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Darkmask
People just don't get it. There is no debt. The money that is owed is worthless. its just an idea. Its not backed by anything of worth. Switch currencies, stop printing federal reserve notes, problem solved. It really can be that simple.
abacus10
NO THEY DID NOT VOTE FOR DEFAULT, THEY VOTED FOR ZERO INCREASE IN THE DEBT CEILING.
The ONLY long term solution is for Obama to stop squandering cash and balance the budget, but it is one that he refuses to consider even to exist.
Krazysh0t
reply to post by Indigo5
Wait, Obama hasn't passed a budget his entire Presidency and you are blaming this on the Republicans? Ok you need to stop with the dishonesty now. Obama presided over a supermajority at the beginning of his presidency and he STILL didn't pass a budget. So seriously stop.
tinyDAWK
reply to post by Indigo5
Default is the only way. Good for them (thumbs up emot)
JWB408
If you are not an Economist, then don't make statements about Default. Have you crunched all the numbers? Done your research? Do you know all the language of the constitution, and how this relates to paying our bills? Probably not!
News flash...WE ARE BROKE AND ARE ONLY PRINTING MONEY TO KEEP THIS WHOLE GAME AFLOAT. Your Democrats can't save you from all the social spending that THEY have done(Detroit ANYONE....oh wait, that was Bush's fault). That is what is going to bring the US to it's knees......UNFUNDED LIABILITIES!!!!
greencmp
reply to post by Indigo5
If only there were more, I tip my hat to the brave few who seek to face the music, lance the boil and begin our national healing.
hounddoghowlie
never understood how people think that, incurring more debt helps to get you out of debt.
and attack those who say, you can't barrow yourself out of debt.
go to your creditors and tell them that you want to raise your debt, with out enough income or assets to cover what debt you already have.
jimmyx
tinyDAWK
reply to post by Indigo5
Default is the only way. Good for them (thumbs up emot)
i think this is a treasonous concept...to throw the U.S. and all of it's citizens into such a financial collapse, is a threat made most often by our enemies, and should not be taken seriously or given any consideration by an American citizen.
although there are problems with controlling our debt, there are reasonable solutions that would not destroy the living standards of hundreds of millions of people. this type of simple-minded logic is destructive to any discussion of this magnitude concerning the finances of America
Liberal1984
Seems 90% on this thread are celebrating the destruction of America, not because they are educated and actually want that, but because a little knowledge is a dangerous thing...
Surely those who voted for default are a threat to America? Because had they caused the U.S to default on it's debt repayment the cost of U.S borrowing (all money raised from issuing bonds) would have rocketed because that's what investors to do any bond issuer, developing a history of not repaying their bond debt.
Unfortunate Fact Is...
Had the U.S defaulted for even only a few weeks, the cost of borrowing would increase to the point where the amount of money paid-out in bond interest would rise to the point where America could not borrow any more money.
If America could only spend what it earns, it would be in a situation like Greece but worse (as that country still doesn't live within it's means).
What happened with Greece is it's government debt (bond) investors grew worried the Greek government would default on the cost of borrowing. This resulted in the Greek government cutting spending in order to live within their means, but that caused their economy great damage as it had long grown addicted to government borrowing. This damage, in turn increased investors risk that Greece would default.
Greece has a saviour in the form of the EU, America has a saviour called the dollar being the world's Reserve Currency -it's printing press being happily located in the Federal government which invests on behalf of American government.
Providing America does not default America will not experience a fraction of the suffering compared with what happens if it does. The only way out of America's present predicament is to gradually reduce spending by making the rate of increase in government spending, lower than the rate of increase in tax revenue. This can be started at almost any time, by any government.
Krazysh0t
reply to post by Indigo5
You should clarify where the economic indicators are coming from. Left wing news sites and the White House. I'm sure they are anxious to downplay the lull in the recovery any way they can. Once you peal back the rhetoric, you see that the numbers aren't so great after all. Like that most new jobs are in the service sector, are part-time, and close to minimum wage; like the Stock Market being at an all time high, but that is only because of QE infinity; or housing prices climbing again, but that is only because banks are keeping large inventories of houses off of the market.
Of course if you weren't so blinded by your party loyalty, I wouldn't have to point this out to you. You'd already be aware that Obama is a habitual liar and obscures the truth all the time. I mean why else would the White House be touting the success of Obamacare due to the number of people signing up at Healthcare.gov, but at the same time be steadfastly refusing to release actual enrollment numbers?
Bringing Accountability to the Budget Process
Is the President responsible for federal spending? Certainly he--or perhaps sometime she--proposes a budget to the Congress. But according to Article I, Section 9 of the Constitution, "No money shall be drawn from the treasury, but in consequence of appropriations made by law." Ultimately, then, the executive branch cannot spend a dime that has not been voted on by the U.S. Congress.