The Debt Reduction "Supercommittee"

[Doc Savage Fan]

Nice cherry picked graphs, Doc Savage, particularly the ones showing debt as a % of GDP. Makes the Bush years look pretty good, if we forget that it was false prosperity, the result of the greatest credit bubble in history and two wars. Real estate transactions count towards GDP, and it would have flatlined in the Bush years if not for that & military spending.

http://www.nytimes.com/2005/08/12/opinion/12krugman.html

The national debt actually doubled during the Bush years, 2001-2009, from ~$6T to ~$12T. A huge chunk of that came from the necessity of bailing out the perps of the Ownership Society, along with the automatic increases in social spending when it all fell down.

http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

Don't piss down my leg and tell me it's raining, OK?

Yes...the graphs are all lies and our escalating debt is not a problem. Oh...and I almost forgot...it's all Bush's fault and democrats had nothing to do with it. It's just all that simple for you...isn't it? That's fucking sad.

 

[zsdersw]

it's all Bush's fault and democrats had nothing to do with it. It's just all that simple for you...isn't it? That's fucking sad.

It's all Obama's fault and Republicans had nothing to do with it. It's just all that simple for you...isn't it. That's fucking sad.

 

[momeNt]

It's all Obama's fault and Republicans had nothing to do with it. It's just all that simple for you...isn't it. That's fucking sad.

It's all government's fault. It really is just that simple.

 

[Doc Savage Fan]

It's all Obama's fault and Republicans had nothing to do with it. It's just all that simple for you...isn't it. That's fucking sad.

I didn't say that and I definitely don't think that. How in the hell did you come to that conclusion?

 

[zsdersw]

I didn't say that and I definitely don't think that. How in the hell did you come to that conclusion?

It's a belief that's just as common on here as the "it's all Bush's fault" belief.

 

[zsdersw]

It's all government's fault. It really is just that simple.

Of course, but you'd never know it listening to our Republican and Democratic apologists on here.

 

[Doc Savage Fan]

It's a belief that's just as common on here as the "it's all Bush's fault" belief.

Oh really...nice logic.

 

[zsdersw]

Oh really...nice logic.

Yes it is.

 

[woolfe9999]

Looks like the GOP is starting to squirm over the deep defense cuts that will happen if the super committee does not reach an accord:

http://www.msnbc.msn.com/id/45314953/ns/politics/t/budget-sequesters-looming-wholl-be-risk/

Talking about how it will "gut" the DoD. I'm hoping this means we'll see some movement on revenues from their side of the isle.

 

[ElFenix]

Don't take things to an extreme. I listed 3 ways we are NOT Italy, and of course there's the fact that we can print our own money, which remains the global gold standard because we've never missed a debt payment.

we missed some debt payments back in the 70s.

 

[senseamp]

Looks like if we do nothing, we get cuts to our bloated defense budget, and Bush tax cuts expire in 2013 and reduce the hole in the budget. Sounds like they should just hang it up and go home.

 

[KlokWyze]

Looks like if we do nothing, we get cuts to our bloated defense budget, and Bush tax cuts expire in 2013 and reduce the hole in the budget. Sounds like they should just hang it up and go home.

:thumbsup:

I read that 1.2 trillion will be be automatically cut if there is not agreement reached. This will be split between military and entitlement programs right? Who/what determines what actually get cut? When are they implemented?