Page 7 of 17 FirstFirst ... 56789 ... LastLast
Results 61 to 70 of 167

Thread: Boehner abandons goal of $4 trillion debt-reduction package

  1. #61
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-11-17 @ 05:51 PM
    Gender
    Lean
    Moderate
    Posts
    9,763

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by ZIRP4EVA View Post
    What we have is Obama (and the Dems) exploding spending since 2007. Now he wants to ride in as a knight in shining armor to claim credit for cutting half the projected deficits over the next 10 years that his budgets have created.
    So, let me get this straight...

    Budget negotiations are the responsibility of Congress. GOP leadership insist that the President should get involved since talks were getting anywhere. So, the President delegates the VP to host negotiations on behalf of the Executive. When talks fall through because Cantor and Kyl walk out of negotiations, the GOP again insists that the President needs to get involved. Now that he has AND the GOP leadership gets deficit reduction figures well above where they said they wanted them - at least $1 TRILLION dollars per their Pledge to America (see top of page 3) NOT to mention the +$1 BILLION in spending cuts they already attained during negotiations for both the FY2010 AND FY2011 budgets (see first paragraph, page 11) - suddenly that figures aren't good enough -- or rather it's not "workable" because it contains the elimination of tax subsidies!!

    Boehner and the Reps need to make this as painful as possible for the president. Especially given the fact that Obama has ignored his own deficit comittee recommendations. This is kubaki theater at its finest.
    For once, I hope the GOP gets its way. I hope the debt ceiling isn't raised so that the American people can see just how cowardly, just how dangerous and just how unpatriotic they are. The GOP claims "they're listening to the American people." Well, the People are demanding that Congress work together to find common sense solutions to our nation's debt and deficit problems. And when prominent economist say that not raising the debt ceiling could have catostrophic effects not just on our national economy but the global economy as well and the GOP had the opportunity to put the economy on a more stable footing yet (so far) they balk!!!....


    UN-FREAKIN-REAL!!!

  2. #62
    Banned
    Join Date
    Jun 2010
    Last Seen
    05-06-12 @ 11:12 PM
    Lean
    Other
    Posts
    9,800

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Boehner: Selfish, Partisan and Just Plain Bullheaded (per Ronald Reagan) - Leonard Burman - The Impertinent Economist - Forbes

    John Boehner says that the debt is a terrible problem, but he’s willing to add $2 trillion to the debt to avoid tax increases. The Dems reportedly offered $3 of spending cuts for every $1 of new taxes, but the GOP apparently can’t abide any new revenues.

    Republicans claim that new taxes would hurt the economy. Possibly, although raising taxes on the rich and closing loopholes is probably the least damaging way to raise revenues. And the GOP has no problem slashing spending right now, even though that’s sure to slow down the recovery. A short-term economic stimulus as part of long-term debt reduction would be the best course. (I laid out one option to accomplish this on this blog.) And, of course, Republicans in Congress are apparently willing to let the government hit the debt ceiling in early August, even though the consequences of a sudden stop in government spending could be disastrous. So maybe the economy is not their prime concern.
    <sarcasm> Gee. Ya THINK?!? </sarcasm>

  3. #63
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-11-17 @ 05:51 PM
    Gender
    Lean
    Moderate
    Posts
    9,763

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Here's an opinion piece from WashingtonPost.com that outlines the 5 Myths about the Debt Ceiling and puts the issue in perspective. Of significant importance are myths 1, 3 and 4:

    1. The debt limit is an effective way to control spending and deficits.

    Not at all. In 2003, Brian Roseboro, assistant secretary of the Treasury for financial markets, explained it best: “The plain truth is that the debt limit does not affect the deficits or surpluses. The critical revenue and spending decisions are made during the congressional budget process.”

    The debt ceiling is a cap on the amount of securities the Treasury can issue, something it does to raise money to pay for government expenses. These expenses, and the deficit they’ve wrought, are a result of past actions by Congress to create entitlement programs, make appropriations and cut taxes. In that sense, raising the debt limit is about paying for past expenses, not controlling future ones. For Congress to refuse to let Treasury raise the cash to pay the bills that Congress itself has run up simply makes no sense.

    Some supporters of the debt limit respond that there is virtue in forcing Congress to debate the national debt from time to time. This may have been true in the past, but the Budget Act of 1974 created a process that requires Congress to vote on aggregate levels of spending, revenue and deficits every year, thus making the debt limit redundant.

