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US Treasury asks Congress to lift debt ceiling

You have offered nothing to back up that claim. He has. You have not refuted with anything other than your opinion.

It's not my opinion that we've lost private sector jobs, every month since the stimulus spending started.
 
If you had the means to substantiate your comment, you would have done so. You are attempting to substitute fact with opinion. My argument stands, feel free to use credible evidence to dismiss it.

You argument, is just your opinion, supported by someone else's opinion.
 
The Zyroh Amendment to the Constitution of the United States of America: Government debt is directly proportional to the approval rate of congress.

Call your local lobbyist (your congressman will just check with him anyway.)
 
It's not my opinion that we've lost private sector jobs, every month since the stimulus spending started.

Then you have no problem providing some kind of source. None the less, taking this comment at face value, it does not back your statements.
 
Then you have no problem providing some kind of source. None the less, taking this comment at face value, it does not back your statements.

You mean you aren't aware that we've lost jobs ever since Obama took office? really?
 
Can Apdst identify when the stimulus package began, and when the rate of spending achived its absolute maximum?

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Source
 
What's that prove?

Look at the trajectory of job losses (the downward motion). Once stimulus spending began, the instantaneous rate of change (the derivative of the curve) began approaching zero. Once the derivative approaches zero, it is referred to as a relative extrema (max, min, or inflection).

Here is what is interesting. When the derivative of stimulus spending began to approach zero, so did the derivative of job losses. A mere coincidence?
 
Look at the trajectory of job losses (the downward motion). Once stimulus spending began, the instantaneous rate of change (the derivative of the curve) began approaching zero. Once the derivative approaches zero, it is referred to as a relative extrema (max, min, or inflection).

Here is what is interesting. When the derivative of stimulus spending began to approach zero, so did the derivative of job losses. A mere coincidence?

Those are strictly private sector jobs and not a combination of private sector jobs and government jobs?

How can that chart be accurate, if we've had negative job numbers since the stealfromus spending started?
 
Those are strictly private sector jobs and not a combination of private sector jobs and government jobs?

How can that chart be accurate, if we've had negative job numbers since the stealfromus spending started?

Care to address the content of my post?

This represents the aggregate labor market. 297k private sector jobs were created in December 2010. 190k public sector jobs were lost.
 
It's not my opinion that we've lost private sector jobs, every month since the stimulus spending started.

And that is something no one is denying. The question is whether it would have been the same, worse, or better without the stimulus.
 
from andrew cuomo's state of the state yesterday:

We have the worst business tax climate in the nation, period. Our taxes are 66% higher than the national average.

The State of New York spends too much money, it is that blunt and it is that simple. Our spending has far exceeded the rate of inflation. From 1994-2009, inflation was about 2.7% per year; medicaid went up over 5% per year and education went up over 6% per year. In real GDP, from 2001-2006, upstate New York grew about 1.7% per year while the average in the nation was 2.7%. The costs of pensions are exploding, 1.3 billion in 1998-1999, projected for 2013, 6.2 billion - a 476% increase and its only getting worse.

We just can’t afford those rates of increase. State spending actually outpaced income growth. State spending increased just under 6%, personal income growth was only 3.8%.

Not only do we spend too much, but we get too little in return. We spend more money on education than any state in the nation and we are number 34 in terms of results. We spend more money on Medicaid than any other state in the nation and we are number 21 in results. We spend about $1.6 billion per year in economic development and we are number 50 in terms of results. We are spending more, and government is growing more. We now have more than 600 Executive branch agencies.

What made New York the Empire State was a not a large government complex. It was a vibrant private sector that was creating great jobs in the State of New York. That’s what made us the Empire State once and that’s what’s going to make us the Empire State again.

We are going to have to confront the tax situation in our State. The property taxes in New York are killing New Yorkers. Thirteen of the sixteen highest tax counties are in New York when asset by home value. In absolute dollars, Westchester County the highest property taxes in the United States of America. Nassau County the second highest property taxes in the United State of America. It has to end, it has to end this year. We have to hold the line on taxes for now and reduce taxes in the future. New York has no future as the tax capital of the nation. Our young people will not stay. Our business will not come. This has to change.

Put it simply the people of this state simply cannot afford to pay any more taxes, period.

GOVERNOR ANDREW M. CUOMO STATE OF THE STATE ADDRESS | Governor
 
And that is something no one is denying. The question is whether it would have been the same, worse, or better without the stimulus.

There's no way to prove that. One irrefutable fact, is that the stealfromus didn't improve the economy. My evidence, you ask? The economy is still in the toilet, even after trillions of dollars worth of robulus spending.
 
Congress passed over a trillion dollars worth of job creation bills. How did that work out for us?

The government can't create jobs.

Actually, very little of the trillion was used to finance jobs. Most went for saving Wall street, banks, and failing companies.

With no government funding, infrastructure will deteriorate, and other vitally needed projects, too expensive for private interests to tackle, will also die. Is that what you want, really want?

History lesson: With no government funding, and they'd be no highways, no dams, no national defense, no electricity, no TV, no computers

ricksfolly
 
US Treasury asks Congress to lift debt ceiling

Just say NO Congress. You were given the House to stop this train wreck. Get to it!

The US treasury isn't spending the money, Congress is. The US Treasury is merely asking the Congress for permission to borrow money that Congress has already allocated to be spent. The Treasury is just doing its job and making that the Congress's budget is paid for not, its NOT a partisan part of government. The real problem is Congress spending the money.
 
Actually, very little of the trillion was used to finance jobs. Most went for saving Wall street, banks, and failing companies.

