raising the debt ceiling does not equal default. Far from it. We have plenty of tax revenue to pay the interest on the debt. PLENTY.

Your lies only make you look foolish...or maybe you're just ignorant. Either way, it's pathetic.

 

[eflatminor]

Because the Tea Party says so?

No, because the economic realities of how much tax revenue the federal government collects ensure there will be no default.

Are you really this stupid or are you just being obtuse?

The only obtuseness being demonstrated here is by those Tea Party members who believe that you can still pay 100% of the debt obligations with only 60% of the income!

My God, you really are ignorant. Here, let me spell it out for you: Interest payments on the debt is covered by a factor of 10 times tax revenues.

That's right, we bring in about TEN TIMES the revenue that it takes the cover the debt.

The Federal Government Can?t, and Won?t, Default on Its Debt Obligations | Power Line

 

[007]

I heard that 4% of our gdp will be destroyed with defaulting. At least.

It could effect the world economy and throw the world back into recession and effect the recovery made by some nations such as the UK.

"Nations," plural, in UK have had recoveries? How about a link to that?

 

[NYcarbineer]

No, because the economic realities of how much tax revenue the federal government collects ensure there will be no default.

Are you really this stupid or are you just being obtuse?

The economic realities of that revenue also ensure that if interest payments are made in full,

40% of everything else cannot be paid. Do you really think that's a scenario that the country can just stroll through, unaffected?

40% of everything else...yet we lived just fine back in 2008 on the current level of federal tax revenues.

Point is, I don't give a shit about the 40% of everything else. Those are expenses we should not have incurred in the first place. There is NO REASON we can't live on the current level of tax revenues (thereby incurring no deficit or further debt), just as we did in 2008.

Unaffected? Fuck no. I want to affect this out of control spending.

Again, I understand that fucks with your collectivist mind.

The deficit was over 450 billion in 2008.

You just agreed with the poster who said he wanted the federal government cut by 80%; your credibility is zero. You're a nut. Go post on the nut boards.

 

[eflatminor]

The economic realities of that revenue also ensure that if interest payments are made in full,

40% of everything else cannot be paid. Do you really think that's a scenario that the country can just stroll through, unaffected?

40% of everything else...yet we lived just fine back in 2008 on the current level of federal tax revenues.

Point is, I don't give a shit about the 40% of everything else. Those are expenses we should not have incurred in the first place. There is NO REASON we can't live on the current level of tax revenues (thereby incurring no deficit or further debt), just as we did in 2008.

Unaffected? Fuck no. I want to affect this out of control spending.

Again, I understand that fucks with your collectivist mind.

The deficit was over 450 billion in 2008.

Yes it was dumbshit...and guess what? TODAY'S tax revenues would cover ALL the spending, including deficit spending, we incurred in 2008.

Walked right into that one...

 

[Connery]

Moved to proper forum

 

[Derideo_Te]

I noticed you didn't provide a link or any proof whatsoever for this claim.

You're full of shit, I understand.

Not raising the debt limit is NOT the same thing as "default". Nobody's saying it's okay to default...so stop making shit up.

Meanwhile, you continue to argue that we should borrow more money on top of the trillions in debt we already have in order to employ non essential workers...

Splitting hairs means that you are avoiding the issue that the GOP is going to be 100% responsible when the US defaults on debt obligations because the debt ceiling was not increased.

You can keep lying as much as you like. It does not change reality. Not raising the debt ceiling does not equal default. Far from it. We have plenty of tax revenue to pay the interest on the debt. PLENTY.

Your lies only make you look foolish...or maybe you're just ignorant. Either way, it's pathetic.

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

The only person who looks foolish is the one who believes that the government doesn't have a legal obligation to pay the bills that it has already incurred.

 

[eflatminor]

Splitting hairs means that you are avoiding the issue that the GOP is going to be 100% responsible when the US defaults on debt obligations because the debt ceiling was not increased.

You can keep lying as much as you like. It does not change reality. Not raising the debt ceiling does not equal default. Far from it. We have plenty of tax revenue to pay the interest on the debt. PLENTY.

Your lies only make you look foolish...or maybe you're just ignorant. Either way, it's pathetic.

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

 

[Derideo_Te]

You can keep lying as much as you like. It does not change reality. Not raising the debt ceiling does not equal default. Far from it. We have plenty of tax revenue to pay the interest on the debt. PLENTY.

Your lies only make you look foolish...or maybe you're just ignorant. Either way, it's pathetic.

