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Thread: Moody's offers different view on debt limit

  1. #31
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by Jack Hays View Post
    Ah. Feeling no pain.
    No, which is unusual...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  2. #32
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    Re: Moody's offers different view on debt limit

    When you get your hours cut back you don't pay the gym bill and the cable bill before the mortgage and then say the cutback cost you your home. You pay the most important bill first and do without the gym and cable and cover the mortgage. The same applies here. Paying for unessential stuff before the debt payment and then claiming the cuts led to not servicing the debt. It's irresponsible spending. Money is still coming in, pay the debt first. Common sense.

  3. #33
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by AlabamaPaul View Post
    No, which is unusual...
    Then my apologies are in order. My only chronic condition is laziness.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

  4. #34
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by Mithros View Post
    Sure! That's a completely legitimate position. When we set government spending levels you can advocate for those cuts.

    But that's completely different from defaulting on our obligations.
    I used "default" more for effect than anything else. Technically we really can't "default" on domestically held public debt (debt held by foreign entities is different) because all that happens in that case is we don't "pay" ourselves what we have promised to.

    Ultimately what happens to the unpaid domestically held public debt is that we effectively kick the public debt can on down the road once again. At some point this just devalues the dollar. Heck, if we do it long enough we will be able to pay off existing debt quite easily because the dollar will be so devalued that a cup of coffee will be a trillion dollars.

    If we want to avoid this kind of mess then the ONLY options are to reduce spending on "stuff" or increase tax revenue to the point where we can handle all of the obligations. There are a few ways to increase tax revenue but that's another issue entirely.

  5. #35
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by Lutherf View Post
    I used "default" more for effect than anything else. Technically we really can't "default" on domestically held public debt (debt held by foreign entities is different) because all that happens in that case is we don't "pay" ourselves what we have promised to.

    Ultimately what happens to the unpaid domestically held public debt is that we effectively kick the public debt can on down the road once again. At some point this just devalues the dollar. Heck, if we do it long enough we will be able to pay off existing debt quite easily because the dollar will be so devalued that a cup of coffee will be a trillion dollars.

    If we want to avoid this kind of mess then the ONLY options are to reduce spending on "stuff" or increase tax revenue to the point where we can handle all of the obligations. There are a few ways to increase tax revenue but that's another issue entirely.
    You left out the third option. Grow the economy...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  6. #36
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by head of joaquin View Post
    Exhibit A in why the tea party will drive the US into default and cause the second GOP economic meltdown in 5 years.
    Obviously he didn't read or completely ignored the article and decided to comment anyway.

  7. #37
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by fmw View Post
    Obviously he didn't read or completely ignored the article and decided to comment anyway.
    That's the MO...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  8. #38
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by AlabamaPaul View Post
    You left out the third option. Grow the economy...
    Sure, but the government doesn't grow the economy. It is a part of the economy. You can't plan governmental finances on something you don't control. The government has to learn to live within its means.

  9. #39
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by fmw View Post
    Sure, but the government doesn't grow the economy. It is a part of the economy. You can't plan governmental finances on something you don't control. The government has to learn to live within its means.
    The government and its resultant policies can greatly affect growth within the economy. For example, what do you think would happen in the economy if the government decided tomorrow that we would be energy independent within five years by relaxing restrictions on energy production and exploration?
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
    Quote Originally Posted by James D Hill View Post
    I am for gay marriage because it ticks off Jesus freaks and social conservatives. Gays are also good voters because the vote for my side so I fight next to them.

  10. #40
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    Re: Moody's offers different view on debt limit

    Quote Originally Posted by AlabamaPaul View Post
    The government and its resultant policies can greatly affect growth within the economy. For example, what do you think would happen in the economy if the government decided tomorrow that we would be energy independent within five years by relaxing restrictions on energy production and exploration?
    I didn't say government policies don't affect the economy. I said the government doesn't grow the economy. Actually it is business that does. that.

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