Page 2 of 5 FirstFirst 1234 ... LastLast
Results 11 to 20 of 44

Thread: Hummel: The US Will Default On Its Debt

  1. #11
    Professor
    Baralis's Avatar
    Join Date
    May 2009
    Location
    MO
    Last Seen
    12-05-17 @ 03:53 AM
    Gender
    Lean
    Independent
    Posts
    2,394
    Blog Entries
    1

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Metternich View Post
    No one would ever buy our debt again.
    Which could be a very good thing. Sure it would cause a lot of pains but we should never be allowed to do what we have done.

  2. #12
    Liberal Fascist For Life!


    Redress's Avatar
    Join Date
    Mar 2008
    Location
    Georgia
    Last Seen
    Today @ 04:51 PM
    Lean
    Very Liberal
    Posts
    93,312
    Blog Entries
    2

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Baralis View Post
    Which could be a very good thing. Sure it would cause a lot of pains but we should never be allowed to do what we have done.
    I consider getting out of debt to be a top political issue. However, never going into debt is an unreasonable proposition. National emergencies such as war could very well lead to a need for deficit spending in the short term, and unexpected downturns could very easily create a situation with unplanned debt.

  3. #13
    Professor
    Baralis's Avatar
    Join Date
    May 2009
    Location
    MO
    Last Seen
    12-05-17 @ 03:53 AM
    Gender
    Lean
    Independent
    Posts
    2,394
    Blog Entries
    1

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Redress View Post
    I consider getting out of debt to be a top political issue. However, never going into debt is an unreasonable proposition. National emergencies such as war could very well lead to a need for deficit spending in the short term, and unexpected downturns could very easily create a situation with unplanned debt.
    I dont disagree with you here. I can see some scenarios where we might run into debt but we have no reasonable excuse for the debt we have amassed.

  4. #14
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-11-17 @ 05:51 PM
    Gender
    Lean
    Moderate
    Posts
    9,763

    Re: Hummel: The US Will Default On Its Debt

    We'll be just fine.

    The NASDAQ is up. The Dow, while not anywhere near where it was this time last year, is back to where it was in September 2008. The nation's unemployment rate is holding at or just below 10%. The banks are lending money albeit with more stringet lending conditions. The housing market was up 10% for July. I'm not saying everything is rosy; we still have a long way to go toward real economic recovery, but things are looking better than they did 9-months ago. It'll be slow-going, but I'm confident this country will be able to significantly pay-down its debts over the next 10-15 yrs. (Of course, they could reduce the deficit sooner with a spending freeze.)

  5. #15
    Pragmatist
    SouthernDemocrat's Avatar
    Join Date
    Jun 2005
    Location
    KC
    Last Seen
    Today @ 02:46 PM
    Gender
    Lean
    Moderate
    Posts
    17,406

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Objective Voice View Post
    (Of course, they could reduce the deficit sooner with a spending freeze.)
    Yes, but would probably be a good idea to hold off on that spending freeze until the economy is really rolling again.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  6. #16
    Sage
    akyron's Avatar
    Join Date
    Nov 2004
    Location
    Texas
    Last Seen
    Yesterday @ 10:50 PM
    Gender
    Lean
    Other
    Posts
    6,455

    Thumbs up Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by kaya'08 View Post
    Of course. But i meant, what do you reckon the peoples republic of china would do?


    They dont need our money they now have KFC.


    KFC China's recipe for success



    Thank you

  7. #17
    Banned
    Join Date
    Nov 2007
    Location
    Ventura California
    Last Seen
    11-15-11 @ 11:17 PM
    Gender
    Lean
    Conservative
    Posts
    8,706

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Kandahar View Post
    He is correct. Our debt-to-GDP ratio is historically on the high side for the United States...but other countries have had much higher debt-to-GDP ratios without any financial problems.

    I'm not concerned about the debt we are incurring in the short term due to the financial meltdown. I'm more concerned about our habitually running deficits during good economic times.
    What other countries would those be? Germany, Britain and France? I think if one were to make an honest introspection, these countries are indeed headed for severe problems balancing the huge tax burden already being levied and the ability to continue their generous public welfare programs.

    They have violent riots about every month in France. Imagine if that started occurring in the US?

  8. #18
    Norville Rogers
    Kernel Sanders's Avatar
    Join Date
    Jul 2008
    Location
    Pittsburgh, PA
    Last Seen
    07-23-12 @ 10:20 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,730

    Re: Hummel: The US Will Default On Its Debt

    Saying we'll default is skipping a few steps. What is plausible, although also very unlikely, is that our credit rating would get downgraded. We'd have warnings well in advance, though, and I can't see the government wallowing in inaction should that happen

  9. #19
    Advisor Don't Tase Me Bro's Avatar
    Join Date
    May 2009
    Location
    South Carolina
    Last Seen
    11-22-09 @ 08:11 PM
    Gender
    Lean
    Libertarian
    Posts
    446

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by formerroadie View Post
    Honestly, I don't think it will take a decade to reduce. Once the economy picks back up and the unemployment goes down, the revenue will come in and we will see a large reduction in the deficit.
    In theory that would be true, but the Federal government has a history and tendency of increasing their spending and wiping away any excess money they come across.

    I will say this, if a public option isn't put into play, that might not actually be true. Based on the fact that thousands are losing their health care and we are having to pay for said services through emergency rooms which are astronomically expensive, we will be running up health care costs that would probably be able to pay all the industrialized world's health care costs in a decade's time. A public option actually saves us money in the long run and I'm not sure why the conservatives think otherwise.
    I'm not a conservative and I think otherwise. Basic math and the history of government being unable to live within its means tells you that you cannot add 40 million people onto the public dole and spend less money without massive cutbacks to those already receiving medical care through insurance or Medicare. It's an asinine assumption and I am not sure why the supporters of this somehow think it's possible.

  10. #20
    Enemy Combatant
    Kandahar's Avatar
    Join Date
    Jul 2005
    Location
    Washington, DC
    Last Seen
    10-15-13 @ 08:47 PM
    Gender
    Lean
    Liberal
    Posts
    20,688

    Re: Hummel: The US Will Default On Its Debt

    Quote Originally Posted by Don't Tase Me Bro View Post
    I'm not a conservative and I think otherwise. Basic math and the history of government being unable to live within its means tells you that you cannot add 40 million people onto the public dole and spend less money without massive cutbacks to those already receiving medical care through insurance or Medicare. It's an asinine assumption and I am not sure why the supporters of this somehow think it's possible.
    The idea is to spend less money overall. So yes, the government costs of health care would increase with an extra 40 million people on a public option...but in theory this should help reduce OVERALL medical costs. Evidence from other nations (and from US states with some form of public health care) strongly suggests that this does indeed happen.

    Anyway, aside from health care I don't really think we need any other major expansions of the government for a while. I don't see any fundamental reason why we couldn't have a balanced budget by the end of this decade, depending on the economy.
    Last edited by Kandahar; 08-31-09 at 11:54 PM.
    Are you coming to bed?
    I can't. This is important.
    What?
    Someone is WRONG on the internet! -XKCD

Page 2 of 5 FirstFirst 1234 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •