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Title: Debt ceiling deal does not solve our fiscal woes
Source:
The Washington Times
URL Source: http://communities.washingtontimes. ... oes-not-solve-our-fiscal-woes/
Published: Aug 1, 2011
Author: Vasko Kohlmayer
Post Date: 2011-08-01 18:35:11 by We The People
Keywords: None
Views: 81900
Comments: 139
Back slapping and smiles abounded as the president and congressional leaders reached a debt ceiling compromise last night. The deal, they said, will save us from falling over the fiscal cliff. Do not believe a word of it. The bipartisan deal does not alter the grim fact that the US government is saddled with far greater obligations than it can conceivably meet. Public debt of $14.5 trillion and long term unfunded liabilities well in excess of $100 trillion are simply an insurmountable burden. To put it plainly, the US federal government is bankrupt. The only reason its finances have not yet collapsed is due to the dollar's status as the world's reserve currency. Debt ceiling (Image: AP). Increase of debt ceiling will not address the heart of the problem. Normally when a country acquires more debt than it can carry, creditors dump its bonds and the currency falls apart. Most of our creditors know that we will not be able to pay our debts. They would love to dump their dollars, but they have a serious problem. There is really nowhere else they can put their money. Consider the alternatives. Should they sell dollars and buy euros instead? But the euro is as troubled as the dollar is. Or should they try the British pound or the Japanese yen? Those too happen to be heavily over-indebted and shaky. There are some currencies – such as the Swiss frank and the Canadian dollar – that are relatively healthy, but they are too small to be considered as global alternatives. The bottom line is that there is at the present time no currency that could reliably absorb the world's monetary reserves. The world is in a currency crisis and holders of reserves – whether national banks or private institutions – have no choice but to stick with the dollar for now. Sensing the train wreck ahead, creditors plead in desperation with our government to do something about its out-of-control spending. Unfortunately for them, American politicians – despite their rhetoric – have no intention of doing anything. Both Republicans and Democrats want the same thing: They want to spend more. The only difference between them is the kind of programs on which they want to spend. Even the fiscal hawks in the Republican party become dovish when it comes to cutting. Paul Ryan's plan The Road to Prosperity, which he released with much noise earlier this year, would not balance the budget for another thirty years. What this really means is that it would never balance the budget, because it is impossible to forecast anything with any degree of accuracy thirty years out. The far-off balancing date in Paul Ryan's budget was only a cop out. That much was obvious. Yet he still got savaged for his supposed fiscal “ruthlessness.” If the mere pretense of wanting to balance the budget makes one a political pariah, then you know we are in serious trouble as a country. If you really want to understand what is going on in our capitol when it comes to money and budgeting, you need to grasp one thing: There is only one party in Washington, D.C. It is the party of Big Spending. This is its modus operandi: The greater our debts, the more it wants to spend. Let us not forget that it was George Bush and the Republicans that set us on the road to never-ending bailouts and soaring budget shortages. Obama took it a step further and the Republicans cried fault. They complain about the deficits, but even the most fiscally “hawkish” among them do not want to balance the budget. Instead they pretend that little cuts around the edges will solve our problems. With an annual deficit of some $1.5 trillion, cutting two trillion over the next ten years is only a drop in the bucket. To have any chance, we would need to cut $1.5 trillion now just to stop the hemorrhage. This will not happen, of course. With such leadership as we have we are headed for disaster. The fact is that we are bankrupt, and we will eventually default. Raising the debt ceiling now only postpones the inevitable. Do not celebrate. Rather prepare for the crash. http://communities.washingtontimes.com/neighborhood/vasko-kohlmayers-globe/2011/aug/1/debt-ceiling-deal-does-not-solve-our-fiscal-woes/
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#1. To: We The People, *The Two Parties ARE the Same* (#0)
(Edited)
Sen. Tom Coburn has a plan (Back in Black) to reduce government by 25% and cut spending by 9 Trillion, but nobody's paying any attention. Sen. Rand Paul has a plan for big cuts, but he's being ignored too. D's and R's ain't going to get it done. If the Tea Party wants to accomplish anything, they're going to have to throw both parties under the bus. Failing that, they'll go the way of Newt Gingrich's "Contract with America"... onto the ash-heap of history.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Now that the House has passed this bill maybe Boehner and Cantor can give us their jobs plan.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
ROFLMAO!!!!! I'll give you this - you have a firm grasp of the . . the . . the . . irrelevant . . . White House suck-up must pay REALLY well Meanwhile, back in the present universe . . .
