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Thread: Obama says he cannot guarantee Social Security checks will go out on August 3

  1. #451
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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by Jeezy View Post
    Raising the interest rate? Yes.

    Make it a little harder to pay back the debt? I guess.

    By leaps and bounds? No.

    As it stands, interest payments represent a pretty small part of receipts. There'd have to be a truly massive global US bond dump for it to be a big problem....and there won't be.
    If we default and interest rises .6% (as it did in 1979), that would result in approximately another $88 Billion per year. Compound that and you have added another $1 trillion-plus to the national debt.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by FilmFestGuy View Post
    If we default and interest rises .6% (as it did in 1979), that would result in approximately another $88 Billion per year. Compound that and you have added another $1 trillion-plus to the national debt.
    A fraction of what the wars are costing. A fair trade if you ask me.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by 1Perry View Post
    A fraction of what the wars are costing. A fair trade if you ask me.
    The point is: you can't lower the national debt by defaulting on our payments. You expand it.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by Goldenboy219 View Post
    To get an insight of how before his time Keynes really was, i would read Chapter 21 of "The General Theory of Employment, Inflation, and Money."

    Both neo-classical and Keynesian's have similar views on monetary policy except for things like the existence of a liquidity trap.
    You mean the chapter where he talks about the quantity theory?

    I guess.

    What came out in the late 70s and 80s had some subtle differences...especially considering what mainstream Phillips-Curve Keynesians were suggesting by that point.
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    Thanks for your awesomeness, Jeezy.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by FilmFestGuy View Post
    If we default and interest rises .6% (as it did in 1979), that would result in approximately another $88 Billion per year. Compound that and you have added another $1 trillion-plus to the national debt.
    a. You know what else increases interest payments on your debt? Higher debt.

    b. We won't default.

    c. Which interest rate in 1979 are you referring to? Because the federal funds rate went up by a lot more than .6% in 1979.

    d. Our annual...annual tax receipts are in the trillions.

    Quote Originally Posted by Goldenboy219 View Post
    I guess it all depends on whether the dollar weakens or strengthens from technical default?!?! Since the debt we are talking about is in dollar terms, paying back fixed amounts in weaker (inflated) dollars would make things easier for those in hock. But, then again economic activity would tank instantanously, thereby reducing reducing real national income(s).

    You would think a default would lead to a general price increase...... But...

    You would think that tens of trillions of dollars of debt would not allow a general increase in prices when people are out of work in hordes...
    I mean...all of those things should, in theory happen. The question I guess is which happens longest? I don't think there would be a long-term bite out of real income but...I don't know. The market is a funny thing.
    Last edited by Jeezy; 07-15-11 at 04:14 PM.
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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by FilmFestGuy View Post
    The point is: you can't lower the national debt by defaulting on our payments. You expand it.
    The fact is, there is absolutley no reason we would default on our payments.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Quote Originally Posted by 1Perry View Post
    The fact is, there is absolutley no reason we would default on our payments.
    And, we must change the tax and spend mentality of Congress. This is an imperative.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    Catch me if you can.

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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3

    bombshell, baby!

    rahm the ram does his very own AIR TRAFFIC CONTROLLERS moment in windy, hard shouldered CHICAGO

    Mayor Rahm Emanuel is sending layoff notices to about 625 city of Chicago employees — and delaying 61 blocks of curb and gutter improvements and 76 blocks of sidewalk repairs — after union leaders didn’t agree to work-rule changes the mayor wants or offer alternate ways to cut costs by a deadline Friday.

    “My duty as mayor is to protect our city’s taxpayers and be their voice — not to protect the city’s payroll,” Emanuel said at a City Hall news conference Friday. “No amount of smoke and mirrors can put off the tough decisions any longer.”

    The layoffs — which Emanuel said will save roughly $12 million — target 75 percent cut of the Chicago Department of Transportation’s “seasonal” workforce, as well as custodians at O’Hare Airport, Midway Airports and the city’s public libraries; and workers who run the city’s water-bill call center and manage city benefits.

    The transportation department layoffs will be begin immediately. As a result, city curb and gutter repairs are being put off until next year.

    Custodial services, benefits management and the water-bill call center will be privatized after 30- and 45-day layoff notices go out.

    “I recognize that the workers affected here are people with families to support and bills to pay, and they are going to be cast into an economy that is scarce on jobs,” Emanuel said. “But there are millions of hard-working families across the city who are trying to pay bills every day, get their kids to school every day or in camp. They’re trying to make ends meet on a paycheck that may run out by the end of the month. Those are the people [who] pay the bills [and] that expect the services.”

    Emanuel’s decision to pull the trigger on layoffs escalates a high-stakes standoff with organized labor that is only in Round One.

    Even more concessions or layoffs will be needed to erase a $700 million operating shortfall in the city’s 2012 budget — and $500 million more when unfunded pension liabilities are factored in.
    Emanuel sends layoff notices to city workers in union showdown - Chicago Sun-Times

    surprised?

    is there any way barack the slasher is NOT following these developments in his home town?

    do you think maybe he still talks to the ram sometimes?

    i wonder what advice that ruthless pragmatist would suggest?

    hey, barry, call rahm

    fyi, the governor of dark blue connecticut had a very similar atc-like experience with his unions in june

    Union Deal Defeated; Gov. Dannel P. Malloy Pledges To Cut Close to 7,500 State Workers - CTnow

    afscme rejected dan malloy's "savings and concessions" reform

    so he FIRED em---ouch

    these DEM governors can be RUTHLESS

    THEY can get away with slapping down their soviets in ways folks like me might only read about

    party on, peeps

  10. #460
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    Re: Obama says he cannot guarantee Social Security checks will go out on August 3



    I guess this explains the difficulty in getting the debt ceiling raised.
    Silent sobs
    Invisible tears
    Life enveloped
    in unspoken fears.

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