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well, if they dont increase the debt limit, it would seem to me that its like passing a budget for $2 trillion rather than $3.7 trillion because they will only be able to spend revenue that actually comes in. it would effectively cut $1.7 trillion from the budget. at least thats how it seems to me. but it wouldnt harm our credit if we use the money coming in to pay our debt obligations, we would just have to cut spending elsewhere.
i don't believe that they would physically not spend it. is it because the money couldn't be borrowed, so they can't spend it? i'm not sure i buy it.
also...how would we cut $1.7 trillion from our 2011 budget? honest question...
Would you keep buying someone (son or daughter for example) a car if they kept wrecking it? Why do we keep giving politicians our money when they keep wasting it. You can go ahead and tax the rich higher, but it won't solve anything. The rich will find a way around paying more in taxes and even if they do it won't even put a dent in the overall budget. Add to the fact that politicians will just use what they see as more revenue to spend it and buy votes by promising more entitlements. Our country lost 228 billion in the month of February (28 days) alone and politicians and people are arguing cutting $30 billion. Wait until even more of all these entitlement programs start costing us more. The prescription program passed under Bush in 2003 or 2004 is a huge financial disaster waiting to happen. Add in all the new programs they add to the War on Poverty, Social Security, Medicaid, Medicare, and our budget is gone before we even can spend on education or national defense. This is the future if we don't make a drastic change.
The fact is our country in the 1800's did a great job of always paying down debt and made an effort to do so. Our founding fathers looked as debt as an evil and borrowing as something only in a severe emergency. This is without an income tax and almost any of of the taxes we have today.
I believe everyone should have to pay a tax right now just to see how it feels and so they aren't looking at others to pay for them. Some of these people who think they are entitled to all these benefits and don't pay any taxes at all. Well, who do you think they are going to vote for...the person who guarantees them more "free" stuff, all at the expense of others.
i don't believe that they would physically not spend it. is it because the money couldn't be borrowed, so they can't spend it? i'm not sure i buy it.
also...how would we cut $1.7 trillion from our 2011 budget? honest question...
they cant really spend money they dont have. you have to sell treauries to get the money to spend and im assuming without an increase in the debt ceiling, they wont be able to do that. i guess the other option would be to print money.
i dont really know how to cut $1.7 trillion. but i know that if i personally had no choice but to cut x from my spending, id sit down and look at all my spending and start choosing what things i can live without and what things i cant. thats what our government will need to do.
maybe voters should show that they can act like adults and manage their representatives? when is the last time you phoned or contacted your reps to voice your displeasure or support for something he/she wanted to spend on or cut from?
Actually, I called my house rep and two senators TODAY. And I call probably every other week to remind them that I care about the budget, deficit, and out-of-control spending, and a lot of other issues. It just stinks that I'm basically wasting my time by doing this because it's like talking to a brick wall.
(All of my reps are Democrats who act like there is no problem)
we have the fight to increase the debt limit coming up. i guarantee that no republican will ever receive my support or vote if they vote in favor of raising the debt limit. the whole "full faith and credit of the united states" is bs. the government will still have revenue, they will just have to prioritize where it goes.
If the debt ceiling is not raised the US will received a downgraded debt rating and we will be thrown into a recession worse than the one we're still in. The reality is that the debt ceiling must be raised. Is that necessarily a good thing? no. Is it necessary? Yes.
If the debt ceiling is not raised the US will received a downgraded debt rating and we will be thrown into a recession worse than the one we're still in. The reality is that the debt ceiling must be raised. Is that necessarily a good thing? no. Is it necessary? Yes.
the problem will be that much worse if we let the debt accumulate until we reach a point of catastrophe.
no politician who votes to raise the debt limit will ever get my vote.
the problem will be that much worse if we let the debt accumulate until we reach a point of catastrophe.
no politician who votes to raise the debt limit will ever get my vote.
The doomsday prediction that our debt will get the better of us has been reinstated by Politicians- particularly Republicans- for decades. I agree that not addressing spending is a problem. I also think that trying to solve all of our spending problems via cutting spending is unrealistic. There needs to be both spending reductions and tax system overhauls.
But I digress. Not allowing the debt ceiling to rise would almost undoubtedly have an immediate impact on the economy. That versus something that is more of an economic theory.
The doomsday prediction that our debt will get the better of us has been reinstated by Politicians- particularly Republicans- for decades. I agree that not addressing spending is a problem. I also think that trying to solve all of our spending problems via cutting spending is unrealistic. There needs to be both spending reductions and tax system overhauls.
But I digress. Not allowing the debt ceiling to rise would almost undoubtedly have an immediate impact on the economy. That versus something that is more of an economic theory.
tell ireland, greece, and portugal its just economic theory. following them will be spain, italy, england, then the euro will collapse.
there will be an impact but it will be better to do it now than allow the debt to grow. the good news is that i think this will all be coming to fruition much sooner than the general public expects, so the debt wont really be able to grow more than a couple trillion anyway.
it may make some sense to increase the debt ceiling if there were real cuts in the budget. this spending reduction should be planned out and done right. you cant really cut the military 50% overnight, but you should develop a plan to. but no politician will plan to make cuts, so you have to take away their power to spend.
one funny thing happening now is that democrats voted against raising it while bush was in office and obama talked about what a bad idea it was, and now they are forced to backtrack and say that was a mistake because they need it increased.
2 possibilities...
1. it is hilarious and hypocritical as you pointed out.
2. they truly changed their mind (which i believe is possible for politicians to do without being hypocritical, but not in this case)
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