It won't be as a result of anther bogus "solution" by your Dear Leader and the Dem economy arsonists, will it? Btw, can you explain why 0bama's $800 billion dollar "Stimulus" in 2009 stimulated nothing but the bowel activity of the US economy?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
White House suck-up must pay REALLY well Meanwhile, back in the present universe . . . Yeah, war's memory is conveniently...Alzheimers-like.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
The US "crisis" has always been in front of American's eyes. Today, the only difference is the degree that the MONSTER in Washington DC can up the ante.
This deal us nothing but nonsense. The government will spend 3,700 billion this year. THey will borrow 1,500 billion to do so. This bill will cut a tiny 4 billion out of this year's borrowing. It not even a pimple on the deficit's ass.
Employment is irrelevant? Does that mean that we will NOT be seeing a jobs plan out of Boehner and Cantor?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Which means what? That they've passed a jobs program and I've forgotten it?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
For once you've gotten something correct. This BS was nothing more than trying to weaken a POTUS politically.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
By any measure the stimulus worked. You cannot argue otherwise. Well...otherwise honestly any way... But I do find it ironic that when the GOP won their "historic" victory last year that all of the Boofers of the world cackled that things were only going to get better...they would stop Obama in his tracks, extend the Bush tax cuts and get to work creating jobs... They've done two of the three and things have only gotten worse.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
All the stimulus did was postpone the inevitable cuts that state and local governments were going to have to make. Nothing was "stimulated." By any measure Obama has been an abysmal failure, which is why that Kenyan asshole is going to be thrown out of office in a year and a half and hopefully deported.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
I'm almost always correct. I deal in facts. You deal in ideology.
Yep. It just postponed the needed correction. Not just the stimulus, but also Obama's stupid tax credit for first time home buyers, cash for clunkers, and more. All they did was further distort markets that were already distorted by idiotic government programs.
Well...at leats you're batting .500 today... I deal in facts. You deal in ideology. Oops...one for three...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Uh...the tax credits were part of the stimulus bill. One for four...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
YEP. That MONSTER is backed up front and center by their Pravdan media, who in unison just happens to parrot the SAME screeching pro-goob crisis/spending headline day after day. The Leftist/Statist media is the goob's b*tch (but then most of us realize that.)
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Does that mean that we will NOT be seeing a jobs plan out of Boehner and Cantor? But...but...Won't that mean LESS goob over-officiousness, LESS regulations, LESS destroying the coal/oil industries, LESS farm land destruction, LESS taxes, LESS fedgov spending, getting the hell out of THREE wars, and stopping fake $800b "stimulus" programs that produced ONLY more unnecessary fedgov and union work?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Which means what? That they've passed a jobs program and I've forgotten it? You claimed 0bama's sham $800 stim wuz productive. Can't you now admit is was a complete and utter waste? IF you're going to insist that it was a success, can you tell me exactly how? (I mean besides all the cutesy road works lined with flowers and bushes and new street signs?)
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Since you are more interested in scoring cheap debating points than discussing facts, you can join loonymom / whinyold on my bozo list. No more discussion for you.
The government will spend 3,700 billion this year. THey will borrow 1,500 billion to do so. This bill will cut a tiny 4 billion out of this year's borrowing. It not even a pimple on the deficit's ass. Correctamundo. WTH are the idiots celebrating? Devaluing an already plummeting dollar? That's all it accomplishes.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Why the hell must the welfare of the USA be secondary to the POTUS's commie agenda, weak leadership and sabotage of the country's economy and sovereignty? WHY are we in Libya again? Why did he shut down the US's coal and oil industries?? 0bama is America's Nero.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I made no such claim and I challenge you to buck up that claim.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Chuckles...there was never any "discussion" between us. You say **stupid** things and get called on them.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
The position of Drama Queen has already been taken by Captialist Erica...you'll need to battle it out with her...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Poor widdle baby, he got you good and proved you don't even know the definition of 'discussion'. Your 'facts' and 'debating points' got refuted and instead it hurt your widdle feeelings so you struck out immaturely in the only way you know how. That won't stop you from badmouthing those you Bozo though from behind your momma Erika's skirts though.
I'm sure you're capable of backtracking your posts to 2009 and even last year. I have neither the time or desire.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I'm positive YOU can spin my claim of "the POTUS's commie agenda, weak leadership and sabotage of the country's economy and sovereignty" into...the complete opposite. Even though that spin would be based on smoke and mirrors while utiizing a large BONG. Btw - that Janet Nappy is some hot broad, ain't she?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Actually Obama seems rather Reaganesque
On WHAT planet?? Nevermind.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Nevermind. That's true. He does have a bit to go before he raises the debt ceiling to a percentage comparable to that done by Reagan.
