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Thread: Economists: Failure to raise debt limit could lead to recession

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by xpiher View Post
    The war cost aren't even 2trillion a year. You can end them today, and you'd still have a budget short fall. What I was addressing with my question is what will happen if the government defaults. Either debts won't be paid or government agencies will suddenly vanish.
    Some need to. A report out today notes that there was $17 billion in unemployment fraud last year. Maybe we will actually have to address the massive fraud. There is fraud in every government program. Maybe will will have to quit paying prison psychiatrists 850K a year. Maybe we won't be able to bail out corrupt banks.

    The list goes on and on. Even if we do not raise the limit, we can pay our debts to where we will not default on anything.

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by 1Perry View Post
    That is a fallacious arguement. Not raising the debt limit does not mean we will default on anything. Maybe we will have to quit bombing Libya.
    You must be surprised that economists do not see it your way.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by 1Perry View Post
    The list goes on and on. Even if we do not raise the limit, we can pay our debts to where we will not default on anything.
    Here is the problem. We can do all that stuff and it would be good. However, doing it all at once, under duress, will be too much of a shock. It will lead people to make bad decisions, based on knee-jerk reactions. Removing these programs slowly, is the best option.
    Hayek - too liberal for republicans

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Shadow Serious View Post
    Which is not quite the same thing as borrowing even more money to meet existing commitments. Sorry the keg is almost to the foam its tapped out.
    No argument that its past time to stop spending more than all the tax breaks we've given the wealthy over the last 30 years, but that doesn't give us the right to abandon previous commitments made by this country. Poor decisions in the past do not justify defaulting on your financial obligations, whether you are an individual or a country.

    And why would it even be considered when we are trying to scramble our way back up from one of the worst recessions in history?
    Last edited by Catawba; 07-05-11 at 11:23 PM.
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    Re: Economists: Failure to raise debt limit could lead to recession

    Sen. John McCain, Victim of Epistemological Closure | MyFDL

    All of this leaves us in a really crappy place. There have been those on the Left who, quite reasonably, argue that the Republicans will never let us default since it would hurt their patrons in on Wall St and in business. This is a good argument, until you add epistemological closure. Republicans have become so adept at ignoring new and contradictory information that they do not seem to be listening to Wall St. They are proceeding as if no ones point of view but their own is valid and they are likely to drive us off a cliff.

    We do have a safety valve in that 14th Amendment, it will probably allow the president to give the insane Republicans a one finger salute if they really prove to be so lost in the echo’s that they can’t find reality. But that does not change the fact that they are still in control of the House and have a large plurality in the Senate.

    They will still be there and they will still be insane. This issue of the debit ceiling may go away, but that does not mean that the inmates of the Republican Party won’t still be in charge of one third of the asylum. And the dear ladies and gentlemen is going to be a real problem for a long time to come.

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by Prof. Peabody View Post
    Just another A-Hole with an opinion.
    Me or the economists?


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    Re: Economists: Failure to raise debt limit could lead to recession

    A lot of the unemployment is generated because many people only want to work in what they've studied for. For example, if I have a degree in architecture, I want to work as an architect and I won't be made to work in any other field. If I'm unemployed, so be it. Society has to pay the price because they put me in this situation. This egoistical mindset is shared by most (not all) jobless people today and it's scary, because when they had a job and were earning money all the merit was theirs, and they surely criticized folks who couldn't find a job when they had a chance.

    We have to start thinking outside the box here, folks. Americans have to learn to be more flexible and take jobs outside their area of expertise if none are available in it currently.

    Also, so that the burden of the sacrifice doesn't fall just on one pole of society, rich people's taxes have to be raised. And raised properly. I'm not talking about a tiny raise, like 1% or something of that kind. Many people bought their products and this made them rich so they have to give back to society.

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    Re: Economists: Failure to raise debt limit could lead to recession

    I think the GOP will eventually cave, because if they don't... the result would be horrendous and they'd get blamed. The GOP doesn't want that, but they don't want to alienate their base, so they'll argue with the dems to the point they can get some concessions and act like they are happy. They just have to appear to fight it for now to appease the base. The base = people who don't really understand the subject, and the GOP doesn't have the balls to stand up to them and promote knowledge over self destructive ignorance.

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    Re: Economists: Failure to raise debt limit could lead to recession

    Quote Originally Posted by SheWolf View Post
    I think the GOP will eventually cave, because if they don't... the result would be horrendous and they'd get blamed. The GOP doesn't want that, but they don't want to alienate their base, so they'll argue with the dems to the point they can get some concessions and act like they are happy. They just have to appear to fight it for now to appease the base. The base = people who don't really understand the subject, and the GOP doesn't have the balls to stand up to them and promote knowledge over self destructive ignorance.
    So, the Dems are going to hold out for a tax hike? They didn't have the balls to raise taxes when they owned Congress. How are they going to raise taxes now that own only half of Congress?

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    Re: Economists: Failure to raise debt limit could lead to recession

    I don't see how defaulting on any of our debt is going to help the economy. I've read five pages into this thread and no one's done anything but bicker about the economists listed or something similar instead of actually discussing the effects of failing to raise the debt ceiling.

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