Obama says: "Raising the Debt Ceiling...Does Not Increase Our Debt"

reply to post by Crakeur


Just thought of a political ad ATS can do during the next election, lol. Simply have a black screen and then flash pictures of the people in government on the screen with the words "Would you trust these people to balance your check book?".

Crakeur
Technically, he's right. Raising the debt ceiling does not raise the nation's debt. It does, however, give our government the ability to borrow more which does raise the debt.

Either he thinks the public is dumb enough to buy his drivel or he's so freaking stupid that he actually thinks what he said is right.

The majority of the public are ignorant enough to buy it. He is wise enough to know it.

Even Obama said it's unpatriotic !!!

On July 3, 2008 -- the day before Independence Day -- Barack Obama said that adding $4 trillion in debt was irresponsible and "unpatriotic.

Obama: The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.

Obama says adding $4 trillion to debt is unpatriotic

N-I-C-E !!!

reply to post by xuenchen


you clearly don't have a firm handle on Obamath.

4 trillion in debt is bad but increasing that number would actually be a good thing. It's tricky math and would take too many pages of numbers to show you, via the equation, how it works but, in the end you get 0.

0 being the value of the US economy


Obama, however, saw the 0 and thought that by increasing the ceiling which allows him to borrow more, he will get to 0.

reply to post by xuenchen


I thought the economy was improving........ Why would we need to raise the debt limit then? Maybe it's all smoke and mirrors. Nah, the Fed will just keep printing more money, everything will be fine. Hey the Stock Market is at an ALL TIME HIGH because of it. What could possibly go wrong with that????

reply to post by pavil


the economy is improving so much much that the fed opted to continue the bond buybacks because "the economy isn't ready" for the stimulus taper.

The political machine has resorted to pathetic contradictions, and outright lies, in every aspect of our society.

Amazing how the federal government can continue to lie about debt as well as Obama.Last time I checked when you keep buying and spending money on items but you never paid off other expensive items the more debt you have.
So according to Obama I can raise my own debt ceiling limit in my house and spend more money before I pay off other items in my house and debt never accumulates ever.

Crakeur
reply to post by pavil

 

the economy is improving so much much that the fed opted to continue the bond buybacks because "the economy isn't ready" for the stimulus taper.

The political machine has resorted to pathetic contradictions, and outright lies, in every aspect of our society.

Watch for the signs of a sell off or probably even more, evidence of massive option buying, that will be the sign the trigger is about to be pulled. That way, TPTB can profit even as everything goes down the drain.


Here's a Link to track options volume. Options Trading Volume

Then the obvious, and simplest reply is, then why bother, we don't need to do it. So, no.

Well yeah raising the debt ceiling doesn't cause more debt. But if you raise it then obviously more debt can be gained if you borrow more money. And if your going to raise the debt ceiling, then it looks like your going to end up borrowing more money. There's no point raising it if you don't intend to borrow more money.

Looks like the capital hill dumbies want to start creating even more debt than we already have. Here's an idea, maybe you should focus on trying to get rid of the debt we have, rather than try to raise the debt ceiling. Because we all know that means it's just going to result in further debt.

reply to post by Libertygal


The simplest and easiest solution at this point would be no debt restrictions... Let them collapse the whole system, they are only kicking the can down the road now, postponing the inevitable. The sooner it happens the sooner we can rebuild and restructure. Start over.

Give em a blank check, spend until they can spend no more. Give every man woman and child $1,000,000 while you're at it.

Life will be grand for a brief time...

reply to post by ausername


on the contrary, money will be worthless. they can give you a million dollars and you might be able to buy some stale bread and old milk.

no, they need to do the opposite. they need to stop borrowing, cut costs, stop excess spending, stop wasting our money overseas trying to protect and aid countries that don't want, or deserve it. they need to stop paying themselves, stop paying money into their own pensions, stop funding their overpriced benefits and, once they right the ship, they can start raping the system again, hopefully, with better control of the abuse.

look at like a single family, rather than a country. they have credit cards to help cover their bills. they run them up and can't afford the payment so they take out another card to pay the minimum balance on the old card. they keep doing this and then, suddenly, this family has ten maxed out credit cards. Eventually, they run out of credit cards and wind up homeless, committing crimes to survive, dead or in jail.

that's the path our administration is taking us down.