Does that mean that we will NOT be seeing a jobs plan out of Boehner and Cantor? (Liberator): But...but...Won't that mean LESS goob over-officiousness, LESS regulations, LESS destroying the coal/oil industries, LESS farm land destruction, LESS taxes, LESS fedgov spending, getting the hell out of THREE wars, and stopping fake $800b "stimulus" programs that produced ONLY more unnecessary fedgov and union work? war doesn't understand the concept of perspective. In a "normal" situation, a so-called jobs bill might be relevant (although he and his statist buddies would veto any effective bill, just for the items you mentioned). But this is no way a "normal" situation. It's more like the situation circa August 1945 in Nagasaki and Hiroshima, Japan. And Zero is the one piloting the Enola Gay. Given that circumstance, I doubt the affected Japanese were worrying about "employment." But the thing to keep in mind about "war." Don't you dare criticize his god. He's got a pin-up picture of him after every post, for Pete's sake . . .
sorry, I forgot to ping you to 32
Are you seriously comparing the optimism and shape of the American economy, the trade deficit situation, the value of the dollar, and the growth of the economy during Reagan's Presidency....to TO-DAY?? My word - you really do dwell on Mars. Hey - do the little green men treat your "problem" with dignity?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Hear ya. War is a bright guy...until he enters his own private Spin Zone. Then he turns into Byeltsin on acid. This is no way a "normal" situation. It's more like the situation circa August 1945 in Nagasaki and Hiroshima, Japan. And Zero is the one piloting the Enola Gay. Given that circumstance, I doubt the affected Japanese were worrying about "employment." GREAT metaphor. "Jobs" won't matter when we're irreversibly cratered. I am shocked that relatively informed leftists and liberals remain blinded to this...sh*tstorm that 0bama and the Dems are foisting upon ALL of us. Or rather they are just socialist-anarchists at heart, eh? The thing to keep in mind about "war." Don't you dare criticize his god. He's got a pin-up picture of him after every post, for Pete's sake . . . Funny thing: He's even blind to THAT.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
You think a major banking crisis created by Reagan's policies didn't affect the Reagan economy? Have you received your 'trickle down' yet? LOLOLOLOL
Prespective 1: Unemployment is over 9% "official" and in the teens when other aspects are factored in. GDP is 70% SPENDING. People don't spend when they aren't working. Perspective 2: Government spending accounts for $3trl of our GDP. Perspective 3: How are people waiting around for trickle down - which has never worked, btw - and cutting back 20% of GDP going to make this economy "healthy"? You can babble on about crticiziing or not criticizing Obama as if that is the debate. It isn't. Boehner and Cantor PROMISED jobs when they ran. They PROMISED jobs after they won. They PROMISED jobs with the extension of the Bush tax cuts. Where are they? It's two years after Obama took power and the GOP was able to curtail the stimulus bill to a shell of what it should have been. It's 7 months into the GOP's "resurgence" the GOP has exercised its power from the get go but, economically, the question now is WHEN DID we double dip - I'm picking June, btw,...not WILL we double dip... You can prattle on about Japan and Hiroshima as if that is some sort of argument. But you are sorely lacking on details. How will reducing spending in a down economy BOOST economic growth? How will cutting spending on infrastructure, which has a direct correlation to stimulating demand, BOOST economic growth? How will reducing education funding help this nation compete in the global market of not only hard goods but in the market of ideas as well? THOSE are the questions that YOU need to answer. My guess is that all I'll get back is more bullshit about me and Japan in a post that you forget to ping me to.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
The Reagan Adminstration was romamticized WHILE it was still in progress...why would you believe it would be any different now.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Good grief; Reagan's economy, his love of America, and soaring optimism translated into THE best of times for America... And yes, I received my "trickle down" (actually, I went from 0-60 in no time - I bought three houses and two new cars during Reagan's 8 years that America kicked-ass.) Creativity, private enterprise and entrepreneurship were at our apex. It's not surprising that you socialists were depressed. And FYI, Reagan kept us O-U-T of wars during his eight splendid years (except for flexing a bicep during that little Grenada tour de force..)
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
And rightfully so. WHILE it was in progress. Now? Well, the Statist-Leftist virus plaguing the GOP probably wouldn't even allow Reagan into it "Big Tent." War...You voted for Reagan, didn't you? How were the years from 1981-1989 for you?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I don't. Some still insist on putting certain politicians on religious pedestals as proven by their reactions to any criticism of them. They show their emotional investment, by their taking it personally.