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

Your ignorance of the law is readily apparent since you just conflated at will employment with legal contract obligations. Furthermore it is not my "fucked up definition" but the legal definition of the term default that you don't comprehend.

default legal definition of default. default synonyms by the Free Online Law Dictionary.

default 1) n. failure to respond to a summons and complaint served on a party in the time required by law. If a legal answer or other response is not filed, the suing party (plaintiff) can request a default be entered in the record, which terminates the rights of the defaulting party to defend the case. 2) the failure to make a payment when due, which can lead to a notice of default and the start of foreclosure proceedings if the debt is secured by a mortgage or deed of trust. 2) v. to fail to file an answer or other response to a summons and complaint, or fail to make a payment when due.

That you feel the need to resort to foul language indicates that you are in a state of denial.

 

[NYcarbineer]

40% of everything else...yet we lived just fine back in 2008 on the current level of federal tax revenues.

Point is, I don't give a shit about the 40% of everything else. Those are expenses we should not have incurred in the first place. There is NO REASON we can't live on the current level of tax revenues (thereby incurring no deficit or further debt), just as we did in 2008.

Unaffected? Fuck no. I want to affect this out of control spending.

Again, I understand that fucks with your collectivist mind.

The deficit was over 450 billion in 2008.

Yes it was dumbshit...and guess what? TODAY'S tax revenues would cover ALL the spending, including deficit spending, we incurred in 2008.

Walked right into that one...

Whose numbers are you using?

 

[NYcarbineer]

You can keep lying as much as you like. It does not change reality. Not raising the debt ceiling does not equal default. Far from it. We have plenty of tax revenue to pay the interest on the debt. PLENTY.

Your lies only make you look foolish...or maybe you're just ignorant. Either way, it's pathetic.

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

Default by definition entails more than just not paying the interest on a loan.

 

[eflatminor]

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

Your ignorance of the law is readily apparent since you just conflated at will employment with legal contract obligations. Furthermore it is not my "fucked up definition" but the legal definition of the term default that you don't comprehend.

default legal definition of default. default synonyms by the Free Online Law Dictionary.

default 1) n. failure to respond to a summons and complaint served on a party in the time required by law. If a legal answer or other response is not filed, the suing party (plaintiff) can request a default be entered in the record, which terminates the rights of the defaulting party to defend the case. 2) the failure to make a payment when due, which can lead to a notice of default and the start of foreclosure proceedings if the debt is secured by a mortgage or deed of trust. 2) v. to fail to file an answer or other response to a summons and complaint, or fail to make a payment when due.

That you feel the need to resort to foul language indicates that you are in a state of denial.

Bullshit again. Congress failing to pay for expenses incurred by laws pass by Congress does not mean the government is in default. Default is failure to pay back a LOAN.

Hell, even Wiki understands this:

National default refers to the idea of an entire government unwilling or unable to pay a required national debt.

Default (finance) - Wikipedia, the free encyclopedia

Not paying for some damn federal organization that probably has no right to exist under the Constitution in the first place is NOT default.

Last time we failed to pay interest on the debt was under Carter in 1979...and yet we managed to survive. Today, we have PLENTY of money to cover the debt payments which means WE WILL NOT DEFAULT.

I understand that as a collectivist you'd like to see as much damage as possible in the face of any attempts to reign in the growth of government, but you don't get to change the meaning of a government default.

 

[eflatminor]

The deficit was over 450 billion in 2008.

Yes it was dumbshit...and guess what? TODAY'S tax revenues would cover ALL the spending, including deficit spending, we incurred in 2008.

Walked right into that one...

Whose numbers are you using?

The government statistics on federal spending and tax revenue.

 

[eflatminor]

The interest on the debt is only one of millions of bills that the government has a legal obligation to pay. Look up the definition of default. It means failure to meet a financial obligation. By failing to pay 40% of it's legal obligations the government will be in default.

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

Default by definition entails more than just not paying the interest on a loan.

No, it does not. Even if you REALLY wish it did.

 

[NYcarbineer]

Yes it was dumbshit...and guess what? TODAY'S tax revenues would cover ALL the spending, including deficit spending, we incurred in 2008.

Walked right into that one...

Whose numbers are you using?

The government statistics on federal spending and tax revenue.

And you won't actually produce them because...

...you're lying? or you're trolling? Or both?

 

[NYcarbineer]

Bullshit. The ONLY way to officially default is to fail to pay the interest on the debt.

You're making shit up.

We're not paying all those "non essential" federal workers right now. So by your fucked up definition, we're currently in default.

God you're dumb.

Default by definition entails more than just not paying the interest on a loan.

No, it does not. Even if you REALLY wish it did.

So I can't default on a mortgage as long as I just send in the interest portion of my monthly payment?

Are you sure about that? Can you link to proof of that?