"My sources tell me House Republicans will likely postpone tonight's vote on their plan to end the fiscal impasse... This development leaves Speaker John Boehner with few options as Thursday's debt-ceiling deadline nears, and it throws the action back toward the Senate, which has been working on a bipartisan package."
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Fitch Ratings put the U.S. government's "AAA" credit rating on "rating watch negative" saying that the standstill on the U.S. debt ceiling negotiations risks undermining the effectiveness of the country's government and political institutions, CNBC reports.
Wall Street Journal: "Fitch isn't commenting beyond its statement, but this could suggest a downgrade is possible even if Congress manages to avert an actual default."
Way to go TeaBaggers. They drive the country over a cliff then whine like little babies when we all have to suffer the consequences.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Fitch could lower our credit rating based on our debt to GDP ratio and that's on Obama.
But they didn't. They had no intention of lowering our credit raging until the GOP GUMMNT Shutdown.
If this happens, how are the good ole boy GOPers gonna explain this to the voters on Election Day!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
But they didn't. They had no intention of lowering our credit raging until the GOP GUMMNT Shutdown.
If this happens, how are the good ole boy GOPers gonna explain this to the voters on Election Day!
Plenty of money coming in to pay the debt, not enough to pay for govt programs. Debt crisis is a non debate. The treasury has more than enough to pay the debt. They don't have enough to pay for boondoggles like Solyndra or "green energy". They can't pay off the lobbyist and special interests like Planned Parenhood.
Plenty of money coming in to pay the debt, not enough to pay for govt programs. Debt crisis is a non debate. The treasury has more than enough to pay the debt. They don't have enough to pay for boondoggles like Solyndra or "green energy". They can't pay off the lobbyist and special interests like Planned Parenhood.
Good idea. Lets start with Corporate Welfare before we start cutting food for kids and contraceptives for women.
Who gets more of a handout from our Government... Planned Parenthood or US Oil Companies???
Or would you rather give the $$$ to oil companies than actual citizens?
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
I'm for cutting the whole government back, every department by 10% across the board.
That would hurt a lot of Americans... Instead lets cut back corporate welfare completely and keep funding food for babies and health care for moms.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
If the USA ratings does drop, it will cost all taxpayers and we won't gain one thing for those added expenses.
Thanks F'n TeaBaggers!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
-- A senior GOP aide, quoted by National Review, noting that the Senate bill to raise the debt ceiling and reopen the federal government will now get a vote in the House.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Good idea. Lets start with Corporate Welfare before we start cutting food for kids and contraceptives for women.
Who gets more of a handout from our Government... Planned Parenthood or US Oil Companies???
It's a great idea. I don't care where the cuts start. I think when you start prioritizing, we will quickly realize it will be BOTH Planned Parenthood and Oil Companies.
If the USA ratings does drop, it will cost all taxpayers and we won't gain one thing for those added expenses.
Thanks F'n TeaBaggers!
It will hurt TODAY'S Americans, it will save FUTURE Americans. Today's americans should pay for the debt they ran up. Don't run it up and dump it on my kids and grand kids.
It will hurt TODAY'S Americans, it will save FUTURE Americans. Today's americans should pay for the debt they ran up. Don't run it up and dump it on my kids and grand kids.
No Cissy. A drop in credit ratings will hurt TODAY'S AMERICANS AND TOMORROWS AMERICANS.
This ratings drop may happen even if we make some kind of debt reduction deal. We will start paying tomorrow for what we borrow and continue until we get our rating back.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The Democrats have presented a coherent plan; the Republicans are obstructing. Lie. The Constitution says that all revenue bills must originate in The House. The Senate's role is one of concurrence; it is not able to (lawfully) initiate spending. Sorry Harry, that's how it is, and our government was designed this way on purpose because The House is the "more-connected" body to the people.
Obama can refuse to negotiate and thus can get what he wants, like it or not. Lie. Obama is President, not dictator. The President is, in the context of spending, intentionally weak. While he puts forward a "budget" it is nothing more than a mere suggestion with no force of law. See the above point for why this is the case. As such the President can turn his back but if he does there is no obligation for Congress to do as he demands.
The Republicans are the part of fiscal restraint. Lie. They may want this mantle now, but they sure as hell haven't up until this point. One can argue "better late than never" but the fact remains that even today there is no broad agreement among Republicans to stop spending more than the government makes.
If we don't raise the debt ceiling we will default. Lie. The government takes in roughly 10 times as much tax revenue in a given month as it must pay in interest. If there is in fact a default on the debt it would be an intentional act by the Treasury, not due to running out of money. What refusal to raise the debt ceiling would do is force an immediate balanced budget.