    3. Financial markets won’t care much if interest payments are just a few days late — a “technical default.”

    Some Republicans believe that bondholders know they will get their money eventually and will understand that a brief default — just a few days — might be necessary to reduce future deficits. “If a bondholder misses a payment for a day or two or three or four,” Rep. Paul Ryan (R-Wis.) told CNBC in May, “what is more important [is] that you’re putting the government in a materially better position to be able to pay their bonds later on.”

    This is nothing but wishful thinking. The bond-rating agencies have repeatedly warned that any failure to pay interest or principal on a Treasury security exactly when due could cause the U.S. credit rating to be downgraded, which would push interest rates up as investors demand higher rates to compensate for the increased risk.

    J.P. Morgan recently surveyed its clients and asked how much rates would rise if there was a delay in payments, even a very brief one. Domestic investors thought they would go up by 0.37 percentage points, but foreign buyers — who own close to half the publicly held debt — predicted an increase of more than half a percentage point. Any increase in this range would raise Treasury’s borrowing costs by tens of billions of dollars per year.
    THIS IS THE PRIMARY STICKING POINT TO THE DEBT CEILING DEBATE!!! Remember: Foreign investors (China) owns a large portion of our national debt. Furthermore, I'm willing to bet that much of our recent private investments via the Dows, NASDAQ and NYSE are majority foreign investments. Think of how those private investments along with interest rates on the U.S. bond market would have on our national economy?

    4. It’s worth risking default on the debt to prevent a tax increase, given the weak economy.

    While Republicans’ concerns about higher taxes are not unreasonable, most economists believe that any fiscal contraction at this time would be dangerous. They note that a large cut in spending back in 1937 brought on a sharp recession, which undermined the recovery the country was making after the Great Depression.

    Republicans respond that tax increases are especially harmful to growth. However, they made the same argument in 1982, when Ronald Reagan requested the largest peacetime tax increase in American history, and again in 1993, when Bill Clinton also asked for a large tax boost for deficit reduction. In both cases, conservative economists’ predictions of economic disaster were completely wrong, and strong economic growth followed.
    The way I see it Republicans would be walking away from the best deal they've had in a long time where spending cuts AND debt/deficit reduction measures are concerned. But their stern partisanship is getting in the way of making significant progress.
    Last edited by Objective Voice; 07-10-11 at 06:24 PM.

  4. #64
    Professor
    finebead's Avatar
    Join Date
    Dec 2009
    Location
    Houston
    Last Seen
    Yesterday @ 10:19 AM
    Gender
    Lean
    Independent
    Posts
    1,558

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by Objective Voice View Post
    4. ... However, they made the same argument in 1982, when Ronald Reagan requested the largest peacetime tax increase in American history, and again in 1993, when Bill Clinton also asked for a large tax boost for deficit reduction. In both cases, conservative economists’ predictions of economic disaster were completely wrong, and strong economic growth followed..
    Reagan did not pass a tax increase, he passed a tax cut in 82. But Paul Volker, fed chairman at the time, who was appointed fed chairman by Jimmy Carter in 1978 (and retained by Reagan), was raising interest rates in order to kill high inflation which was running at 6 - 10% a year. High interest rates killed the economy and produced a severe recession, which was the correct prescription for such high inflation. Can anyone envision a fed chairman intentionally causing a recession these days? Not on your life. Now some attribute all the good things that happened to the economy in the late 80's to Reagan's tax cuts, but I do not. An economy is a complex system, driven by many factors. The death of inflation (shepherded by Volker, a Carter appointee), oil prices falling from 35 a barrel in the late 70's to 10 a barrel by the late 80's (due to increased drilling and fleetwide mandated fuel efficiency standards), and the adoption of the personal computer by industry in 1981 at the intro of the IBM Personal Computer (along with Visicalc, Lotus123, and WordPerfect which revolutionized industry and productivity).

  5. #65
    Banned
    Join Date
    Jun 2010
    Last Seen
    05-06-12 @ 11:12 PM
    Lean
    Other
    Posts
    9,800

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Color me crazy *Yeah, I know* but I think Tuesday we should all go vote for which debt package we want. Whatever we decide, they have to accept.