At some point, every parent learns to cut the cord and let their children fend for themselves. This is one of those moments. The gov't needs to have their lifeline revoked so that they can acutally fix the mess, instead of moving it into a larger bowl with more room for slop.

reply to post by Crakeur


I was being sarcastic. You and I and many other fiscally responsible thinking Americans know what needs to be done to fix this... But let's be realistic and accept that it isn't going to happen. There really is only one way this can end ultimately.

Why postpone it?

strings0305


If you want to rally against spending, go for it. But I'm sure everyone here knows what happens when you don't pay a credit card bill... Your credit rating goes down. Not raising the debt ceiling is the same thing as not paying off your credit card when it comes to the national debt. Sure, next month you can spend less. But RIGHT NOW, it needs to be paid.

When you don't pay the Credit Card bill...your credit rating drops...and you owe more money at a higher interest rate than you did before...

The GOP are looking to INCREASE the debt when they refuse to raise the Debt Ceiling.

And for those that ask...Why is it a ceiling? Why Does it need to be raised? Because the money was ALREADY SPENT through legislation that the GOP dominated house passed! They hold the purse-strings! Now they don't want to pay the bills...That is why every rational member of Congress ...PLUS the Business World...are asking the GOP WTF??? The last "continuing resolution"...rather than an actual bill, cost us a credit downgrade and kicked the economy in the balls...hiring slowed, GDP skipped a beat etc. HERE they go AGAIN...

This isn't a partisan issue...it's basic economics!..Think the Chamber of Commerce are Liberals??????

Business leaders to GOP: No more debt limit hostage taking!

the head of the powerful U.S. Chamber of Commerce called on Republicans to stop using the threat of default to get the spending cuts they want.

www.washingtonpost.com...

reply to post by Indigo5


How do we get our National Government spending in line with revenue we take in?????

I think we all would agree that we need to trim spending to achieve that. We can carry some national debt, but to do it for as long as we are, at the levels we do, is just asking for trouble, do you agree?

I hate to be the bearer of bad news, but this "recovery" will soon run out of energy, if history is any indicator. What happens then?

reply to post by Crakeur


One other thing, when we fall, we will take the rest of the world down with us.

Depending on perspective that can be both as good and bad for them as well.

The reason that all of the fixes in washington, by the fed, congress etc. Are always temporary, short term patch solutions is because they all know the inevitable outcome. None of them want it to happen on their watch... Keep kicking the can, exploit the system as much as possible and hope to hold off the inevitable until it's the next guy's problem.

That is why.... It is inevitable.

Crakeur
reply to post by xuenchen

 

you clearly don't have a firm handle on Obamath.

4 trillion in debt is bad but increasing that number would actually be a good thing. It's tricky math and would take too many pages of numbers to show you, via the equation, how it works but, in the end you get 0.

0 being the value of the US economy


Obama, however, saw the 0 and thought that by increasing the ceiling which allows him to borrow more, he will get to 0.

I'll help you with that math...

Spending bills originate in the HOUSE OF REPRESENTITIVES...thus that strange HR at the beginning of spending bills.

The House of Representatives is controlled by the GOP.

They racked up the bills...now they want to demand to repeal Obamacare which was democratically passed by the House of Representatives and they want Immediate Approval of the Keystone XL Pipeline or they will DEFAULT on the BILLS THEY RACKED UP.

The Spending DEFICET is actually FALLING and has been for a while now.

BUT when the GOP threatens to not pay their own bills...the economy suffers as does the Full Faith and Credit of The United States of America...which means the USA pays MORE interest on the debt it already has...and it collects less tax revenue because GDP and Hiring takes a hit...and that is all before we discuss the impact on average families that bear the brunt of hiccups in the economy.

The last time the GOP threatened Defautl


Last debt ceiling debate indicates more economic hurt likely as another fight looms
articles.washingtonpost.com...

reply to post by ausername


I know you were. I was merely pointing out the insanity of the lies they tell.

reply to post by Crakeur


It's not insanity as much as it is self preservation for the parties involved. Please see my previous new post and you may better understand my point.

That's the kind of remarks you get when an unqualified man gets elected.
He has no clue how to fix the economy and doesn't seam to want any help.
Only three more years! Hope we can last that long...