"Tea Party" Republicans want a balanced budget. Lie. Go ask them for their public, on the record statements to the effect that they will not accept deficit spending. Good luck -- even so-called "fiscally responsible" Republicans refuse to make such statements and more than one of them has had their staff told to **** off, in those exact words, by me personally over this very point.
Deficits don't matter. Lie. Every dollar of credit emitted in excess of GDP debases someone's purchasing power and that debasment happens immediately and without fail. It cannot be otherwise because this is a matter of arithmetic, not politics. That we have shoved much of this offshore is even more offensive than if we "ate" it here at home, as this crap has been directly responsible for much loss of life and political dislocation worldwide, including in Egypt and now in India.
Obama's and The Democrats plan, if the Republicans cave, will lead to economic improvement -- and already has. Lie. The Federal Reserve has conspired with government to keep the party going by buying up nearly one trillion in bonds over the last year and even more in their prior programs, but since 2009 there has been exactly zero progress in employment as a percentage of the working-age population that has a job. Worse, the vast majority of those jobs that were created were part-time, low-wage or both. This is why food stamps and other entitlement benefits are at all all-time high.
Obamacare will help bring down health costs. Lie. At best it will shift costs from one person to another. Until and unless the medical monopolies, which are pervasive and cross all boundaries in the medical field, are broken there is no solution to this problem that will actually work. At best we can hide it for a while longer, disadvantaging more and more people until the cost of inaction finally collapses the government and our society.
Congress doesn't understand the above. Lie. I have personally been to Washington DC and explained it to multiple staff members, using their (the government's and The Fed's) numbers and charts. Incidentally, I've explained it publicly too, and do all the time here -- and have since 2007. They know damn well I'm right but there is also no policy desire to step to the microphone and tell you that. In other words they're cowards -- all of them with damned few exceptions (e.g. Senator Cruz.)
We can get out of this without taking the personal pain required to fix the excessive leverage that has been piled on in America. Lie. The damage is in fact being compounded on an ongoing and daily basis by our present policies and, much like a poker player who has gone "all in" with a crap hand they know they're trapped on both sides of the aisle.
An economic Depression would be worse than in the 1930s and we would all suffer dramatically. Lie. In 1920/21 there was an economic dislocation that was the worst, in terms of contraction per unit of time, ever recorded -- producer prices fell by 40% in less than 12 months! But this dislocation, which was brought about by outrageously-distorted economic conditions related to the end of WWI, was left alone and the budget balanced. The result was that the market cleared on its own and full employment was restored within 18 months, with industrial production rising at a rate never-since duplicated. In short this adjustment, which we must take, would be followed by a reallocation of production and investment in the economy that would be good rather than bad. (As an aside when have you seen 1920/21 mentioned on the TV or in the mainstream economic press? That would be never -- guess why....) How about some truths?
If we strip the medical monopolies the rest of the fiscal problems are easily addressed. Truth. And not only at the federal level either; nearly all of the state and local budget problems are also tied to medical monopoly practices!
If we strip medical monopolies then we would have an instantaneous economic depression. Truth. Collapsing those monopolies would result in a ~15-20% decline in GDP almost overnight. But, keep reading....
Deflation is good, not bad. Truth. You like deflation, in fact, and ought to be demanding it. You would like lower prices for food, medicine, cars, cell phones and everything else you buy. The only people who don't like deflation are those who want to buy something and then sell it to you, unchanged and with no value added, for more. Think about it. Those who produce things want to spend less and get more. That's productivity improvement and it's good, not bad. The only people who don't like this economic condition are those who want you to borrow money you don't have to buy things you don't need from them after they have purchased them first, adding no value in the process but rather simply skimming off a piece of the funds for themselves.
The natural state of an economy is deflationary. Truth. Productivity improvements make this true over any reasonably-long period of time. Mechanization of farms, factories, computerization and more have all made it possible to do more with less. You, and not someone else, should get the benefit of that which you improve with your own hand and mind. Deflation is that benefit. Start calling out the liars who claim otherwise.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
No Cissy. A drop in credit ratings will hurt TODAY'S AMERICANS AND TOMORROWS AMERICANS.
This ratings drop may happen even if we make some kind of debt reduction deal. We will start paying tomorrow for what we borrow and continue until we get our rating back.
Yes, it hurts the same as the family that runs the credit cards up to $20k and pays it by transferring the balance onto another credit card for the lower rate and keeps on spending another $20k. At some point, the credt card company realizes they aren't going to get paid. That's probably where the student loan lenders are right now. At some point, somebody wants their money.
The only way you get your credit rating back is if there is a reasonable assurance you will get paid back. Increased interest rates forces you to make spending decisions. The reason the rating goes down is because they see that Washington cannot politically end their addiction to special interest, whether it is big oil or Planned Parenthood. So the fear from lenders is, they think the politicians will pay their special interests before their creditors. That is why lending to Washington DC is a risk.
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