Debt-Limit

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    A few opinions and articles:

    http://www.washingtonpost.com/blogs/...-debt-ceiling/

    http://www.thedailybeast.com/article...n-debacle.html

    http://economix.blogs.nytimes.com/20...-of-cash/?_r=0

    http://online.wsj.com/article/SB1000...490367042.html

    http://www.huffingtonpost.com/2013/1...n_4058492.html
    The Constitution of the United States
    AMENDMENT XIV Passed by Congress June 13, 1866. Ratified July 9, 1868.
    Section 4.

    The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. ...

    http://www.archives.gov/exhibits/cha...nts_11-27.html
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  4. 1
    A succinct description of the conflict:
    "Boehner’s central rhetorical thrust, as it has been all along, has been to elide the crucial distinction between hostage-taking and normal political negotiation. The latter involves mutual concessions in order to arrive at policy changes both parties agree would improve the status quo. The former involves one party forcing the other to accept otherwise unacceptable policy changes by threatening to undertake actions that both sides agree are harmful."
    herring_RN likes this.
  5. 2
    A couple of things everybody should understand: the debt limit, the debt and the deficit are 3 different things. Our deficit, which is the difference between revenue and expenditure has been steadily decreasing, but because it still is a 1/2 trillion dollar/yr deficit our debt continues to grow. Which means a greater and greater percentage of our expenditure is simply going to pay interest. The higher the interest rate the more expenditures, the greater the deficit. Interest rates are rising because this threat increases perceived risk. Actual default would send rates thru the roof (like Greece). Historically the answer to this problem has been/ addressed as self evident: raise taxes. It has become such a given that that solution is a non starter for Republicans, the pundits, or even the President, don't even bother to mention it. Like it or not RAISING TAXES IS THE ONLY SOLUTION.
    aknottedyarn and herring_RN like this.
  6. 1
    Government Shutdown Was Planned For Months By Ed Meese, Koch Bros

    ... Shortly after President Obama started his second term, a loose-knit coalition of conservative activists led by former Attorney General Edwin Meese III gathered in the capital to plot strategy. Their push to repeal Mr. Obama’s health care law was going nowhere, and they desperately needed a new plan.
    Out of that session, held one morning in a location the members insist on keeping secret, came a little-noticed “[COLOR=#004276]blueprint to defunding Obamacare[/COLOR],” signed by Mr. Meese and leaders of more than three dozen conservative groups.

    It articulated a take-no-prisoners legislative strategy that had long percolated in conservative circles: that Republicans could derail the health care overhaul if conservative lawmakers were willing to push fellow Republicans — including their cautious leaders — into cutting off financing for the entire federal government.

    So, when you are told by Republicans that the shutdown is he fault of President Obama and Democrats, you can now say with certainty that this is untrue. ...

    http://radio.foxnews.com/2013/10/06/...ese-koch-bros/
    aknottedyarn likes this.
  7. 0
    I think I saw that on the liberal main stream news or maybe John Stewart. OMG they agree on something!
  8. 2
    I take back my earlier statement regarding increased taxes. What is needed is increased revenue. I mentioned it last year in another discussion here that the best idea I have ever heard of would be a fee ( If the SCOTUS can call the fine for not getting insurance a tax, then we can call this a fee and not a tax- No taxes at All!) on every bank transaction. Every time money is moved from one place to another a fee would be extracted and sent to Treasury. No exceptions except cash exchanges. ( Money moved on the books is vastly larger than cash transactions) This would broaden our "revenue base" about as big as it could be measured. To increase our revenue to 4T a year that fee would be about .004 on the dollar. That's one tenth of 4 cents. This would be the entire extent of the tax code. No income taxes, no deductions, corporations could not completely hide their money like GE does now. No tax exempt organizations. The efficiency of this alone would stimulate the economy like we have never seen before.
    aknottedyarn and herring_RN like this.
  9. 0
    Quote from d'cm
    I take back my earlier statement regarding increased taxes. What is needed is increased revenue. I mentioned it last year in another discussion here that the best idea I have ever heard of would be a fee ( If the SCOTUS can call the fine for not getting insurance a tax, then we can call this a fee and not a tax- No taxes at All!) on every bank transaction. Every time money is moved from one place to another a fee would be extracted and sent to Treasury. No exceptions except cash exchanges. ( Money moved on the books is vastly larger than cash transactions) This would broaden our "revenue base" about as big as it could be measured. To increase our revenue to 4T a year that fee would be about .004 on the dollar. That's one tenth of 4 cents. This would be the entire extent of the tax code. No income taxes, no deductions, corporations could not completely hide their money like GE does now. No tax exempt organizations. The efficiency of this alone would stimulate the economy like we have never seen before.
    I must be missing something. What do you mean exactly by "anytime money is moved from one place to another"? Could you give some examples?
  10. 1
    I'm guessing trades in financial products including derivatives, stocks, and bonds would be included.
    aknottedyarn likes this.
  11. 0
    Ok pay an insurance co. money comes out of your acct. and into theirs KACHING they pay a hospital claim. Kaching. The hospital pays a supplier. KACHING. And on and on the money goes which economists measure as velocity. Very roughly velocity x money supply = 1000 trillion bucks. Www. Swift institute.org The real money however is the movement of money between banks, brokerages, hedge funds etc.
  12. 0
    Quote from d'cm
    Ok pay an insurance co. money comes out of your acct. and into theirs KACHING they pay a hospital claim. Kaching. The hospital pays a supplier. KACHING. And on and on the money goes which economists measure as velocity. Very roughly velocity x money supply = 1000 trillion bucks. Www. Swift institute.org The real money however is the movement of money between banks, brokerages, hedge funds etc.
    Where do you get your $4 trillion figure from?


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