View Poll Results: Should the U.S. have a debt ceiling?

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Thread: Should The U.S. Have A Debt Ceiling?

  1. #1
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    Should The U.S. Have A Debt Ceiling?

    Should the U.S. have a debt ceiling?

    Yes
    No
    Onion Bagel


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    Re: Should The U.S. Have A Debt Ceiling?

    Yes, since it is part of the mechanism which allows the Treasury to provide the funds specified by the federal budget without forcing congress to individually authorize bond issues in addition to the passing budget.

    It's just an administrative tool which has only been hijacked for political purposes due to its name.

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    Re: Should The U.S. Have A Debt Ceiling?

    No, we shouldn't have a debt ceiling, the amount that we borrow should be defined by market forces, not by some arbitrary figure. Our debt cannot be questioned.


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    Re: Should The U.S. Have A Debt Ceiling?

    I honestly don't understand the issues involved well enough to have an informed opinion.
    I may be wrong.

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    Re: Should The U.S. Have A Debt Ceiling?

    Quote Originally Posted by pbrauer View Post
    No, we shouldn't have a debt ceiling, the amount that we borrow should be defined by market forces, not by some arbitrary figure. Our debt cannot be questioned.
    what exactly does this mean??
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Should The U.S. Have A Debt Ceiling?

    Quote Originally Posted by StillBallin75 View Post
    what exactly does this mean??
    When you borrow too much money, your interest rates will climb or perhaps no one will lend you any money, this is market forces in action. Loans are granted upon the lenders perception on the borrowers ability to repay the loan. The higher the risk, the higher the interest rate the borrower must pay.

    Our debt should be handled the same way, IMO. Our debt ceiling for any particular year, is the budget the President signs each year. The House defines what we are willing spend, the President signs it, the House should not be able to turn around and say we will not pay for our debt.


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    Re: Should The U.S. Have A Debt Ceiling?

    What the USA needs is moderation and a moderate approach to all our problems...the far left and the far right need to be ostrisized outted and condemned...because they have much to do with destroying the place I love

  8. #8
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    Re: Should The U.S. Have A Debt Ceiling?

    Quote Originally Posted by pbrauer View Post
    When you borrow too much money, your interest rates will climb or perhaps no one will lend you any money, this is market forces in action. Loans are granted upon the lenders perception on the borrowers ability to repay the loan. The higher the risk, the higher the interest rate the borrower must pay.

    Our debt should be handled the same way, IMO. Our debt ceiling for any particular year, is the budget the President signs each year. The House defines what we are willing spend, the President signs it, the House should not be able to turn around and say we will not pay for our debt.
    The budget formulated by Congress and signed by the President is hardly a "market force." Market forces depend on the spontaneous organizing and resource-allocation abilities of the price mechanism (invisible hand). The federal budget rests in the hands of a select group of individuals. "Market forces" don't decide what our debt/deficit is, people do.

    And while it is generally true that if you borrow too much money, your interest rates will rise due to lack of confidence, by the time our government decides to fix the problem it is likely too late. For the past God knows how many years, the amount of interest we have to pay on the debt has been increasing steadily. If what you said were the case, politicians would be forced to cut spending the moments that portion of the budget started rising dramatically at this point. They haven't.

    Not to mention, when it comes to sovereign debt, the US is a special case among sovereign nations in that the dollar is used as the de facto international reserve currency. That gives us certain advantages when it comes to spending beyond our means, but it also means that we have less of an incentive to get things under control because we assume that people are just going to be confident in the US and its economy for the foreseeable future. One day, you could be fine and be borrowing all the money you want, the next day all your investors might suddenly turn on you and interest rates go through the roof, eventually resulting in a default. That would be rather disastrous.
    Last edited by StillBallin75; 07-30-11 at 02:31 PM.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

  9. #9
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    Re: Should The U.S. Have A Debt Ceiling?

    Not only should there be a debt ceiling, but it should be very difficult to increase. Of course there should also be a balanced budget amendment which forces government to live within its means.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Should The U.S. Have A Debt Ceiling?

    Quote Originally Posted by Ockham View Post
    Not only should there be a debt ceiling, but it should be very difficult to increase. Of course there should also be a balanced budget amendment which forces government to live within its means.
    So you want the President and Congress to authorize expenditures and have no way of paying for them? That doesn't seem very smart to me.


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