'Negative' Outlook for U.S. Debt

[BigPete]

Um, you need to watch CBS Sunday Morning's Ben Stein peice from this past weekend. Per Ben, "We are not in fear of a financial collapse, so long as the Federal Reserve has the ability to print money." That says it all.



But here is more; so we are borrowing hand over fist from China, right? So fucking what. They are making money hand over fist by the US outsourcing tons of manufacturing to them. Its a quid pro quo with a wash out at the bottom of the balance ledger.



Until someone comes and takes the money back from us (via Gino and Vinny with baseball bats to the knees), we are fine! Relax, have another beer, watch the Hawks. Go on being American. Be thankful that you were born into the modern Roman Empire.



It could be worse, you could have been born in Ethernopia...

 

[roshinaya]

Can someone explain to me why BIG GOVERNMENT hating tea-baggers put the old Gipper on some pedestal, when he enacted on bills that made the government bigger?

 

[IceHogsFan]

Can someone explain to me why BIG GOVERNMENT hating tea-baggers put the old Gipper on some pedestal, when he enacted on bills that made the government bigger?

Different time, different ERA.



Did not have the major recession we have now, did not have the major debt issues we have now, were not fighting three wars and the USA was spending big to bankrupt USSR which worked.



Now we are spending big, incurring assanine amounts of debt which is helping to build up another nation rather then tearing one down (China) and while we have a major recession going on with no short term ending insight.



P.S. Why the teabagger comment? Why can't differing opinions be put out there without labels? Too many buy into that crap with teabagger, socialist, liberal commentary. It is what divides us deeper and deeper.

 

[cids_revenge]

Still nothing about the financial managers and doing away with democratically elected officials, huh?





Good paying job would end the recession, not CEO pay going up 27% while average wages go up 2%. Scream all you want about job creators, but if there is no money being spent to create demand there is no drive to hire people. More people have more money more tax revenue is generated, the children everyone wants to protect have parents that can afford to give them good education, good health care, and less debt. The countries aging infrastucture can be updated.



Americans will never be able to work for the wages that third world people do, there needs to be some way to curb outsourcing, cutting taxes alone won't do it because that will just shift the burden to the citizens, wages will still be higher here, and a number of corporations already don't pay any income taxes. Business either need to support the country they live in or live in the country they support, it's as plain as that. These are the same assholes that scream about Patriotism while sending jobs to China and building their economy.

 

[Tater]

I can't speak across the board, but Wisconsin public sector union workers were paid 8% less than their private sector counterparts, union giving to politicians is no different than corporations that give to politicians, they just do it n a much smaller scale, can you honestly say there is no conflict of interest there?



Good for anyone that has good insurance, it was something they negotiated for, just because some people dont have the balls or desire to collectively bargain doesn't mean it should be taken away from those who do. What happened to the "you don't get ahead by bringing other people down" mentality that was all the rage when Obama wanted to end the Bush tax cuts? Public employee unions pay 100% of their insurance costs, just like IBEW members do and I would bet UAW workers do, it's money that instead of going on they check they allocate to insurance.

I have been in a union where this was the case, but if you are comparing public to private pay rates, the insurance $ taken out of a union workers check should be counted in towards their total pay.

Almost 100% of private sector workers pay something in addition for insurance after they get paid.

If you subtract what a private sector worker pays for insurance from their total pay, it changes the comparison.

 

[cids_revenge]

I have been in a union where this was the case, but if you are comparing public to private pay rates, the insurance $ taken out of a union workers check should be counted in towards their total pay.

Almost 100% of private sector workers pay something in addition for insurance after they get paid.

If you subtract what a private sector worker pays for insurance from their total pay, it changes the comparison.

The article I saw was done by Walker's people and it was supposed to be a total compensation comparison.

The part I really don't get is the outrage at public workers affect of taxes, but no complaints about tax money being used for banks to buy other banks or pay huge bonuses. Are you that concerned about another average schmuck getting something you don't that it doesn't concern you at all that people that don't need the money are getting it instead?



If debt was really the concern here, it wouldn't be cuts to social programs coupled with cuts to the top 2%, at best one is being used to off set the other.





Still nothing IHF?

 

[MassHavoc]

This was the easiest thread to dig back up....



I just read today that Chrysler paid back the final 5.1 billion of their bailout money yesterday... where do you think that money went?



And also more closely related to the topic. http://www.bloomberg.com/news/2011-05-24/how-we-can-solve-the-debt-crisis-really-.html

 

[IceHogsFan]

This was the easiest thread to dig back up....



I just read today that Chrysler paid back the final 5.1 billion of their bailout money yesterday... where do you think that money went?



And also more closely related to the topic. http://www.bloomberg.com/news/2011-05-24/how-we-can-solve-the-debt-crisis-really-.html

Good read Mass.



This comment is scary;

By 2022, Medicare, Medicaid, Social Security and interest on the debt will consume the entire federal budget.

When will we have the fortitude to truthfully address these major and potentially devastating concerns?

My fear is that we will only do so after it is too late.

 

[roshinaya]

They'll just raise the debt ceiling. It's all make believe money anyways.

 

[Variable]

It literally is. Most of it is anyway. If we were to somehow pay all of our debts back (which is impossible due to interest), there would not be a single dollar left in circulation. Every single dollar you and I have in our wallet is owed to somebody, by somebody. Money is made from debt.



Money=debt

Debt=money