Default is not the problem. It is the only solution.
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re: Default is not the problem. It is the only solution.
Posted by BBONDS25 on 10/16 at 1:57 pm to Tigah in the ATL



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quote:

This would like cutting off your arms because you have cancer.


May want to think of another analogy. This isn't that unheard of.



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Posted by TrueTiger on 10/16 at 2:00 pm to zeebo
quote:

Future generations shouldn't pay for this


They won't.

When taxes cost so much that work is not worth it, they will simply quit.

At that point, its over. The government will be overthrown.



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Posted by SpidermanTUba on 10/16 at 2:02 pm to TrueTiger
quote:


At that point, its over. The government will be overthrown.



If you'd like this to happen sooner, you can cut welfare and entitlements and get rid of the public education system.



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Posted by TrueTiger on 10/16 at 2:41 pm to SpidermanTUba
quote:

If you'd like this to happen sooner


It appears that the only thing left to question is the timing.




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Posted by Tigerlaff on 10/16 at 3:18 pm to Powerman
quote:

We need to gradually reduce our spending and be fiscally responsible over the long haul

We're not going to get there overnight and it doesn't make sense to try to get there overnight.


I can't fuxking believe you think this could happen.



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Posted by Sentrius on 10/16 at 3:25 pm to Powerman
quote:

We need to gradually reduce our spending and be fiscally responsible over the long haul

We're not going to get there overnight and it doesn't make sense to try to get there overnight.


Said every politician ever for the last 30-40 years.

It's cute you think something like this is happening much less could happen.

Our politicians are in no way principled enough to do this. They don't have the balls to do this because they care about reelection more.



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Posted by RedStickBR on 10/16 at 5:52 pm to zeebo
quote:

We can't handle credit, and we are living high on the hog, with two "free lunch," political parties. One won't reign in entitlements, and one won't reign in defense.


Each still has significant reigning in to do, but don't forget that one of the parties recently did, much to everyone's surprise, agree for its respective "untouchable" to be cut. Don't you remember that long "s" word?



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Posted by RedStickBR on 10/16 at 6:02 pm to Powerman
quote:

The problem is you're also thinking short term We need to gradually reduce our spending and be fiscally responsible over the long haul We're not going to get there overnight and it doesn't make sense to try to get there overnight.


This makes the most sense on its face. Just as it makes sense for someone smoking 30 cigarettes per day to slowly and consistently reduce that consumption down to zero. But when the parties absolutely refuse to negotiate absent some massive threat to U.S. economic security, more extreme measures may be required, just as some nicotine addicts simply require a "stop cold turkey" approach.

You can easily measure how much spending to finance the national debt is sucking out of our budget. Interest on the national debt rose from roughly 5% of the budget in FY2010 to roughly 7% in FY2012. As long as that piece of the pie grows, there's less leftover for everything else, assuming we do actually want to take steps to address the problem (something that is not evident from all in Washington).


This post was edited on 10/16 at 6:03 pm

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Posted by RCDfan1950 on 10/16 at 6:27 pm to RedStickBR
That, RS, and the fact that the whole economic paradigm has changed. It used to be recession and recovery; does anybody think it'll ever be that way again. It takes EXPENDIBLE INCOME to spur demand, which ramps up the economy and jobs.

From here on in...two things can happen. One is HIGHER TAXES on WORKERS to pay for all the subsidies to non-workers. Which shuts down the possibility of recovery. Less income for Government.

OR...QE. Book it, China and the rest of the World aren't going to buy bonds like they did Fannie Mae, to support our slacker-entitlement lifestyle, while the value of our bonds go south. After the House showed that it won't control the purse...they learned a lot. So did I.

There is not a politician sucking air that wants the thing to crash on their watch. Other than Obama...who has delusional dreams of Authoritarian Utopia. They are going to PRINT and ALLOCATE. And it's just a matter of time before the workers lay down...because the fruits of their labor goes to somebody else.

Hell, for all practical purposes...we *defaulted* today. We acted in a way that devalued our credit, and our International credibility. We showed that the Constitutional mechanism that has been the base for our credibility...has been breached. By a COMMIE (Socialist lite-irl). This must be funny to the Chinese...but for that 1.3T they are holding.

Fascinating.




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Posted by Hurricane Mike on 10/16 at 7:08 pm to zeebo
A helluva lot more has been cut out of defense than what the Dem's agreed to cut in 2011


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Posted by RedStickBR on 10/16 at 8:22 pm to Hurricane Mike
Precisely, and life seems to be going on. Now let's put entitlements on the table. People give Europe crap for having high taxes, and in many instances it's warranted, but at least they have an infrastructure that isn't an overwhelming embarrassment to the rest of the developed world. At least they can walk outside, take note of the nice roads and well-developed public transportation system and know their tax dollars went to something. Let's stop needlessly spending on entitlements for votes and start spending more on things such as infrastructure and technological investment which actually impact our country's productivity. As Larry Summers recently said, adding 20bps to GDP growth would do more to address the deficit than any tax or spending cut could do. So if we're going to spend like reckless fools, let's at least do it on smart things. It's pathetic when 1 in 9 U.S. bridges is structurally deficient, when truckers are detouring 100s of miles because main highways can't support their loads, and when inner cities look like complete wastelands. Obama's squandering of the stimulus aside, let's encourage both sides of dysfunctional idiots to give the American people a return on their hard-earned tax dollar. And that could start with entitlement reform which, behind all the winks and nods, we all know is a system rife with immense abuse.


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