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Raising the Debt Ceiling is NOT needed.

GeezerMan

GeezerMan

Platinum Member
http://market-ticker.org/akcs-www?post=190590

Link to Market Ticker article on the debt ceiling. I think he is right. We have enough money to pay what we have to. Is the real reason they want to raise the debt ceiling is that a large chunk of GDP is dependent on govt spending?
It's the same reason they extended unemploymet benefits and why we have so many on food stamps. It hides the real state of the economy.


"Look folks, there is absolutely zero risk of default based upon payment flows without a deal. None. Nada. Zip"

"We will not default in August, unless Treasury intentionally spends the money that they are legally required to pay in interest on the equivalent of "hookers and blow" instead."

"Our GDP is being overstated by more than 10%, and has been for the last three years running. If we balance the budget we'll be forced to recognize what condition our economy is truthfully in and has been since 2008 - a Depression."
 
Obama will not make the decisions as to what gets paid and what does not. If we know one thing about this Fool, Bobo, the Post Turtle, he does not like to make decisions.

This ought to be fun to watch.
 
That's the same thing I've been saying for years. Government spending of borrowed money is preventing reality from setting in. The problem with reality is that it is reality, and a turd is a turd. How deep a hole of debt we dig before owning up to our reckless past will determine the depths we fall after our debts are called in.
 
This isn't a serious post, is it?

My favorite lunatic quotes:
If you think we can't find 50% savings in Medicare and Medicaid, I assure you that we can.
Click to expand...

Health care in America? Solved!

federal salaries and benefits? Cut 'em in half. Anyone who doesn't like the deal can quit.
Click to expand...

Regulatory framework? Solved!

Justice? Legalize pot tomorrow. There's more than enough tax revenue from that to cover the expense, not to mention the decrease in the cost of jails with all the people we'll release the next morning. Resolved.
Click to expand...

Crime? Solved!

The internet is truly an amazing place. This idiot's editorials are a gold mine of crazy by the way, highly entertaining reading. He's worthy of being a Portal of Evil exhibit or a SomethingAwful ALOD.
 
a777pilot said:
Obama will not make the decisions as to what gets paid and what does not. If we know one thing about this Fool, Bobo, the Post Turtle, he does not like to make decisions.

This ought to be fun to watch.
Click to expand...

Poor defense contractors going to have to take a cut. I guess they'll let their GOP puppets know about it 🙂
 
As Karl has pointed out in the past about budget cuts, the math says the cuts have to be done. We already have cities telling very well paid retirees they must renegotiate their benefits. Benefits that were once thought to be untouchable. If you are out of money, and you are out of credit , your spending stops.

And what happens when the interest rates go up? They will some day. How much money will be spent on just the interest on the outstanding debt?
 
GeezerMan said:
As Karl has pointed out in the past about budget cuts, the math says the cuts have to be done. We already have cities telling very well paid retirees they must renegotiate their benefits. Benefits that were once thought to be untouchable. If you are out of money, and you are out of credit , your spending stops.

And what happens when the interest rates go up? They will some day. How much money will be spent on just the interest on the outstanding debt?
Click to expand...

If interest rates go up it's because the economy is recovering and can handle cuts. Then we can cut. Cutting on the brink of a recession is going to push the economy over the edge.
 
Bolding your cut and past clips from a whack jobs post doesn't make them any less crazy. If you actually believe the debt ceiling doesn't need to be raised you have bats in your belfry
 
senseamp said:
If interest rates go up it's because the economy is recovering and can handle cuts. Then we can cut. Cutting on the brink of a recession is going to push the economy over the edge.
Click to expand...

Might be true if we had some shovel ready jobs waiting. Where are the jobs going to come from ? The ones we sent overseas are not coming back. The argument of not cutting spending to bolster the economy has been used for awhile now. QE1 and QE2 were supposed to prime the pump.

Let's assume a revived economy happens, would we really have enough tax revenue to handle the 14.46 trillion in debt when the interest rates return to a normal level ?
 
GeezerMan said:
Might be true if we had some shovel ready jobs waiting. Where are the jobs going to come from ? The ones we sent overseas are not coming back. The argument of not cutting spending to bolster the economy has been used for awhile now. QE1 and QE2 were supposed to prime the pump.

Let's assume a revived economy happens, would we really have enough tax revenue to handle the 14.46 trillion in debt when the interest rates return to a normal level ?
Click to expand...

We have state local governments laying off thousands. These are not just shovel ready jobs, they are shovels in the ground already jobs.
 
senseamp said:
We have state local governments laying off thousands. These are not just shovel ready jobs, they are shovels in the ground already jobs.
Click to expand...