Comments (42 - 139) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestThere is only one party in Washington, D.C. It is the party of Big Spending.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#2. To: We The People (#0)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#3. To: war (#2)
Now that the House has passed this bill maybe Boehner and Cantor can give us their jobs plan.
#4. To: war, We The People (#2)
Now that the House has passed this bill maybe Boehner and Cantor can give us their jobs plan.
#5. To: Get Outta Dodge!, war (#3)
I'll give you this - you have a firm grasp of the . . the . . the . . irrelevant . . .
#6. To: We The People (#0)
#7. To: We The People (#0)
An ideal form of government is democracy tempered with assassination. -- Voltaire
#8. To: Get Outta Dodge! (#3)
I'll give you this - you have a firm grasp of the . . the . . the . . irrelevant . . .
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#9. To: Liberator (#5)
Yeah, war's memory is conveniently...Alzheimers-like.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#10. To: jwpegler (#7)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#11. To: Liberator (#4)
(Edited)
Btw, can you explain why 0bama's $800 billion dollar "Stimulus" in 2009 stimulated nothing but the bowel activity of the US economy?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#12. To: war (#11)
#13. To: war (#10)
For once you've gotten something correct.
An ideal form of government is democracy tempered with assassination. -- Voltaire
#14. To: no gnu taxes (#12)
All the stimulus did was postpone the inevitable cuts that state and local governments were going to have to make.
An ideal form of government is democracy tempered with assassination. -- Voltaire
#15. To: jwpegler (#13)
I'm almost always correct.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#16. To: jwpegler (#14)
Not just the stimulus, but also Obama's stupid tax credit for first time home buyers, cash for clunkers, and more.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#17. To: buckeroo (#6)
The US "crisis" has always been in front of American's eyes. Today, the only difference is the degree that the MONSTER in Washington DC can up the ante.
#18. To: war, Get Outta Dodge! (#8)
Employment is irrelevant?
#19. To: war (#9)
("Yeah, war's memory is conveniently...Alzheimers-like.")
#20. To: war (#16)
One for four...
An ideal form of government is democracy tempered with assassination. -- Voltaire
#21. To: jwpegler, We The People (#7)
This deal us nothing but nonsense.
#22. To: war (#10)
This BS was nothing more than trying to weaken a POTUS politically.
#23. To: Liberator (#19)
You claimed 0bama's sham $800 stim wuz productive.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#24. To: jwpegler (#20)
Since you are more interested in scoring cheap debating points than discussing facts, you can join loonymom / whinyold on my bozo list. No more discussion for you.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#25. To: Liberator (#22)
Why the hell must the welfare of the USA be secondary to the POTUS's commie agenda, weak leadership and sabotage of the country's economy and sovereignty?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#26. To: jwpegler, war (#20)
Since you are more interested in scoring cheap debating points than discussing facts, you can join loonymom / whinyold on my bozo list. No more discussion for you.
#27. To: war (#23)
(Edited)
I made no such claim and I challenge you to buck up that claim.
#28. To: war (#25)
#29. To: Liberator (#28)
#30. To: mininggold (#29)
Actually Obama seems rather Reaganesque
#31. To: Liberator (#30)
On WHAT planet??
#32. To: Liberator (#18)
(war): employment is irrelevant?
#33. To: war (#32)
#34. To: mininggold (#31)
That's true. He does have a bit to go before he raises the debt ceiling to a percentage comparable to that done by Reagan.
#35. To: Get Outta Dodge!war (#32)
war doesn't understand the concept of perspective. In a "normal" situation, a so-called jobs bill might be relevant (although he and his statist buddies would veto any effective bill, just for the items you mentioned).
#36. To: Liberator (#34)
Are you seriously comparing the optimism and shape of the American economy, the trade deficit situation, the value of the dollar, and the growth of the economy during Reagan's Presidency....to TO-DAY??
#37. To: Get Outta Dodge! (#32)
(Edited)
war doesn't understand the concept of perspective.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#38. To: mininggold (#36)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#39. To: mininggold (#36)
You think a major banking crisis created by Reagan's policies didn't affect the Reagan economy? Have you received your 'trickle down' yet? LOLOLOLOL
#40. To: war, mininggold (#38)
The Reagan Adminstration was romamticized WHILE it was still in progress...why would you believe it would be any different now.
#41. To: war (#38)
(Edited)
The Reagan Adminstration was romamticized WHILE it was still in progress...why would you believe it would be any different now.
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