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Thread: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    Yeah, thank God. Otherwise we'd already have a reasonable package of tax hikes and spending cuts to reduce the deficit by more than Republicans are willing to contemplate, we wouldn't have lost our AAA credit rating, and we'd have additional stimulus in place to reduce unemployment and boost GDP. What would we ever do without those those clowns who created this mess to begin with?
    Additional stimulus and a reasonable package of spending cuts? Wait, what?

    In reality, if we had a Democratic Senate and House, we wouldn't even be having this conversation. Debt ceiling would have been raised with no debate and there would be no catalyst for spending cuts at all.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    Yeah, thank God. Otherwise we'd already have a reasonable package of tax hikes and spending cuts to reduce the deficit by more than Republicans are willing to contemplate, we wouldn't have lost our AAA credit rating, and we'd have additional stimulus in place to reduce unemployment and boost GDP. What would we ever do without those those clowns who created this mess to begin with?
    Yep, there it is.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    Additional stimulus and a reasonable package of spending cuts? Wait, what?

    In reality, if we had a Democratic Senate and House, we wouldn't even be having this conversation. Debt ceiling would have been raised with no debate and there would be no catalyst for spending cuts at all.
    You seem to think that Republicans are the only ones who ever heard of basic accounting principles. But of course history tells us that Republicans are worse than Democrats when it comes to running up deficits. Of course it was the sainted Ronald Reagan who blew the lid off the public debt, which, until his disasterous presidency, had been falling as a percentage of GDP since WWII. The debt exploded under Reagain, kept rising under Bush I, dropped under Clinton, started rising again under Bush II, and of course it's now completely out of control due to the Great Recession.
    Last edited by AdamT; 11-22-11 at 11:44 PM.

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    You seem to think that Republicans are the only ones who ever heard of basic accounting principles. But of course history tells us that Republicans are worse than Democrats when it comes to running up deficits. Of course it was the sainted Ronald Reagan who blew the lid off the public debt, which, until his disasterous presidency, had been falling as a percentage of GDP since WWII. The debt exploded under Reagain, kept rising under Bush I, dropped under Clinton, started rising again under Bush II, and of course it's now completely out of control due to the Great Recession.
    Nice dodge. The matter of fact remains that spending would have never been addressed if Republicans didn't take the House in 2010. The exploding deficit can only be partly blamed on the Great Recession. Declining revenues as a result of the drop in GDP had a minor influence in adding to the deficit. TARP paid for itself. The greatest factor contributing to the federal deficit is unprecedented spending taken on by the Obama administration. Here is a little video to help wrap your mind around it.



    EDIT: Here is another one to visualize what exactly cutting $100 billion (super committee proposed $120B) looks like.

    Last edited by Rhapsody1447; 11-23-11 at 12:00 AM.
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    Nice dodge. The matter of fact remains that spending would have never been addressed if Republicans didn't take the House in 2010.
    That is a matter of pure speculation, not fact, as no one can know what *would* have happened. I cited what's happened in the past because it generally provides a clue to what will happen in the future.

    The exploding deficit can only be partly blamed on the Great Recession. Declining revenues as a result of the drop in GDP had a minor influence in adding to the deficit. TARP paid for itself. The greatest factor contributing to the federal deficit is unprecedented spending taken on by the Obama administration.
    Virtually all of Obama's excess spending has been in response to the Great Recession. You can see from the following graph that the problem is clearly revenue much moreso than spending. Spending has been rising in a linear fashion for decades, and the trend has not changed substantially under Obama. Revenue has generally tracked spending throughout this time period, but it dropped dramatically during the Great Recession and it has not yet recovered.


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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by AdamT View Post
    That is a matter of pure speculation, not fact, as no one can know what *would* have happened. I cited what's happened in the past because it generally provides a clue to what will happen in the future.
    What happened in the past is that Obama was gave $800 billion to blow through. He then wanted $500 billion more. What happened in the past doesn't work as an indicator here?

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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by Rhapsody1447 View Post
    Do you truly believe that raising taxes is as effective as cutting spending in reducing the deficit? I'll ask the question again since it hasn't been answered. If the government raises taxes and fails to realize any meaningful increases in revenue, then who wins? To keep this whole matter in perspective, the comittee was charged with finding $120 billion in cuts a year out of $3.5 trillion budget. That's 3.4%

    It's quite a racket the Democrats have going here. Jack up spending to unprecedented levels, increase the deficit to over $1 trillion a year for three years, and then use the opportunity to push new taxes on successful people in the supposed effort to "reduce the deficit". Thank God the Republicans won in 2010 and they raised the issue in August otherwise we wouldn't even be talking about this.
    Does not your gag reflex attempt to kick in when you attempt to seriously write an indictment of Democrats and deficit spending while you have a picture of Ronald Reagan as your avatar? The Irony Meter must be broken beyond repair in your house.

    You have made it quite crystal clear that you follow the mentality of the GOP members on that Super Committee and your attitude is a perfect example of why the committee failed. This is the problem with trying to compromise with a true believer that looks at their positions as holy writ and akin to religious dogma.
    Last edited by haymarket; 11-23-11 at 07:50 AM.
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    Quote Originally Posted by haymarket View Post
    Perhaps if we now simply allow to happen what is set to happen......... let the 2001 and 2003 tax cuts expire as set to do and let the automatic spending cuts take place in 2013. Nobody need do nothing except let the clock run out.
    Yes, but Bowles includes entitlement reform. The sequester is as precise as eye surgery with a hatchet.
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    It disgust me that some in Congress are already attempting to go around the automatic cuts to protect their friends in the Defense industry.
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    Re: CNN: Aides; 'Super Committee' likely to announce failure to reach debt deal.

    Quote Originally Posted by haymarket View Post
    It disgust me that some in Congress are already attempting to go around the automatic cuts to protect their friends in the Defense industry.
    But it is not surprising. That is the sad thing. I wish they would disguise it with a statement like, "We need these weapons to defend ourselves from the extremists/Chinese/Canadian Hordes/Beanie Baby Uprising."

    Your point is exactly why I feel we need to vote most of them out.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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