With no government funding, infrastructure will deteriorate, and other vitally needed projects, too expensive for private interests to tackle, will also die. Is that what you want, really want?

History lesson: With no government funding, and they'd be no highways, no dams, no national defense, no electricity, no TV, no computers

ricksfolly

Yeah, because as The One finally admitted, there's no such thing as a shovel ready project.
 
The US treasury isn't spending the money, Congress is. The US Treasury is merely asking the Congress for permission to borrow money that Congress has already allocated to be spent. The Treasury is just doing its job and making that the Congress's budget is paid for not, its NOT a partisan part of government. The real problem is Congress spending the money.

Let's say you told a car dealer you're going to buy a car. Before you do this you have already decided on a limit on the amount of debt you'll take on. You of course don't have the cash for the car so the dealer offers you some credit. Since taking on the extra credit would put you over your self-imposed limit you decide you can't do that right now. So you now have three choices. You can save your income and wait till you can pay cash for your car, you can wait till you're drunk enough that you forgot your self-imposed debt limit and get the loan, or you can live without the car.

This is the situation we find ourselves. Since the debt limit is about 95% of last year's income it would probably be a bad idea to waste your limit and get more debt. We're still employed and we get about $2 Billion a day so we certainly will survive without more debt even though it isn't very comfortable. But no one can deny that at some point we will no longer be able to get more credit. Also, it's not a very smart move to keep obtaining more debt to test where that natural ceiling sits at.

The obvious caveat to this analogy is the fact that congress has the power to create our currency. But that would require taking power away from the Fed. Last congress only had 2 guys that favored this move, and one of them got voted out. But since we all agree the ceiling will get raised again, these more drastic moves will become ever more popular the closer we get to the end.
 
Please summarize. The PDF keeps hanging on me.

antideficiency act makes it illegal for the government/civil servant to commit funds which have not been obligated by congress
 
Two points:

1) The republicans won the congress based on the economy. It was the absolute top issue. Not raising the debt ceiling would almost certainly hurt the economy. So no, that is not what they where given the house to do.

B) Your solution is simplistic in the extreme. You cannot solve a problem that is 40+ years in the making in one quarter. Just cannot be done. I agree, the deficit has to be fixed. I agree, we have to start doing it now. But there are ways to do it without creating more problems than you solve. There is no easy deficit fix, and it will take time, but it is doable.

...and what Republican "idea" does not fit within such a description?

Bonus point: It's funny how alot of the same people who cried that the tax cut extension had to happen across the board are the same ones who are not a month later crying about the deficit.

....and such persons have zero credibility on this issue and should be called on it. Their whines about the deficit are hypocrisy.
 
Let's say you told a car dealer you're going to buy a car. Before you do this you have already decided on a limit on the amount of debt you'll take on. You of course don't have the cash for the car so the dealer offers you some credit. Since taking on the extra credit would put you over your self-imposed limit you decide you can't do that right now. So you now have three choices. You can save your income and wait till you can pay cash for your car, you can wait till you're drunk enough that you forgot your self-imposed debt limit and get the loan, or you can live without the car.

This is the situation we find ourselves. Since the debt limit is about 95% of last year's income it would probably be a bad idea to waste your limit and get more debt. We're still employed and we get about $2 Billion a day so we certainly will survive without more debt even though it isn't very comfortable. But no one can deny that at some point we will no longer be able to get more credit. Also, it's not a very smart move to keep obtaining more debt to test where that natural ceiling sits at.

The obvious caveat to this analogy is the fact that congress has the power to create our currency. But that would require taking power away from the Fed. Last congress only had 2 guys that favored this move, and one of them got voted out. But since we all agree the ceiling will get raised again, these more drastic moves will become ever more popular the closer we get to the end.

Firstly, the Fed does not have the power to control the creation of currency, in terms of literally printing money. The US Mint works under the direction of the Congress, the Fed can release money it has in savings, which can for all practical reasons have the same effect, but they aren't actually creating money just increasing the money supply.

Secondly this isn't like buying a car. Because the US Treasury doesn't offer credit to Congress they are ordered to find it by issuing US Bonds. The US Treasury doesn't make a decision on how much to spend, they merely are there to facilitate the borrowing process when Congress orders them to borrow. They make NO DECISIONS on their own, and have no authority to do so, they work entirely under the orders of Congress. In this case they are simply saying to Congress "Just thought you might wanta know but if you want to finance all your spending you have to tell us to borrow more and allow us to do so."

The Treasury is simply doing its job, by informing Congress of the financial situation of the US budget AND requesting Congress raise the debt ceiling so it can finance the spending, IE its job, financing spending. If they don't get a new ceiling they will simply wait for orders from Congress for what spending will not receive funding, and once Congress decides that they'll finance them.

I don't approve of raising the debt ceiling or more Congressional spending, however the debt is NOT the fault of the US Treasury they simply do what they are told to serve the government in the way they are directed.
 
Republicans acknowledge debt limit should rise | Reuters
Treasury Secretary Timothy Geithner pressed lawmakers to raise the nation's $14.3 trillion debt limit to allow the United States to borrow more and avert a crisis in the coming months.

House Budget Committee Chairman Paul Ryan, a Republican, said he recognized the need to allow the government to go deeper in debt.

"Will the debt ceiling ... have to be raised? Yes," said Ryan, who leads Republican efforts to slash deficit spending.

But he called for deep spending cuts in 2012 and the Pentagon announced it would trim its budget by $78 billion as both government and opposition in Washington vied to outdo each other in promises of tighter spending.
Even Republican leadership understands the dire need to raise our nation's debt ceiling. I guess now the only people who want to see the United States default on her debt, further stagnating an economic recovery, are Tea Partiers.
 
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