A debt deal!

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    A debt deal!

    White House, congressional leaders reach debt deal - CNN.com

    I may cut my spending by a few hundred over the next ten years also!

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    contracting gov stimulus with high unemployment will surely make things better as economic history surely shows...lol tea party suckers! be careful for that you wish for...
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    917 billion? What a joke. That's less than 25% of what was needed to avoid a downgrade in our credit status.

    That's over 10 years as well, so that's just 91.7 billion a year. Don't get me wrong, that's a lot of money, but in comparison to the ~4.6 trillion dollar budget , that's only a reduction of about 2%.
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    $2.2 Trillion over 10 years. It's a joke.

    That's nothing.

    Where are the Medicare A-B-C-D cuts? At least?
    It's an accurate statement that our current spending will not be increasing the debt We've stopped spending money that we don't have.

    -- Jack Lew, then director of the Office of Management and Budget, in Feb. 16, 2011 testimony before the Senate Budget Committee.

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    wow.. they still going full retard.

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    Quote Originally Posted by Big Smoothy View Post
    $2.2 Trillion over 10 years. It's a joke.

    That's nothing.

    Where are the Medicare A-B-C-D cuts? At least?
    they will be on the block the next round when that debt ceiling is reached, they have to be.

    GDP will continue to shrink and with no new revenue the debt problem will never get any better.

    unfortunately people have been lead to believe that deficit reduction or balancing the budget will help but it definitely will not. neither increase the GDP which is what's needed to keep consumption/the economy going.

    fiscal contraction of gov spending only increases the GDP when::

    * nations matched the fiscal contraction with large exchange-rate deprecations and boosted exports - there is no one to increase our exports to, all the OECD countries have run out of monies to fuel consumption by their own respective working class due to the '07 crisis to much wealth was lost

    * interest rates were very high and deficit reductions had room to reduce them - the FRB is lending at 0% they can go no lower

    * countries were already growing strongly in the period before the fiscal contraction took effect - this is obviously not the case in our reality in the US
    Last edited by LAM; 07-31-2011 at 10:18 PM.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    LAM,

    are we fucked?

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    LAM is right. Unless we hike up taxes and spending dramatically, we will never get back to where we were in the Carter years, nor will we ever have a prayer of catching up with Greece. Thank God we now have a president who is putting us back on the right track.
    Last edited by GearsMcGilf; 07-31-2011 at 10:56 PM.

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    Quote Originally Posted by minimal View Post
    LAM,

    are we fucked?
    super big time....but the pain will be slow for years as the GDP continues to shrink along with the share of the national income that goes to labor. the only thing that can really speed up the process would be a derivative driven market crash on wallstreet.

    but the tea baggers and conservatives pushing this do not realize what they are doing my making this choice and going down this road of "limited" government. the desire to roll back the clock to the pre-big deal days to end these social protections/entitlements are not the end. sure those cuts will eventually send many of the elderly into poverty along with a a majority of blacks and hispanics, it doesn't stop there. there are people on the far, far, far right that make the conservative likes of Irving Kristol and Barry Goldwater tremble and piss in their pants. and they also despise poor whites but only slightly less than minorities and by poor I mean anyone with a net worth of less than an easy 300-400m.

    words are subjective and have different meanings depending on the reality of the people using them. and those people have nothing at all in common with the conservatives and tea baggers that are being used to do their dirty work to shrink the gov at both levels.

    just picture the anti-utopia and you are just about there...
    Last edited by LAM; 07-31-2011 at 11:17 PM.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Quote Originally Posted by GearsMcGilf View Post
    LAM is right. Unless we hike up taxes and spending dramatically, we will never get back to where we were in the Carter years, nor will we ever have a prayer of catching up with Greece. Thank God we now have a president who is putting us back on the right track.
    your still talking about taxes but know nothing at all about the topic just what has been spoon feed to you. because Reagan said taxes were too high in the 80's didn't make it true then and it doesn't make it true now. they have been constantly reduced to there lowest levels in 50 years or so on both capital and corps. US has the lowest % of GDP going to taxes out of all OECD countries. yet still no supply side where is it? still no jobs where are they? 30 years of neo-liberalism and it still doesn't exist because it is pure fantasy. there is no hard science behind it just the goal of getting taxes as low as possible.


    this coming from the guy that has to go find work in communist china because the opportunities in the US are so great thanks to supply-side economics. your children will thank you when they are crossing the border to get into Mexico to work in a factory in 40 years.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Does anyone believe in this shear lunacy. What they are basically saying is, "Sure, we have a ton of debt, we will make sure that instead of doubling it over the next ten years, we will only increase it by 70%". That's fucking stupid, who would ever lend money to someone like that?
    If sense were common, everyone would have it.

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    Quote Originally Posted by LAM View Post
    your still talking about taxes but know nothing at all about the topic just what has been spoon feed to you. because Reagan said taxes were too high in the 80's didn't make it true then and it doesn't make it true now. they have been constantly reduced to there lowest levels in 50 years or so on both capital and corps. US has the lowest % of GDP going to taxes out of all OECD countries. yet still no supply side where is it? still no jobs where are they? 30 years of neo-liberalism and it still doesn't exist because it is pure fantasy. there is no hard science behind it just the goal of getting taxes as low as possible.


    this coming from the guy that has to go find work in communist china because the opportunities in the US are so great thanks to supply-side economics. your children will thank you when they are crossing the border to get into Mexico to work in a factory in 40 years.
    What do you think are some practical and measurable solutions could be for US besides spending cuts and increasing the tax on the rich/corps?

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    This country is deff in trouble. I feel bad for the next administration to try and come fix it

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    Quote Originally Posted by minimal View Post
    What do you think are some practical and measurable solutions could be for US besides spending cuts and increasing the tax on the rich/corps?
    all of the practical methods are going to take time and luck.

    basically we need to do the exact opposite of what is being done in the US education system today. we need to do things which are are going to spur ingenuity and creativity vs dumbing down the population. we need to create an optimum learning environment for ideas that will enable us to supply the world markets with things not yet invented.

    unfortunately this is the exact opposite of the current neo-liberal strategy of destroying the public education system in the US.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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