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Thread: Debt Crisis is Worse than we Think

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by upsideguy View Post
    Finally, someone at DP acknowledges this fundamental precept of economics. Cutting spending will cut jobs and cut tax revenues.

    And with a $1,500,000,000,000 current annual spending deficit any thoughts on not cutting spending will result in?


    (Hint: Moodys has already suggested a clue to the answer...)






    .


    “Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life.”

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    Re: Debt Crisis is Worse than we Think

    A Moodys chief economist also said;

    There is a danger in cutting too much too soon, according to Mark Zandi, chief economist at Moody's Analytics, who favors big spending cuts so long as they don't take effect for a few years.
    "I wouldn't add to cuts this year or next, given the fragile economy," Zandi said. "There is already plenty of restraint on the books."
    Doh! A bad time for spending cuts? - Jul. 11, 2011

    Spending cuts could trigger a second recession. That would not only be worse than getting a credit downgrade, but would lead to one anyway.

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Cole View Post
    And with a $1,500,000,000,000 current annual spending deficit any thoughts on not cutting spending will result in?


    (Hint: Moodys has already suggested a clue to the answer...)






    .
    You are either confused as to the issue or are deliberately trying to further confusion on the issue: cutting spending is not the issue. What Moody's wants us to do first is to increase the debt ceiling for a reasonable duration immediately. This be done with NO strings attached. Then, with the US once again acknowledging its obligation, Moody's would also like to see, in the not too distant future, a plan to reduce the deficit. Cutting spending can be a part of the deficit reduction plan, but it doesn't have to be the only part.

    The Republicans are the ones that have deliberately obfuscated the issue by making this look as if cutting expenditures was the issue.

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by upsideguy View Post
    You are either confused as to the issue or are deliberately trying to further confusion on the issue: cutting spending is not the issue. What Moody's wants us to do first is to increase the debt ceiling for a reasonable duration immediately. This be done with NO strings attached. Then, with the US once again acknowledging its obligation, Moody's would also like to see, in the not too distant future, a plan to reduce the deficit. Cutting spending can be a part of the deficit reduction plan, but it doesn't have to be the only part.

    The Republicans are the ones that have deliberately obfuscated the issue by making this look as if cutting expenditures was the issue.

    Don't think there is any confusion on my part. In the next few days there will be an agreement in Washington and the debt ceiling will be raised.

    And all indications are that in the coming months the credit rating of the U.S. will still get lowered. And the reason for the drop in rating is the out of control debt and continued deficit spending.




    .


    “Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life.”

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Cole View Post
    Don't think there is any confusion on my part. In the next few days there will be an agreement in Washington and the debt ceiling will be raised.

    And all indications are that in the coming months the credit rating of the U.S. will still get lowered. And the reason for the drop in rating is the out of control debt and continued deficit spending.
    .
    And the lowered rating will be the result of PAST spending and deficits. WRT future spending and deficits, Moodys' was clear; their rating will depend on cutting the deficit, not cutting spending.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Debt Crisis is Worse than we Think

    Here's a "companion" video to the article in the OP. It's called "Aftershock" by Bob Weidemer (based on the book of the same name) giving an interview outline the consequences of Congress not addressing entitlement reforms long ago and Wall Street screwing us. I think everyone should give this video a look.

    (Warning: Weidemer pimps his newsletters near the end of the video, but he spells out how we got to this point and the actions that need to be taken to avert a total economic collapse very clearly.)

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by sangha View Post
    Clinton was male, and the only president to get the budget in line with reality
    Who controlled Congress back then? The Republicans?

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Flyersfan314 View Post
    A Moodys chief economist also said;



    Doh! A bad time for spending cuts? - Jul. 11, 2011

    Spending cuts could trigger a second recession. That would not only be worse than getting a credit downgrade, but would lead to one anyway.
    Let's see,

    Deficit = bad

    Spending cuts = bad

    Let me guess, the only solution are tax increases and closing, "loopholes"?

    Niiiiiice spin on the facts.

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by apdst View Post
    Who controlled Congress back then? The Republicans?
    And yet, when the repubicans controlled the house, the senate AND the white house, they spent like mad, and increased deficits and doubled the national debt.
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by apdst View Post
    Let's see,

    Deficit = bad

    Spending cuts = bad

    Let me guess, the only solution are tax increases and closing, "loopholes"?

    Niiiiiice spin on the facts.
    More assertions devoid of any supporting facts
    Quote Originally Posted by matchlight View Post
    Justice Thomas' opinions consistently contain precise, detailed constitutional analyses.
    Quote Originally Posted by jaeger19 View Post
    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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