  6. #66
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-11-17 @ 05:51 PM
    Gender
    Lean
    Moderate
    Posts
    9,763

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by finebead View Post
    Reagan did not pass a tax increase, he passed a tax cut in 82. But Paul Volker, fed chairman at the time, who was appointed fed chairman by Jimmy Carter in 1978 (and retained by Reagan), was raising interest rates in order to kill high inflation which was running at 6 - 10% a year. High interest rates killed the economy and produced a severe recession, which was the correct prescription for such high inflation. Can anyone envision a fed chairman intentionally causing a recession these days? Not on your life. Now some attribute all the good things that happened to the economy in the late 80's to Reagan's tax cuts, but I do not. An economy is a complex system, driven by many factors. The death of inflation (shepherded by Volker, a Carter appointee), oil prices falling from 35 a barrel in the late 70's to 10 a barrel by the late 80's (due to increased drilling and fleetwide mandated fuel efficiency standards), and the adoption of the personal computer by industry in 1981 at the intro of the IBM Personal Computer (along with Visicalc, Lotus123, and WordPerfect which revolutionized industry and productivity).
    Maybe you should review this thread, as well as this exerpt from the book, "Making Economic Sense - Chapter 12 - Keynesianism Redux":

    The triumph of Keynesianism within the Reagan Administration stems from the rapid demise of the monetarists, the main competitors to the Keynesians within respectable academia. Having made a series of disastrously bad predictions, they who kept trumpeting that "science is prediction," the monetarists have retreated in confusion, trying desperately to figure out what went wrong and which of the many "M"s they should fasten on as being the money supply. The collapse of monetarism was symbolized by Keynesian James Baker's takeover as Secretary of the Treasury from monetarist-sympathizer Donald Regan. With Keynesians dominant during the second Reagan term, the transition to a Keynesian Bush team--Bush having always had strong Keynesian leanings--was so smooth as to be almost invisible.
    Care to rethink your position?

  7. #67
    Banned
    Join Date
    Jan 2011
    Last Seen
    07-25-13 @ 08:55 AM
    Lean
    Undisclosed
    Posts
    1,951

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by BDBoop View Post
    Color me crazy *Yeah, I know* but I think Tuesday we should all go vote for which debt package we want. Whatever we decide, they have to accept.
    You already voted........and elected The Most Expensive President in history.....who as sitting Kenyan Tyrant will make all decisions for you.....

    Ryan Budget Gets 40 Votes in Senate, Obama Budget Gets 0 | The Weekly Standard

    Ryan Budget Gets 40 Votes in Senate, Obama Budget Gets 0.
    .
    .
    .
    .

  8. #68
    Sage

    Join Date
    Sep 2010
    Last Seen
    Today @ 06:59 PM
    Lean
    Undisclosed
    Posts
    89,827

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Badmutha - is there any way we can advocate to get you wider exposure? A spot on a national radio show - or even better your own show on TV would be excellent. I would very much love to see you get that opportunity to espouse these opinions to the widest possible audience.
    __________________________________________________ _
    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

  9. #69
    Outer space potato man

    Join Date
    Feb 2010
    Last Seen
    Today @ 07:05 PM
    Gender
    Lean
    Undisclosed
    Posts
    51,783

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by Badmutha View Post
    You already voted........and elected The Most Expensive President in history.....who as sitting Kenyan Tyrant will make all decisions for you.....

    Ryan Budget Gets 40 Votes in Senate, Obama Budget Gets 0 | The Weekly Standard

    Ryan Budget Gets 40 Votes in Senate, Obama Budget Gets 0.
    .
    .
    .
    .
    People are still pushing this "Obama budget got zero votes" thing?

    You need to stay away from crappy news sources, all the real news organizations reported the rest of that story. Obama's budget was voted down because a different deal had already been pushed by the time the vote came up, a stronger attempt at cutting the deficit.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

  10. #70
    Tavern Bartender
    Constitutionalist
    American's Avatar
    Join Date
    Mar 2006
    Location
    Virginia
    Last Seen
    Today @ 12:03 PM
    Gender
    Lean
    Conservative
    Posts
    76,301

    Re: Boehner abandons goal of $4 trillion debt-reduction package

    Quote Originally Posted by Objective Voice View Post
    Here's an opinion piece from WashingtonPost.com that outlines the 5 Myths about the Debt Ceiling and puts the issue in perspective. Of significant importance are myths 1, 3 and 4:



    THIS IS THE PRIMARY STICKING POINT TO THE DEBT CEILING DEBATE!!! Remember: Foreign investors (China) owns a large portion of our national debt. Furthermore, I'm willing to bet that much of our recent private investments via the Dows, NASDAQ and NYSE are majority foreign investments. Think of how those private investments along with interest rates on the U.S. bond market would have on our national economy?



    The way I see it Republicans would be walking away from the best deal they've had in a long time where spending cuts AND debt/deficit reduction measures are concerned. But their stern partisanship is getting in the way of making significant progress.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

Page 7 of 17 FirstFirst ... 56789 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •