House GOP 'Seriously Entertaining' Debt Default Idea

[Ausm]

 

[airdata]

Wait... wait..

Hold the damn phone. They're not going to mint the trillion dollar coins? DAMNIT!

 

[fskimospy]

Actually, I have a LOT in my 401(k) because unlike most libs I don't want to count on the government to provide for my retirement. My 401k plan is only one of my retirement vehicles. I know, it really bothers leftists when people dare think they can do something themselves rather than holding out their hand for a government handout......

Well I hope you aren't too fond of the money in it because your plan is a great way to flush it down the toilet.

 

[Ausm]

Actually, I have a LOT in my 401(k) because unlike most libs I don't want to count on the government to provide for my retirement. My 401k plan is only one of my retirement vehicles. I know, it really bothers leftists when people dare think they can do something themselves rather than holding out their hand for a government handout......

Can you explain to us how paying into both S.S. and Medicare during a lifetime of work is a handout?

 

[PokerGuy]

Well I hope you aren't too fond of the money in it because your plan is a great way to flush it down the toilet.

Baloney. You can easily get guaranteed return funds (even if they are low return). Diversity it across different markets, vehicles and such. Unless you're one of the doomsday prepper cooks or something that thinks the zombie apocalypse will befall us and everything you have invested will be worthless if we don't keep raising the debt limit, there are plenty of ways to protect yourself.

 

[PokerGuy]

Can you explain to us how paying into both S.S. and Medicare during a lifetime of work is a handout?

Why would you think I would explain a notion you made up? I never said any such thing. Reading fail.

 

[Ausm]

Why would you think I would explain a notion you made up? I never said any such thing. Reading fail.

What "Handouts" are you worried about then? I am sorry that I thought you were spouting the run of the mill Repub talking points.

 

[fskimospy]

Baloney. You can easily get guaranteed return funds (even if they are low return). Diversity it across different markets, vehicles and such. Unless you're one of the doomsday prepper cooks or something that thinks the zombie apocalypse will befall us and everything you have invested will be worthless if we don't keep raising the debt limit, there are plenty of ways to protect yourself.

Have you parked your money in guaranteed return funds? My guess is no. Furthermore the US hitting the debt ceiling in this way will likely have global financial consequences that aren't easily avoided.

Considering how poorly you have thought through your position on the debt ceiling lets just say I find it highly unlikely you have adequately prepared your retirement funds for its effects.

 

[michal1980]

Have you parked your money in guaranteed return funds? My guess is no. Furthermore the US hitting the debt ceiling in this way will likely have global financial consequences that aren't easily avoided.

Considering how poorly you have thought through your position on the debt ceiling lets just say I find it highly unlikely you have adequately prepared your retirement funds for its effects.

right because the USA wont pay its bills.

nothing but fear mongering. And the left hates bush for WMD's. Now they are finding them in the debt ceiling.

 

[chucky2]

Impossible. Everyone knows Obama ate his dog...

 

[PokerGuy]

Considering how poorly you have thought through your position on the debt ceiling lets just say I find it highly unlikely you have adequately prepared your retirement funds for its effects.

I'm glad I can help put your mind at ease, I'm quite well prepared with my finances. I'm ready for the debt limit zombie apocalypse

 

[Balt]

Actually, I have a LOT in my 401(k) because unlike most libs I don't want to count on the government to provide for my retirement. My 401k plan is only one of my retirement vehicles. I know, it really bothers leftists when people dare think they can do something themselves rather than holding out their hand for a government handout......

I'm curious as to what there is in your 401k plan that you think will still grant a reasonable return (ie exceed inflation and then some) after the stock markets take a dive. I'm unaware of anything that's currently low risk and medium to high reward with interest rates already being as low as they are.

 

[TerryMathews]

Can you explain to us how paying into both S.S. and Medicare during a lifetime of work is a handout?

And what about the people who never paid into it but still get the statutory minimum?

 

[fskimospy]

Looks like the Republicans finally caught enough flak from every corner that they saw the light

 

[TerryMathews]

Looks like the Republicans finally caught enough flak from every corner that they saw the light

http://www.nytimes.com/2013/01/19/u...s-to-lift-debt-ceiling-for-3-months.html?_r=0

Not saying I agree with this course of action, but this is your guy's time to prove that he's serious about negotiating. I'm curious to see how this plays out.

 

[fskimospy]

http://www.nytimes.com/2013/01/19/u...s-to-lift-debt-ceiling-for-3-months.html?_r=0

Not saying I agree with this course of action, but this is your guy's time to prove that he's serious about negotiating. I'm curious to see how this plays out.

Not with the debt ceiling. There still can never be any negotiations over that.

If Republicans would like to negotiate deficit reduction in other ways, as part of the appropriations process, etc, then yes, Obama should continue to engage on that. Although I hope the cuts or taxes will be heavily backloaded to preserve maximum short term deficit spending.

 

[chucky2]

Right, backloaded. And then when the cuts are coming up due to be enacted, they'll be delayed, cancelled, rescheduled, etc. etc. to just never happen. Meaning, no cuts will ever happen. That's exactly the problem, it's always spend spend spend, never, spend, cut, spend, cut. At least be honest (doesn't hurt to, Everyone understands this when 'spend now we'll cut later' is brought up)...

 

[TerryMathews]

Not with the debt ceiling. There still can never be any negotiations over that.

If Republicans would like to negotiate deficit reduction in other ways, as part of the appropriations process, etc, then yes, Obama should continue to engage on that. Although I hope the cuts or taxes will be heavily backloaded to preserve maximum short term deficit spending.

Well, the House laid out their terms. Within these three months, the Senate must pass a budget, not just an appropriations bill (as is their Constitutional obligation...), or we will be right back in this mess.

It's sad that the Obama budgets make the Bush budgets look balaced; they're pathetic compared to what Clinton and Newt were running.

 

[chucky2]

Honestly, I really doubt Clinton and Newt did anything special either. Take away the additional revenue from the .com bubble and it'd be interesting to see how much further in the red they'd have been...

 

[Balt]

Well, the House laid out their terms. Within these three months, the Senate must pass a budget, not just an appropriations bill (as is their Constitutional obligation...), or we will be right back in this mess.

It's sad that the Obama budgets make the Bush budgets look balaced; they're pathetic compared to what Clinton and Newt were running.

Hm. Not really. It might look that way if you ignore the distinction between mandatory and discretionary spending, also the fact that Bush left office as revenue was on the decline because of recession.

I can understand some of the criticisms of Obama, but when the same people praise Bush it makes me /facepalm.

 

[TerryMathews]

Hm. Not really. It might look that way if you ignore the distinction between mandatory and discretionary spending, also the fact that Bush left office as revenue was on the decline because of recession.

A) I took Wikipedia figures for both President's budgets. Bush's deficits were half-ish, year to year.

B) So? I'm not sure what your point is here? Revenue was on the decline. Why didn't anyone adapt to that reality?

 

[Balt]

A) I took Wikipedia figures for both President's budgets. Bush's deficits were half-ish, year to year.

B) So? I'm not sure what your point is here? Revenue was on the decline. Why didn't anyone adapt to that reality?

Because a recession increases the demand for government resources at the same time that tax receipts are on the decline?

I mean I suppose the government could just tell all of those people who lost their job because of the recession to "get bent" and let them starve or die from lack of medical care, but why even have a government at all if you're going to do that?

 

[LunarRay]

A) I took Wikipedia figures for both President's budgets. Bush's deficits were half-ish, year to year.

B) So? I'm not sure what your point is here? Revenue was on the decline. Why didn't anyone adapt to that reality?

Do you accept that if Revenue is on the decline and unemployment is the cause any attempt that seeks to reverse the decline in cause reverses the decline of Revenue? Well.. I guess that is obvious.

How about spending a few more trillion - put to debt - to get the nation's workers to work... does the debt matter if its going to go up in any case and at the end of the economic cycle the ratio of debt/GDP remains constant with historical norms. Which might increase debt the least, in other words.

The fixed component of our spending is fixed for a few reasons. The most important aspect, as I see it, is to insure Social needs.

We harp on passing debt on to our grand kids... I see passing on debt of a constant percentage of GDP is not a burden at all... We can harness spending in areas where it is prudent. Defense for instance... Taxing folks who have tons of money gives psychological feel good to taxing folks who have less... The amount of revenue we get from the bazillion-aires is a pittance... but it makes lots of folks feel good about now paying more for SS and Medicare... It works...

Aside from the aged and disabled I figure all folks should work and have work available to them... (Maybe moms are exempt...) that bit is the job of government... create the demand and then create the philosophy.

 

[micrometers]

result would be a downturn worse than the great depression.

 

[TerryMathews]

Because a recession increases the demand for government resources at the same time that tax receipts are on the decline?

I mean I suppose the government could just tell all of those people who lost their job because of the recession to "get bent" and let them starve or die from lack of medical care, but why even have a government at all if you're going to do that?

Or we could bring back the CCC. Just saying.