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Thread: Obama aide: Debt limit fight could be "catastrophic"

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Conservative View Post
    Maybe Defense can be cut 20% but then where would we get the money to defend Canada? With regard to SS and Medicare they are being funded but the SS "trust fund" has billions in IOU's as Presidents from both parties have used the money on budget. Those IOU's have to be repaid.
    Those IOUs make up a large part of the 14 trillion dollar debt
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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Ockham View Post
    I'm hoping for "catastrophic".
    exactly. it will be one more hilariously blown economic prediction by the Obama Administration. and hey! who knows? we might even stop piling debt on our children!?!

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Lord Tammerlain View Post
    Those IOUs make up a large part of the 14 trillion dollar debt
    indeed. if we can find some way to invalidate those and the IOU's held by the Federal Reserve we will be well on our way.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Albert Di Salvo View Post
    Where? From the Canadians themselves. In fact Canada can't defend it's territory above the Arctic Circle. That's where America comes in. The Canadians will pay big money to preserve access to its far north and the continental shelf that slopes into the Arctic Ocean.
    We could pay the Chinese to do it for a tenth the cost
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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Lord Tammerlain View Post
    Those IOUs make up a large part of the 14 trillion dollar debt
    Exactly, if you take money from SS and use it to show a lower public debt of course that is where the bulk of the debt comes from. That is why SS has to be removed from the budget and put back off budget like it was before LBJ.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by cpwill View Post
    indeed. if we can find some way to invalidate those and the IOU's held by the Federal Reserve we will be well on our way.
    Support for defrauding the American people?

    For shame
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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Lord Tammerlain View Post
    I see you cut out an important word rather intentionally

    SS and medicare currently are well funded and cover todays expenses. Both do have problems in the future,
    My friend Timur,

    I don't know whether to laugh or cry at your post. The ability to pay benefits in the future is the whole point.

    Do you know what happens to SS and Medicare withholding as soon as the govt. gets it? The federal govt. borrows all of it and places those funds in the General Fund where they can be used for any purpose. No one is talking about the fact that the IOUs for SS and Medicare now come to well over twenty trillion dollars. There's no way to pay for future benefits.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Albert Di Salvo View Post
    The Left won't agree to any spending cuts. The Left is incapable of good faith. The country's current trajectory into the ground is just fine. Collapse works for me.
    I'm ok with it as well. My friends think I'm nutz, literally, but I'm also correct. If America fails, WHICH IT WILL (Mark my words) then everyone fails. There will be a "world" of hurt, war, death like no other, but what will emerge is a more sane approach to governance. Then... It happen all over again, until one culture, or way of governance, wins out over all others in the world.

    The problem generally stems from failing to learn the lessons of nature. Dismissing survival of the fittest (yes this soemtimes includes the priviledged), and natural selection by altering selection, are human economic, and governing constructs. The weak never survive in nature, and there is NO SUCH thing as equity. The best that some have hoped for is equillibrium, but even the best of minds have forgotten this law of nature. Equillibrium provides that both opposing sides have something of equal value to offer, one side needs the other. This principle is the philosophical rossetta stone for most modern-day economists. It fails on so many levels in practice that one wonders why we keep trying to make it happen.


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    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Ockham View Post
    That might be true to the partisan blind. Reality is both have been spending like there's no tomorrow for decades.
    True, but the Democrats have the reputation for tax and spend, while the Republicans are more borrow and spend.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Albert Di Salvo View Post
    My friend Timur,

    I don't know whether to laugh or cry at your post. The ability to pay benefits in the future is the whole point.

    Do you know what happens to SS and Medicare withholding as soon as the govt. gets it? The federal govt. borrows all of it and places those funds in the General Fund where they can be used for any purpose. No one is talking about the fact that the IOUs for SS and Medicare now come to well over twenty trillion dollars. There's no way to pay for future benefits.
    All of which is something different then trying to cut todays deficit.

    Will both SS and medicare need to be changed signficantly, most definately, but they are not the cause of the 1.4 trillion dollar deficit right now. They will be in 10 years or so if benifits are not cut along with an increase in payroll taxes to pay for them
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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