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Thread: Debt Crisis is Worse than we Think

  1. #41
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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Mr. Invisible View Post
    EDIT: My bad, I thought you said that I should pay attention to my source instead of running with it
    Actually, I got my pronouns confused, but I edited it once I re-read what I had posted.
    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 Goshin View Post
    We're going to experience an economic collapse on the scale of Argentina soon, and we're going to fracking deserve it because, collectively, we're a pack of fracking idiots!

    I'm good with guns, discipline and natural farmin'.

  3. #43
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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by washunut View Post
    If either side of this debate was honest it would acknowledge:

    a) we can't continue on this trajectory of deficit spending.

    b) when we do cut back on spending it will have an adverse effect on the economy short term.

    When you look at the deficits the U.S. has built up over the last thirty years. By debt look not only to Federal government but also personal, state and local as well as the current account deficit ( import more than export). This piling on of debt has allowed the U.S. standard of living to grow beyond what we were earning.

    So the overall standard of living has to come down. We are seeing that now as headline inflation outstrips salary inflation. We see it in having the Fed keep interest rates at an effective negative return ( two year treasury rate minus inflation). What politician is willing to essentially commit suicide by saying that the standard of living has been artificially high and will have to come down.

    The game of living beyond our means has finally caught up with the overall American economy.
    Ofcourse everyone wants to cut someone elses benefits while never making any sacrifices themselves.

    It's time to trim down America. Back to the factories we go making stuff for China as their reign of terror begins and ours end. Back to living within our means. All of us.

  4. #44
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    Re: Debt Crisis is Worse than we Think

    It turns out the author of this hit piece was totally owned on C-SPAN. Coy admitted that, according to his own charts, SS has a $22TRILLION SURPLUS

    http://www.dailykos.com/story/2011/07/29/1000366/-$22-trillion-Social-Security-surplus-revealed-on-C-SPAN?via=siderec

    When Peter Coy, the Bloomberg Businessweek Economics Editor, appeared this morning on "Washington Journal," he brought along a chart for his discussion of the magazine's cover article, "Why the Debt Crisis is Even Worse Than You Think." But, the chart, purported to show a national fiscal gap, did not match Coy's talking points. As Coy concluded commenting that cuts would be needed to Social Security and other entitlements, C-SPAN moderator Susan Swain pointed out that Coy's chart showed a long-term surplus for Social Security of $22 trillion. Coy confirmed as accurate her interpretation of the chart and, after some stumbling, admitted that, "The trust fund is not the crucial issue." Indeed, his own figures show that it is not an issue at all. So, why did he continue to insist that Social Security cuts are needed?
    There's a link to the video of his pwing at the link I posted
    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 sangha View Post
    SS has contributed billions towards reducing our deficits and debt. And the CBO has not projected that. You're spinning
    SS is responsible for trillions of the current debt figure, and tens of trillions in unreported debt as unfunded liabilities.

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Taylor View Post
    SS is responsible for trillions of the current debt figure, and tens of trillions in unreported debt as unfunded liabilities.
    SS has a $22TRILLION surplus, according to the guy who wrote the article linked to in the OP
    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 Flyersfan314 View Post
    cpwill you are wrong. The government needs to spend money, no one else is doing it. You want to cut spending not because of economic factors but because it furthers your social agenda of less government, the economy be damned. We are a consumer economy, we don't produce enough, if someone doesn't spend the economy will never recover, it will just keep getting worst.
    Good idea.

    Keep borrowing and spending, borrowing and spending. That should get you out of the hole.

  8. #48
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    Re: Debt Crisis is Worse than we Think

    We cut spending before and this happened:
    Recession of 1937


    Congress' proposed spending cuts could weaken U.S. economy - Politics Wires - MiamiHerald.com

    "I think the idea is a very serious policy error," he said. "This would be the fodder for another recession. The economy may be able to digest $25-30 billion more (in federal spending cuts) ... but $100 billion, I don't think it could digest that."
    Zandi, who's frequently cited by Republicans and Democrats alike, favors spending cuts "when the economy is off and running," but he cautions that "to add more fiscal restraint in the latter part of 2011 and 2012 would be a mistake."
    States that Cut Spending in Wake of Recession Worse Off Today | The Keystone Research Center




    Now all you people who think less spending is good for the economy post your sources. History backs me up. Companies are not hiring because of demand. There is plenty of supply.
    Last edited by Flyersfan314; 07-30-11 at 05:57 PM.

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    Re: Debt Crisis is Worse than we Think

    Quote Originally Posted by Flyersfan314 View Post
    Recession of 1937

    Congress' proposed spending cuts could weaken U.S. economy - Politics Wires - MiamiHerald.com



    States that Cut Spending in Wake of Recession Worse Off Today | The Keystone Research Center




    Now all you people who think less spending is good for the economy post your sources. History backs me up. Companies are not hiring because of demand. There is plenty of supply.


    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..

  10. #50
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    Re: Debt Crisis is Worse than we Think

    In addition we should reduce some regulations. Which specific ones do you guys have in mind? Government spending is not drag on the economy. Debt dd not cause this economic collapse.

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