View Poll Results: How Bad Could it Be?

Voters
33. You may not vote on this poll
  • Dems cave in again, allowing the debt to be used as a political tool

    5 15.15%
  • Landslide election for one side in 2014

    8 24.24%
  • Republican rebellion forces Boehner down

    4 12.12%
  • House impeaches Obama

    4 12.12%
  • Economic slump

    9 27.27%
  • Recession

    12 36.36%
  • Depression

    18 54.55%
  • Civil War

    1 3.03%
  • World War

    0 0%
  • End of USA as we know it

    1 3.03%
Multiple Choice Poll.
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Thread: How Bad Could it Be? (Shutdown/Debt Limit)

  1. #61
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Mithros View Post
    Budget: Pays for things we will buy.
    Debt Limit: Pays for things that we've ALREADY bought.

    Making the credit card payment is exactly akin to raising the debt limit.
    No, raising your credit card limit so that you can charge more and take on more debt is exactly akin to raising the debt limit.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Carjosse View Post
    The last I saw a check stub it didn't tell me what the tax dollars are spent on.
    LMFAO! that is why you get ****ed over and over!

  3. #63
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Harshaw View Post
    No, raising your credit card limit so that you can charge more and take on more debt is exactly akin to raising the debt limit.
    It is not in any way the debt limit is about debts already incurred:

  4. #64
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Rocketman View Post
    LMFAO! that is why you get ****ed over and over!
    We do it is outlined by the Ministry of Finance. 10 cents of our federal tax dollars go to healthcare transfer payments.

  5. #65
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Curious that the poll ONLY allows NEGATIVE outcomes.

    The choice noticeably missing is obvious: "The budget is reduced to above surpassing the debt ceiling."

  6. #66
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Harshaw View Post
    No, raising your credit card limit so that you can charge more and take on more debt is exactly akin to raising the debt limit.
    NO it is like maxing it out and not paying your monthly bill. Try it and see what happens to your interest rates.

  7. #67
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by joko104 View Post
    Curious that the poll ONLY allows NEGATIVE outcomes.

    The choice noticeably missing is obvious: "The budget is reduced to above surpassing the debt ceiling."
    LOL So you are waiting for a time machine so we can go back in time and not spend as much last year ? Wow that is really far fetched.

  8. #68
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by iguanaman View Post
    NO it is like maxing it out and not paying your monthly bill. Try it and see what happens to your interest rates.
    No, my analogy is correct. The bill can be paid. Not paying it is a choice.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

  9. #69
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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Harshaw View Post
    No, raising your credit card limit so that you can charge more and take on more debt is exactly akin to raising the debt limit.
    That's a common misconception held by 60% of the public. It's also extremely dangerous.

    Money is spent during appropriations. Appropriations create legal obligations. This is akin to the agreement created between you and your credit card company when you buy something or you and your mortgage company when you buy a house. In both cases, you have made a legally binding agreement to pay a certain amount at a later date.

    The Government also has these obligations. To meet these obligations uses tax dollars, and funds the rest by selling treasury bills. The debt limit is essentially a limit of the number of TBills the treasury can sell. TBills work by saying I'll give the government this much money now, and the US Government will give me more money at some later date. So some portion of TBills are continually coming due at any point in time. If the US were to run out of money for any reason, it would make it more difficult to sell TBills. Because the rates are so low now, even a small rate increase would result in a huge increase in the cost to finance our debt. So instead of spending 400B a year in debt finances, we'd have to spend something like 800 or a trillion to finance our debt. This makes balancing the budget IMPOSSIBLE.

    Greece didn't run into trouble because they had too much debt. They ran into trouble because they couldn't pay for the debt that they had. This created a downward spiral of increased debt cost, and reduced ability to pay it.

    It's like a homeowner with an ARM. They're fine when the interest rate is low, but when it blows up they can't pay, even though they owe less now than what they owed when they could pay.

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    Re: How Bad Could it Be? (Shutdown/Debt Limit)

    Quote Originally Posted by Mithros View Post
    That's a common misconception held by 60% of the public. It's also extremely dangerous.
    You didn't say anything which counters it.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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