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Thread: US Treasury asks Congress to lift debt ceiling

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Goldenboy219 View Post
    Let's get reality out of the way: The debt ceiling will be raised. End of story.

    Federal Government revenue as a percentage of GDP is still at historic lows. In a normally functioning economy, revenue as a % of GDP > 18%, more specifically it should be 19.5%.

    Government Revenue as a % of GDP as a function of time


    Cutting spending to reflect revenue during this stage of the recovery will definitely send us crashing back to not just a recession, but a full out depression. Given that the deficit is around 12.5% of GDP, cutting that to zero will reduce GDP roughly by that amount. The empirical relationship of GDP and unemployment states that this will push the U-3 unemployment average just over 15%, and the U-6 measurement (that partisans have taken a liking to) just north of 23%.

    Is this the egg you want to crack?
    Sounds like a person who spent a whole lot of time in class and not a lot of time in the real world.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Goldenboy219 View Post
    And if that money was not spent, do you honestly believe the economy would be better off?
    Out of control spending and promises of higher taxes and higher gas prices didn't help the economy. I don't care what anyone says.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by cholla View Post
    Sounds like a person who spent a whole lot of time in class and not a lot of time in the real world.
    Sounds like my post went way over your head. Instead of debating me in an adult like manner, you resort to fallacies (ad hom) to substitute for relevant economic comment.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by apdst View Post
    Out of control spending and promises of higher taxes and higher gas prices didn't help the economy. I don't care what anyone says.
    This does not address my comment, you simply stated your opinion yet decided to use the reply button??????........
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by ricksfolly View Post
    True, but that's because congress has no group or team assigned to making it happen. Investigations and bids take months or even years to put together.

    ricksfolly
    How many years would that take? 2 maybe?

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Goldenboy219 View Post
    Sounds like my post went way over your head. Instead of debating me in an adult like manner, you resort to fallacies (ad hom) to substitute for relevant economic comment.
    Are we debating you or Paul Krugman? Either way you are both wrong. Krugman never saw a dollar that shouldn't be spent and you seem to be on that bandwagon. What you and your ilk don't seem to understand is the basic foundation upon which this country was built, free enterprise and capitalism. Govt. is good at only one thing, creating debt and we all pay for that which makes it a bad thing. The only spending that helped the economy was TARP and most of that has been paid back. The stimulus was a waste of money and only created debt. Krugman says we need to spend more, you seem to believe we need to spend more. Where does the money come from, the printing press? When debt = GDP any country has a serious problem. Print more money and the value of that money goes down thus massive inflation which is coming.

    I agree with you, the debt ceiling is going to be raised, HOWEVER, strings have to be attached. Stop the DAMN spending, promote the private sector, promote individual wealth creation. Obama and socialists like Krugman don't understand that basic concept of free enterprise and capitalism. Keep it up and we could become Greece. Then what?

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Govt. is good at only one thing, creating debt and we all pay for that which makes it a bad thing.
    Well then stay the hell off our roads.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Redress View Post
    Well then stay the hell off our roads.
    Learn how are roads are funded. Typical leftwing strawman.

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Conservative View Post
    Are we debating you or Paul Krugman?
    Fallacy number 1. Non-sequitor

    Either way you are both wrong. Krugman never saw a dollar that shouldn't be spent and you seem to be on that bandwagon. What you and your ilk don't seem to understand is the basic foundation upon which this country was built, free enterprise and capitalism.
    This is fallacy number 2, a weak (very weak) strawman. I have not claimed that the government always needs to run deficits, only during periods of economic contraction. Your hero's Reagan and Bush II followed the same economic policy, they increased government spending during recessions while lowering taxes (as did Obama).

    Govt. is good at only one thing, creating debt and we all pay for that which makes it a bad thing.
    I can think of many things the government is good at: providing roads and bridges, national defense, providing police and fire rescue, etc....

    The only spending that helped the economy was TARP and most of that has been paid back. The stimulus was a waste of money and only created debt. Krugman says we need to spend more, you seem to believe we need to spend more. Where does the money come from, the printing press? When debt = GDP any country has a serious problem. Print more money and the value of that money goes down thus massive inflation which is coming.
    When consumption and investment fall, so will aggregate income unless government runs a deficit. GDP still contracted by about 3%, even though deficit spending increased by more than $1 trillion. You take the deficit spending away, and total output falls by (at least) $1 trillion.

    I agree with you, the debt ceiling is going to be raised, HOWEVER, strings have to be attached. Stop the DAMN spending, promote the private sector, promote individual wealth creation. Obama and socialists like Krugman don't understand that basic concept of free enterprise and capitalism. Keep it up and we could become Greece. Then what?
    The economy is beginning to recover, and once private companies are capable of picking up the slack, the deficit will decrease by virtue of less unemployment benefits, food stamps, and welfare outlays.

    For comedic relief, define socialism as you see it.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: US Treasury asks Congress to lift debt ceiling

    Quote Originally Posted by Goldenboy219 View Post
    And if that money was not spent, do you honestly believe the economy would be better off?
    I believe that the economy would have started back months ago (if not a year) instead of starting with the retaking of the House (and the forced end of the Obama agenda). Remember, I am a real world, old school guy, not a, this number means this, this number means that, student.

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