My credit card should have infinity credit limit!

I called the bank today after reading a story from Reuters.

Seems that if Obama is trying to pass legislation to give his administration an unlimited credit limit (by abolishing the debt ceiling) then we should all have one also!

The Obama administration's opening bid on Thursday in negotiations to avert a year-end fiscal crunch included a demand for new stimulus spending and authority to unilaterally raise the U.S. borrowing ceiling, a Republican congressional aide said.

So spend your heart out America! It's a new day! A new dawn! Spend then don't worry about paying it back! We'll get some rich SOB to pay the bill!

(mods, if you feel that this belongs in Rants, then I will be angry and yell at lawn furniture)

reply to post by beezzer


Bravo!! I felt the same way when I read about O's new quest for unlimited power to raise the ceiling. The logic is defying.... It's only money right? To think he now wants a Trillion dollar bailout for those delinquent on their student loans while at the same time the number of those taking out loans (93% from the govt) is at an all time high. Message to them down the road, don't worry about paying back your debt in the future the taxpayers will just take care of it for you.

We are at a very dangerous crossroads right now..... Welcome to Bizzarro world!!

Spend away Beez... spend like there is no tomorrow... I think Obama should just bail us all out. How foolish was I back in the day to think that it was more important to pay off my student loans Before I bought a house that is now worth less than I paid. Wow!!!

reply to post by jibeho


Between my wife and I, this is the first year that we have ever bought a flatscreen tv!

But why stop at student loans?

Home loans?

Oh wait. . . . . isn't giving everyone "loans" to begin with, the thing that caused the problem we're in now?

Silly me.
spendspendspend!

Wonderful idea I am off to shop till I drop and then when we get the bill with 26 % interest tacked on I am sure to drop big time.
Thanks for bringing this information to the table and it is very worrisome to say the least.

Regards, Iwinder

I owe my brother 30$.

Thats plenty of debt for me, Im still worried about paying that measly sum back.

Originally posted by Iwinder
Wonderful idea I am off to shop till I drop and then when we get the bill with 26 % interest tacked on I am sure to drop big time.

Thanks for bringing this information to the table and it is very worrisome to say the least.

Regards, Iwinder

It's the first step to what will be a progressive nation.

An Obamanation.

Originally posted by muzzleflash
I owe my brother 30$.

Thats plenty of debt for me, Im still worried about paying that measly sum back.

Heck, I try to pay cash with everything. You should see the looks I get just by doing that!

Originally posted by beezzer

Originally posted by muzzleflash
I owe my brother 30$.

Thats plenty of debt for me, Im still worried about paying that measly sum back.

Heck, I try to pay cash with everything. You should see the looks I get just by doing that!

Same here for cash for everything, we have one credit card and the charge limit is very high but we only use it for gas because we get a 5% discount. (the wife works at the refinery)

I find it almost funny when I buy stuff and the last thing I bought was an outdoor extension cord (100 foot) some sand paper and a years supply of hep pa furnace filters.
Pulled out two hundred in bills to pay and the cashier looked awfully nervous just taking the money......LOL

Regards, Iwinder

reply to post by beezzer


Why do people think that raising the debt ceiling = spending?

I don't really understand. The Debt Ceiling is symbolic, it does not mean automatic spending. It just means that the government has now the option of spending said money in the budget as approved by Congress.

NOT raising the debt ceiling is effectively holding your economy hostage and is NONSENSE to anybody who understands economic policy and who is of moral and sound mind.

Yes cut spending, yes raise revenue. Don't allow the US to default on debt because it's politicians are TOO STUPID to do anything else.

~Tenth

Yeah tax the rich and all that lies then abolish the limit of the amount of money that can be spent which means no budget.

Tax and spend past 4 same the next 4 years are going to be when is that "majority" going to wake up and smell what is currently being shoveled?

They are not serious in fixing anything make the rich pay spend more decrease the "tax burden" on the middle class and make the rich pay for everything.

If it sounds like centralized government planning, and wealth redistribuition that's because it damn well is.

Originally posted by tothetenthpower
reply to post by beezzer

 

Why do people think that raising the debt ceiling = spending?

I don't really understand. The Debt Ceiling is symbolic, it does not mean automatic spending. It just means that the government has now the option of spending said money in the budget as approved by Congress.

NOT raising the debt ceiling is effectively holding your economy hostage and is NONSENSE to anybody who understands economic policy and who is of moral and sound mind.

Yes cut spending, yes raise revenue. Don't allow the US to default on debt because it's politicians are TOO STUPID to do anything else.

~Tenth

We are currently seeing sequestration, spending cuts (proposed) and the "fiscal cliff" where taxes are going up.

All of this is to reduce the deficit.

If we are doing all of this to reduce the deficit, then why are we need to increasing spending?

And why is spending being increased above the cuts, the tax raise, the sequestration?

Are there any cuts at all?

It appears to me that what we are seeing is a rise in spending. A rise in taxes. Am I missing something here?

Originally posted by tothetenthpower
reply to post by beezzer

 

Why do people think that raising the debt ceiling = spending?

I don't really understand. The Debt Ceiling is symbolic, it does not mean automatic spending. It just means that the government has now the option of spending said money in the budget as approved by Congress.

