'Super committee' fails to reach agreement

[BiscuitintheBasket]

buzz kill

 

[IceHogsFan]

US Government Debt Crisis Hovers in the Background, Part 1

http://www.minyanvil...8/2011/id/38089



The US budget deficits and debt problems are apolitical, with bipartisan contribution to the accumulated mess in public finances.

I have an idea.



Let's reelect everyone that is currently serving. They will get it done.

 

[BigPete]

You wont have to work so hard for change. Quite a few are retiring including your boy Frank.

 

[Larmer83]

US Government Debt Crisis Hovers in the Background, Part 1

http://www.minyanville.com/businessmarkets/articles/eurozone-debt-us-dollar-budget-deficits/11/29/2011/id/38091



Reducing the budget deficit and reducing debt may also mire the US economy in a prolonged recession. In 2009, students at National Defense University in Washington "war gamed" possible scenarios for bringing the US debt under control. Using a model of the economy, participants tried to get the federal debt down by increasing taxes and reducing spending. The economy promptly fell into a deep recession, increasing the budget deficit and driving government debt to higher levels. This is precisely the experience of heavily indebted peripheral European nations, such as Greece, Ireland, Portugal, Spain, and Italy.

 

[IceHogsFan]

And here we go again.................... when is enough, enough?









Obama administration to seek $1.2 trillion debt ceiling increase

Posted by:CNN White House Producer Alexander Mooney



(CNN) – The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, a Treasury Department official tells CNN.



The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion.



According to the terms of the debt ceiling agreement, Congress has 15 days to pass a joint resolution disapproving of an increase which President Obama is authorized to veto.



The new debt ceiling is expected to satisfy U.S. debts until the end of next year, according to the Treasury Department official.

 

[fanof19]

they're just kicking the can down the road

 

[IceHogsFan]

they're just kicking the can down the road

If we financed every single home in the entire United States @ 80% we would barely cover our national debt.



The value of home real estate nationally http://www.marketwat...ears-2011-12-22

 

[Maiden]

And here we go again.................... when is enough, enough?









Obama administration to seek $1.2 trillion debt ceiling increase

Posted by:CNN White House Producer Alexander Mooney



(CNN) – The Obama administration will formally ask Congress later this week to raise the nation’s debt ceiling by $1.2 trillion, a Treasury Department official tells CNN.



The latest request is the third of three requests authorized by the contentious debt ceiling agreement reached last August and is expected to come on December 30 – the day the debt is projected to fall within $100 billion of the current $15.194 trillion ceiling. The new request asks the ceiling be raised to $16.39 trillion.



According to the terms of the debt ceiling agreement, Congress has 15 days to pass a joint resolution disapproving of an increase which President Obama is authorized to veto.



The new debt ceiling is expected to satisfy U.S. debts until the end of next year, according to the Treasury Department official.

Can't we all just compromise again? Right Pete?

 

[IceHogsFan]

Can't we all just compromise again? Right Pete?

It is not a spending problem, it is a revenue problem.

 

[BigPete]

It's not like we didn't know this was going to happen. They made it clear a few months ago that the request would come up again.



As far as all of these supercommitties go, what's the point? They aren't going to agree on shit. Boner needs to be replaced and the Tea Party incumbants need to be replaced as well. Everyone keeps talking about the lack of leadership from the White House. It is ALL about the lack of leadership in the GOP. Until that changes, there won't be ANY compromise and there won't be any change to spending or tax collection.

 

[IceHogsFan]

It is time for the Democrats to be out power in the Senate (which is looking more and more likely especially with the retirement of Nelson) and a POTUS who will be forced to work with both parties instead of every word coming out of his mouth blaming the other party. Anyone who claims the ills of the current economy are to blame soley on the Republicans is a buffoon.



LEADERSHIP

 

[jaxhawksfan]

I'm a dummy, so I can't understand how decreasing spending, and increasing revenues will send the country into a depression. Keep in mind I didn't take economics in school at all. Someone want to give me the cliff's notes version of how this will happen?



Give me the fucking budget and I'll find places to cut spending. I would imagine most in this country could find areas to cut, even with the limited understanding of economics that I have. Point being, those in congress haven't a fucking clue so it really can't get much worse can it?

 

[supraman]

It is time for the Democrats to be out power in the Senate (which is looking more and more likely especially with the retirement of Nelson) and a POTUS who will be forced to work with both parties instead of every word coming out of his mouth blaming the other party. Anyone who claims the ills of the current economy are to blame soley on the Republicans is a buffoon.



LEADERSHIP

I blame both parties. They both gain more by the current situation instead of actual fixing the problem. Both parties are quite content with the status quo.

 

[jaxhawksfan]

It's not like we didn't know this was going to happen. They made it clear a few months ago that the request would come up again.



As far as all of these supercommitties go, what's the point? They aren't going to agree on shit. Boner needs to be replaced and the Tea Party incumbants need to be replaced as well. Everyone keeps talking about the lack of leadership from the White House. It is ALL about the lack of leadership in the GOP. Until that changes, there won't be ANY compromise and there won't be any change to spending or tax collection.

Really Pete? Is that ALL it is? The Republicans? What happened when the Dems were in full control? (Not the partial control they currently have)

 

[supraman]

I'm a dummy, so I can't understand how decreasing spending, and increasing revenues will send the country into a depression. Keep in mind I didn't take economics in school at all. Someone want to give me the cliff's notes version of how this will happen?



Give me the fucking budget and I'll find places to cut spending. I would imagine most in this country could find areas to cut, even with the limited understanding of economics that I have. Point being, those in congress haven't a fucking clue so it really can't get much worse can it?

Keynesian economics is built upon debt, you get rid of it the house of cards falls.

 

[supraman]

Really Pete? Is that ALL it is? The Republicans? What happened when the Dems were in full control? (Not the partial control they currently have)

When they had the Senate and House for two years and did dick with it?

 

[jaxhawksfan]

Keynesian economics is built upon debt, you get rid of it the house of cards falls.

And how long have we been using this model? Who started it?

 

[R K]

I blame both parties. They both gain more by the current situation instead of actual fixing the problem. Both parties are quite content with the status quo.

I had to +1 this.

 

[supraman]

And how long have we been using this model? Who started it?

John Maynard Keynes is the economist who wrote the theory. Woodrow Wilson began to put it in place with the creation of the Federal Reserve in 1913. Richard Nixon finished the job in 1971 closing the gold window.



In a nutshell Keynesian Economics is based on infinite inflation, central economic planning, fiat currency, and the boom/bust cycle. It doesn't work, it makes a ton of money that has little value and it allows for massive economic growth but the downside is when the economic bubble bursts everything goes to hell.

 

[jaxhawksfan]

John Maynard Keynes is the economist who wrote the theory. Woodrow Wilson began to put it in place with the creation of the Federal Reserve in 1913. Richard Nixon finished the job in 1971 closing the gold window.



In a nutshell Keynesian Economics is based on infinite inflation, central economic planning, fiat currency, and the boom/bust cycle. It doesn't work, it makes a ton of money that has little value and it allows for massive economic growth but the downside is when the economic bubble bursts everything goes to hell.

Thanks. I didn't really mean who invented it as I knew it was a guy named Keynes but you answered who started it here in Wilson. Probably why he was one of our worst presidents ever. I just read a bit about it and it makes no sense to me. People save money and don't spend it, so the government has to print money and spend it somewhere so that the total money in circulation doesn't lower? Wow, what a basis to run a country. Again, I'm a dummy when it comes to this stuff but it just doesn't make sense.