Treasury Secretary Geithner: Lift Debt Limit to Infinity

Discussion in 'Politics and News' started by Socio, Nov 19, 2012.

  1. Socio

    Socio Golden Member

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  2. chucky2

    chucky2 Diamond Member

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    Outstanding.

    Now we don't even need to worry about raising taxes or closing loopholes on anyone, and as such, don't have to waste time on having those debates/wars. Time can be spent on something else now...

    Chuck

    P.S. They can cut Everyones taxes now btw, why not? If debt doesn't matter, why not let Everyone keep more of their money? "Win-Win"
     
  3. EagleKeeper

    EagleKeeper Discussion Club Moderator<br>Elite Member
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    Why even bother with taxes at all? :confused:
     
    #3 EagleKeeper, Nov 19, 2012
    Last edited: Nov 19, 2012
  4. DaveSimmons

    DaveSimmons Elite Member

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    This is a terrible idea, and will give congress a green light to keep avoiding any hard choices.

    In the short term maybe we do need to run deficits, because it's not possible to cut enough fast enough without triggering another recession.

    Long term we need to cut spending, increase revenue, and live within our means.
     
  5. Incorruptible

    Incorruptible Diamond Member

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    What is wrong with this guy? Do not raise the debt limit and start cutting the spending with drastic cuts
     
  6. Thump553

    Thump553 Diamond Member

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    It's a wonderful idea. Congress must approve ALL spending decisions, everything that makes us approach the debt ceiling has already been approved by Congress. The emphasis of the taxpayers should be on the bills that create the expense, not some artificial line.

    And 18 months ago we all saw what an idiotic show the debt ceiling bill has become. I'd much rather have Congress (and the taxpayers) focus on more productive uses of their time.
     
  7. Jimzz

    Jimzz Diamond Member

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    HAhahahahahahahahah... yea right; when has congress, either party, had to make "hard choices" due to the debt limit?

    The only thing the debt limit has done is give one party a zinger to use in the next election.
    If R's are in charge then the D's use it against them. If D's are in charge then the R's use it against them.

    The Debt limit is a BS stunt as both parties know they have to raise it and both parties do it every time.
     
  8. DaveSimmons

    DaveSimmons Elite Member

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    I wasn't claiming the debt limit got congress to do their job. It hasn't done that since the Clinton years (if then).

    What it does do it make it clear over and over again that they are not doing their job. It highlights both parties' shameful lack of fiscal responsibility.

    Removing the limit makes it a little easier for them to hide their shame.
     
  9. Anarchist420

    Anarchist420 Diamond Member

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    spending by the military and the bureaucracy must be slashed, but decreasing govt revenue will allow people to build up their own savings so the people won't have to rely on the govt.

    Also, a tax that the govt sets the rate and the value to tax it at, the only tax that can provide the govt with more and more revenue is a property tax... but... it would have to complemented with an income tax or a consumption tax and those will fall on the poor. Please don't complain about the govt not getting enough revenue unless you want a property tax:)
     
  10. Ausm

    Ausm Lifer

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  11. MovingTarget

    MovingTarget Diamond Member

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    Normally, I would be railing against this as a bad idea. However, with the GOP's recent stunt involving the debt limit, it may be prudent. Removing it entirely is better than the alternative they nearly forced upon our nation's finance. Fiscal conservatism my arse...
     
  12. Socio

    Socio Golden Member

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    Cutting Military spending will barely make a dent, it is entitlement cuts that are the big cuts that need to happen and guess what will give the most deficit cuts?

    http://news.investors.com/ibd-edito...618-obamacare-offers-biggest-deficit-cuts.htm

    Unfortunately the Democrats will not concede entitlement cuts, at least not to the level needed as that is biting the hand that feeds them or should I say votes for them.
     
    #12 Socio, Nov 19, 2012
    Last edited: Nov 20, 2012
  13. sandorski

    sandorski No Lifer

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    He is correct. The Debt Limit is a complete waste of time and nothing more than a Political Construct used for various nefarious purposes.

    That does not mean that the Deficit/Debt does not need to be addressed, just that the Debt Limit is completely nonsensical.
     
  14. loki8481

    loki8481 Lifer

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    we need to either:

    a) raise the debt limit to infinity
    b) have serious discussions about taxation/spending priorities when voting on any limit raisings in the future

    B obviously will never happen.
     
  15. SP33Demon

    SP33Demon Lifer

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    The debt limit is a farce. I agree, the limit should be lifted. The dollar isn't going to crash due to our military might alone.
     
  16. Socio

    Socio Golden Member

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    Sequestration of our military will shrink it down so much we could very well be butts waiting to be kicked.
     
  17. werepossum

    werepossum Lifer

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    Just out of morbid curiosity, what level of debt (if any) would you consider to be too much? Feel free to phrase your answer in multiples of the GDP or in multiples of our budget. For instance, currently our budget is about 5% debt service due to insanely low interest rates. Is 10% okay? 25%? Should we set a maximum percentage and just automatically increase the budget, borrowing new money to pay the interest of the old borrowing?

    This is important because our insanely low interest rates are due to two things, the Fed making up money to invest and the rest of the world being judged even more unstable. Should the EU get its economic house in order first, we're left with only the Fed to create money with which it buys bonds. At that point, why indeed bother with taxes at all?
     
  18. fskimospy

    fskimospy Elite Member

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    The debt ceiling is one of the dumber ideas we've ever had. All spending is already authorized by Congress. All that having a debt ceiling does is ask Congress to re-authorize all the same spending that they already authorized once. The second time around however they get to vote on it while threatening the creditworthiness of the world's largest economy and reserve currency. What a wonderful idea!

    There's a reason why no other major industrialized country on earth has a debt ceiling.
     
  19. Generator

    Generator Senior member

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    So is it a double authorization or second authorization of money already spent?
     
  20. IGBT

    IGBT Lifer

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    it's the obama smoke and mirrors economy. his finger prints are all over it.
     
  21. gevorg

    gevorg Diamond Member

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    sorry China
     
  22. nextJin

    nextJin Golden Member

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    Lol it would take china half a century to catch up with us even if we cut spending by half. All we need to do is stop the bullshit and just focus on actual defense spending. Doing that alone would allow us to continue R&D spending, sustain a sizable military with quality service members, and STILL provide humanitarian assistance across the globe (Navy).

    Even though our problems are not totally on military spending it still needs to be cut along with future entitlement spending.

    Obviously something has to be done, and something is going to eventually force our hand.
     
  23. bononos

    bononos Diamond Member

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    Is it time to unilaterally default on China's t-bills? I think so. *cringe*
     
  24. Jhhnn

    Jhhnn Lifer

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    Not necessarily spent, but rather authorized by Congress to be spent.

    It's an opportunity for posturing, pandering & faux "concern" over commitments already made by Congress.

    In what has become SOP, Repubs used the full faith & credit of the Govt as a hostage in a situation they helped to create when they passed the budget in the first place. The whole debt ceiling crisis was a contrivance, a trap, leading into the "fiscal cliff", more accurately called the austerity bomb... you know, what they're posturing about today.
     
  25. bignateyk

    bignateyk Lifer

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    Patently false. The military and all government agencies who doll out money to contractors are currently operating as though they have been sequestered.