NOT raising the debt ceiling is effectively holding your economy hostage and is NONSENSE to anybody who understands economic policy and who is of moral and sound mind.

Yes cut spending, yes raise revenue. Don't allow the US to default on debt because it's politicians are TOO STUPID to do anything else.

~Tenth

Well every time the debt ceiling is raised they run up the debt right to the limit.

In my opinion only they spend what they are allowed and will never spend less.
If myself and the wife did that we would be out on our sorry asses toot sweet I say...
Mind you we are Canadian so forgive me if my lack of the spending habits of the US government are incorrect.

Regards, Iwinder

reply to post by beezzer

It appears to me that what we are seeing is a rise in spending. A rise in taxes. Am I missing something here?

Nope the current administration is taxing so they can spend more money.

same way here, we dont have a credit card
and dont want one.
our house is just over 1/2 paid for, and hoping to see
that fully paid off before to many years go by.

if we buy anything its cash or debit card, if i dont have the
money in the bank to cover it, i dont need it...

all these loans are just going to screw all of us over in the long run
that is the sad part, the ones of us that are being smart
and not going deep in debt will end up paying just like the rest.

when instead we should get a bonus for being smart.
*lol* heck they could do a stimulus for anyone that is less
than $100k in debt and i seriously doubt many would qualify.

our cars are not new and shiney (just got a deer with one 2 weeks ago)
but they do the job they were intended.. point a to point b safe and secure.

Although at times a new car would be nice... the cost of keeping old ones
up and running gets costly after a while, but i just cant bring myself to
take on the commitment for as long as cars are financed for now days.
Not to mention the prices of them.. $30K for a pickup truck...
kiss my what? i can buy a 80's truck, fully rebuild it and still have
$10K left over with crate motor and tranny for what they are asking,
and would have a more reliable vehicle.

Just cant justify going in debt for anything right now.. paying off as
much as we can.

My goal is to get debt free no house payments no car payments
only owe for power/heat phone and net.. then kick back and enjoy
life with a part time job.
But that is still a way's off with the house.

Obama is not asking for the ability spend without limit. I know it must be hard to read with your new eyepatch, but I'm sure you can comprehend the real context of the proposal....not the political rhetoric.

Why do people think that raising the debt ceiling = spending?

Because it is spending the debt ceiling limit is a law those geniuses created to set the amount of money they are legally allowed to spend,

Once they reach that limit they go and have another vote usually yes to spend more cash considering there is a massive tax revenue deficit they continually raise the amount they can not already pay for.

Then here comes the tax the rich mantra that supposedly is to offset the cost of that tax revenue deficit, but it doesn't cover it.

they keep spending adding to the debt that can't be paid for as it is even with the added so called tax the rich stupidity.

This country has a spending problem the debt ceiling limit was suppose to be a firebreak in that stupidity.

reply to post by beezzer


What?

A tax increase is a raise in revenue, not a raise in spending. When you give a tax CUT to people, you are reducing revenue and effectively increasing spending.

A tax cut is really a tax spend.

They don't explain it that way. Your country cannot afford tax cuts. You have the largest debt ever accrued in the history of the world, yet you all pay some of the lowest tax rates in the world. Do you see how that's a problem?

The fact is that the American people allowed their government to spend the US into bankruptcy, and now you are going to have to pay the piper for your apathy and general lack of interest in what's going on over the last 30 years.

Your cuts should come from entitlement programs and defense. Mostly defense, since you all have a standing army to combat an idea, which is nonsense as well, but that's another thread.

~Tenth

Originally posted by sheepslayer247
Obama is not asking for the ability spend without limit. I know it must be hard to read with your new eyepatch, but I'm sure you can comprehend the real context of the proposal....not the political rhetoric.

Are you saying that government spending wil decrease if the debt ceiling is eliminated?

Originally posted by tothetenthpower
reply to post by beezzer

 

What?

A tax increase is a raise in revenue, not a raise in spending. When you give a tax CUT to people, you are reducing revenue and effectively increasing spending.

A tax cut is really a tax spend.

They don't explain it that way. Your country cannot afford tax cuts. You have the largest debt ever accrued in the history of the world, yet you all pay some of the lowest tax rates in the world. Do you see how that's a problem?

The fact is that the American people allowed their government to spend the US into bankruptcy, and now you are going to have to pay the piper for your apathy and general lack of interest in what's going on over the last 30 years.

Your cuts should come from entitlement programs and defense. Mostly defense, since you all have a standing army to combat an idea, which is nonsense as well, but that's another thread.

~Tenth

With all above, I agree.
Which raises the quesion, why should we allow unlimited spnding?

If the administration has no intention of increasing spending, then why bother raising the debt limit?

reply to post by tothetenthpower


Actually they need to come from entitlement spending for instance that sacred cow called Social Security

A person pays 4% over 40 years their employers match that then difference is suppose to be offset by taxing the rich.

It doesn't people get more out of that system than they pay in to if at all which is what all entitlement spending is.

People are getting more out of that system that they return to it which has led to that massive debt.

Ponzi scheme in other words first in first out leave others holding the bag and sell lies as if taxation on a minority is going to solve anything.

From the horse own mouth:

Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

www.irs.gov...

This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

Meaning a person is paying less, and receiving more than they pay in to.