The ghost of Jack Kevorkian for President's Physician: 2016
Ok tell me how it is different....I heard it three times today on three different Sunday shows...."We have to raise the debt ceiling to pay for what has already been spent...." IOW Borrow more money to pay for the money we borrowed already....Come on genius...lay it out for me...
roughly an order of magnitude lower than rates typically associated with CCs.
Next, it is not so much an issue of something being on a CC to start with. A closer analogy is that you had asked Duke Power (or whatever local electric utility) to provide your home/business with electricity with the agreement that you would pay for that power. The end of the month has come and they want to get paid.
Of course the use of CC imagery on both sides of this isn’t accidental, right? Dollars to donuts it is intentional mischaracterization that you have lapped up.
Nonsense...We aren't talking about a $500. CC bill either. But the principle is the same...This President who campaigned in his first run on cutting the deficit in half, and called Bush "unpatriotic" for a $5 Trillion debt in 8 years, has surpassed that by a Trillion dollars in 4. Plus his deficit spending projected is for another $5 trillion in the next 4 making our debt a whopping $21 Trillion dollars. The interest, or maintenance payment on that debt alone in 2016 will be $1 Trillion dollars....
Don't give me the crap about Duke energy, because if I run up a bill with them and keep paying the bill using my credit to do it, at some point I will run out of credit, and default on the bill in which case Duke will cut the power...
And although the comparison is Macro vs Micro the principles are the same. We now borrow something like 46 cents of every dollar this administration spends, and instead of cuts that everyone agrees we need to do, he bullies a tax increase that has 41 dollars to 1 dollar spending increase....Give us all a break!
Its a pathetic liberal argument and a attempt by them of making the debt a
nonissue after their demi-god Obama screwed the pooch economically.
Since criticizing Obama's disasterous economic policies and instituting austerity is out of the question they first ( Blame Bush ) and then come up with some nonsensical approach to basically reset the debt but in a way where that money wont make it out into the economy.
They fail to recognize that our debt is currently issued by way of short term bonds and any increase in bond yields of just a few points could add a trillion to Obams's current massive defecit spending.
It could bankrupt us in an instant and a trillion dollar coin wouldn't change a thing.
We are heading towards a deflationary period that will be far more destructive than the inflation people keep forecasting.
There is already a massive amount of currency out there, its part of Obama's incompetence as his Fed Appointee loads up the banks with massive reserves and then pays them interest on those reserves.
Not one Lib here has offered up any sincere opinion that deals with our current situation.
Stack all the useless paper up you want but with out demand it's just going to sit there and earn massive amounts of interest for banks who are holding record reserves.
And NO our lack of demand or growing pool of unemployed workers isn't due to newly invented super robots that have the manufacturing capacity of 10 men ( like automation is a new concept) or "eeebil corporations " looking to work their employees to death and earn more or "the great Bush Recession" that was actually caused by a Democrat mandated Housing Bubble.
If a President STUPIDILY targets the private sector, the investors and the corporations with higher taxes and regulations its going to put the economy in a perpetual holding pattern.
If a President STUPIDLY forces upon a weak economy a over reaching health care law that increases the cost of premiums and forces Bussinesses to put off investments because of unkown cost its going to stifle the engine that drives our economy.
And the only ones who suffer are the middle class.
And some of you clowns voted for him.....twice.
A trillion dollar coin ? Put Obamas face on both sides. It will be a historical stamped synopsis of his failure of a legacy.
Last edited by Fenton; 01-06-13 at 06:13 PM.