Phoenix

It's extremely relevant. Shiznit has a very good point. There is word for it, bankruptcy. When China, India and other foreign countries own our debt, it's scary to think that we could at some point not be able to make a payment.

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Madoff for Social Security Administration commissioner

JMak

Your "concern" ain't relevant to the OP's comments.

That your concern might be accurate doesn't make it relevant.

BTW - bankruptcy does not apply to nations. WTF is China or Japan going to do if the US defaults on repayment? Demand that the US go Chapter 7 or something?

Grow up.

shiznit770

Take off your blinders, it relates quite well with the OP. The only thing lacking was extreme partisanship, which you and Goobieman more than made up for.

JMak

I guess it is relevant...if only because you said so.

Goobieman

Its only relevant if The Obama and the Dem-controlled congress choose to run the deficits projected here.

Those deficits arent at all necessary -- they could be reduced to $0, should those mentioned above choose to do so.

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Artificially supporting the weak, slow, sick and stupid strains already limited resources and weakens the species as a whole.
-Goobieman

JMak

But the deficits are inevitable so why not propose trillions in new deficit spending, right?

Obama, again, was saying nothing at all with this so-called "warning."

Goobieman

In for a penny, in for a pound, I guess.

But the fact remains -- there will only be $1T deficits of The Obama and the Dem-controlled Copngress chooses to allow them.

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Artificially supporting the weak, slow, sick and stupid strains already limited resources and weakens the species as a whole.
-Goobieman

Iriemon

Deficits certainly aren't necessary when the economy is running well -- which is why running up trillions in debt in 2002-2007 was such a tragerdy.

In times of economic crises, there is a valid argument for deficit spending as a means to improve the economy. The evidence of whether such actions is actually beneficial is subject to debate, I agree, but there is at least an argument for it.

I didn't have a big problem with Bush providing rebates in 2001 to try to juice the economy a bit. My prolem was that the tax cuts were made permanent, and even after the economy was running well the government continued to add 1/2 trillion to the debt annually.

emdash

if bush had just braced us, his approval ratings wouldn't be so low.

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I know nothing

Khayembii Communique

This is rare, but I agree with JMak here. There is a reason that the US pours so much money into its military, and it is not just because of the influence of the military-industrial complex.

You can't collect on someone that refuses to pay if you can't force them to pay.

Of course, the economy is going to keep declining in the next few years, regardless of what Obama does. The problem runs much, much deeper than some governmental policies.