So, people have been laid off of state and local govt jobs that are paid for by taxes since the govt does not have the budget to pay them. So, when the economy revives, the jobs waiting are the state and local jobs paid for by taxes. The economy can't improve by hiring state and local govt workers. If this was the case, let's all work for the govt.
Oh. you will get some improvement.The coffee shop across form the govt office will see a boom in business. It's like when Pelosi said the best bang for our buck was extending unemployement benefits.
 
senseamp said:
If interest rates go up it's because the economy is recovering and can handle cuts. Then we can cut. Cutting on the brink of a recession is going to push the economy over the edge.
Click to expand...

This. Cutting total government spending right now, as the economy is just beginning to recover, is economic suicide. The private sector is either unable or unwilling to make up for that loss of economic activity at the moment. Somewhat higher taxes at the top won't really affect much, as true wealth is sucked upward, not trickled down.

As far as the debt ceiling, it does not need to be raised. It needs to be eliminated entirely. Letting the government run into this ceiling is not a fiscal way to control spending, but a coward's way out of making the hard decisions of raising taxes and cutting spending to pay the bills. Congress, particularly the House of Representatives, would've shirked its responsibility of controlling the purse strings of the country. They are to blame when the shit hits the fan.
 
GeezerMan said:
So, people have been laid off of state and local govt jobs that are paid for by taxes since the govt does not have the budget to pay them. So, when the economy revives, the jobs waiting are the state and local jobs paid for by taxes. The economy can't improve by hiring state and local govt workers. If this was the case, let's all work for the govt.
Oh. you will get some improvement.The coffee shop across form the govt office will see a boom in business. It's like when Pelosi said the best bang for our buck was extending unemployement benefits.
Click to expand...

Right, people sitting home unemployed while roads and bridges go unrepaired , and students sitting in overcrowded classrooms while teachers sit at home doing nothing is the way to economic recovery. 🙄
 
senseamp said:
Right, people sitting home unemployed while roads and bridges go unrepaired , and students sitting in overcrowded classrooms while teachers sit at home doing nothing is the way to economic recovery. 🙄
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Put the people already collecting unemployment to work on those road jobs. So, where are the private sector jobs going to come from? An economy thrives on private sector jobs, not public.
 
MovingTarget said:
This. Cutting total government spending right now, as the economy is just beginning to recover, is economic suicide. The private sector is either unable or unwilling to make up for that loss of economic activity at the moment. Somewhat higher taxes at the top won't really affect much, as true wealth is sucked upward, not trickled down.

As far as the debt ceiling, it does not need to be raised. It needs to be eliminated entirely. Letting the government run into this ceiling is not a fiscal way to control spending, but a coward's way out of making the hard decisions of raising taxes and cutting spending to pay the bills. Congress, particularly the House of Representatives, would've shirked its responsibility of controlling the purse strings of the country. They are to blame when the shit hits the fan.
Click to expand...

Keynesian economics says it's OK to have the govt go into debt since when good times come the govt will pay off the debt. This ignores human nature. Krugman has argued that we have not let the govt spend enough to prime the jobs pump, so when QE3 fails, he will still call for more spending.
 
GeezerMan said:
Put the people already collecting unemployment to work on those road jobs. So, where are the private sector jobs going to come from? An economy thrives on private sector jobs, not public.
Click to expand...

Right, so we put people building roads on unemployment and people on unemployment building roads. Clearly a recipe for economic prosperity.🙄
 
Whether we need to increase the debt ceiling or not is MOOT. We need to do something, where Obama looks bad; that's it. Nothing more.

PALIN 2012!!! Woooo!!
 
senseamp said:
Right, so we put people building roads on unemployment and people on unemployment building roads. Clearly a recipe for economic prosperity.🙄
Click to expand...


the people laid off from govt jobs are mostly local govt jobs paid for by local taxes. the people on extended unemployment are paid for by the Federal govt. At least we can put some of them to work on the infrastructure that an economy needs. It's not the answer to the greater problem, but at least we get something.

Your explanation of jobs returning to the economy were the jobs the govt laid off. You are avoiding the question. Where do the private sector jobs come from? You can't have an economy based on govt jobs.
 
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GeezerMan said:
Where do the private sector jobs come from?
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They don't come from anywhere; they are going to China. Rich people can't be rich by paying anything more than $5,000 to $10,000 a year for labor jobs (per worker),... but, still charge the prices as if they were paying $45,000 a year for labor jobs (per worker).

Also, it is a total communist move to support unions and the American worker,... but, it's a not a total communist move to support the Chinese government by giving them more jobs to use to control their own people.

Thank you wealthy Americans.
 
GeezerMan said:
Where do the private sector jobs come from?
Click to expand...

Consumer demand. Not investment capital, not tax cuts, not mythical job creators, it's ultimately consumer demand that creates jobs. Dear Lord if there is only one thing people learn from the crappy state of our economy, please, please, please let it be this.
 
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