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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: 81794
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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#81. To: Liberator (#21)
Cheap debating points. (a la "DUMMY DwarF") Kicking the can down the road, while they work like mad to swindle as much money as possible for themselves, before the inevitable collapse. The more time they have to scam the system before it collapses, the better for them... and the worse for us. I've said it before- they'll throw their own mothers under the bus, to buy themselves even one more hour...
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
Why would I? We've had an ongoing financial crisis in this nation since HUD literally gave away the banks to housing market speculators in 2003...liar loans...no money down...125% refi's... I was one of the very few who predicted it and I have my arguments with ImStillRght and Boofer at LP to prove it. I saw this mess coming a good 2 years before it hit. I called the recession to the month. There has never been an economic dislocation this severe that was "austeritied" its way out of as the Tea Party is trying to have us do...
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...
In the context of eight years and NO, he didn't put us amidst Iran and Iraq, the above is quite incidental and trivial compared to ANY 8 years before or since. Oh, and still: ZERO wars! He ran a covert war in Central America...maybe you heard of it...Iran/Contra? Was that a "war" OR just one of many covert ops the US has run since the end of WWII?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Feel free to make a point for a change...
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...
5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants of that approach. Associate opponents with unpopular titles such as "kooks", "right-wing", "liberal", "left-wing", "terrorists", "conspiracy buffs", "radicals", "militia", "racists", "religious fanatics", "sexual deviates", and so forth. This makes others shrink from support out of fear of gaining the same label, and you avoid dealing with issues.
The more time they have to scam the system before it collapses, the better for them... and the worse for us. I've said it before- they'll throw their own mothers under the bus, to buy themselves even one more hour... Extremely well done on both imagery and the tangible negative effects. Still...they got away with even MORE flim-flam. Of course their media-b*tches praise 0bama, the Dems and even the feckless GOP "leadership" for every spike driven into the coffin. But hey - by the time these ghoulish multi-millionaire sell-outs are out of office and living in luxury guarded gated communities, guarded estates, or even in Switzerland or the Caymans, WE'LL be shopping sale on Soylent Green.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
We all did? -- Well, if you were a tax cheat, doing things like making up deductions for non-existent children, then yes, you got whacked. -- If you were using a whole bunch of dubious (but often technically legal) deductions to shelter your money, then you got whacked. It DID change the rules in the middle of the game, but the long term effect was to create a much fairer, and more stable tax system, at least so much as it hasn't since been dismantled. As for myself, I paid less taxes.
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
AKA, blah, blah, blah... Isn't THIS what you've just done with your worthless post?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Congrats! That's a rare feat, even if he wasn't yours at the time.
Are you always so literal?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Don't you get tired of talking to that gas bag?
------------------------------------- Talking point 36A - "Demonize Tea-Party". Check. Look, you can have all the problems with the Tea Party that you want to. Me? I look at it this way. You've got a 12-alarm fire going. The building is about to burn to the ground. The tea party's solution is to piss on the fire. Zero, the estab repubs, and the leftist dems solution is to pour gasoline on the fire. In the end, both solutions will fail. (This country as we know it is toast) But at least the tea party's solution doesn't seem to be as crazy.
Thank's for admitting he raised taxes primarily on elderly pensioners and retirees, who had played the game legally on the advice of the financial planners of the day. Too bad those next in line didn't learn from their mistakes.
Where did I "demonize" the Tea Party? Hell, where did I even mischaracterize what it is that they are doing? They are trying to move the US into draconian budget cuts coupled to the evisceration of socail programs. That is a true statement, is it not? My question is, when has that policy ever worked in an economic downturn?
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...
She reads the words, but the question is one of comprehension. She ain't got it.
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
Isn't THIS what you've just done with your worthless post? I'll admit, I am stealing Eric's role here. But congratulatrions!!! You win!!! Your whole spiel today is disinfo tactics.
Libby is okay 70% of the time...it's the 30% that can be a pain in the ass... I bozo'd Paddy today, tho...tired of his "Obama is a nigger" responses to me...
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...
Dammit, you KNOW how dummy-DwarF is impervious to logic and "common-sense." As dummy-DwarF daily demonstrates, "common-sense" is NOT so common...
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
The 86 tax reform act was bipartisan supported by Gephart, Moynihan, et al. The idea that retirees needed such tax shelters has long since been laid to rest by those today who make the same type of investments and no longer need the tax shelters. Nobody's money was stolen. You just liquidate and restructure.
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
jwpegler bozo'd you for using him as a punching bag.
She ain't got it. I know. And really, how many liberals do?? I've noted in many a time that many liberals/leftists might be bright, but suddenly act as though they've been lobotomized when the subject breaches 0bama...or the toxic ideological shortcomings of the Democrat Party, socialism and statism.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I know...hilarious...
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 idea that retirees needed such tax shelters has long since been laid to rest by those today who make the same type of investments and no longer need the tax shelters. Nobody's money was stolen. You just liquidate and restructure. There are no tax shelters being used today? Oh my, I guess I better talk to my accountant.
In the economic downturn we're currently in, it won't. I gave you my opinion in the remainder of post 92: Me? I look at it this way. You've got a 12-alarm fire going. The building is about to burn to the ground. The tea party's solution is to piss on the fire. Zero, the estab repubs, and the leftist dems solution is to pour gasoline on the fire. In the end, both solutions will fail. (This country as we know it is toast) But at least the tea party's solution doesn't seem to be as crazy
Analyzihg and criticizing your political gods doesn't make one a liberal.
"Disinfo"? Gonna call me "a nutless and gutless CT" while you're at it? Stop using yukonian tactics on me....(sob, sniffle.) LOL
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
WHO exactly is my "god" again?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I would imagine Reagan and Palin since any critique gets you all emotional.
Not like there were in 1986
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
You are right about that since many tax shelters now require minimum investments.
He reflagged Kuwaiti tankers as US tankers and not only had them sailing in waters that separated two belligerent nations but in disputed waters as well...
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...
They added more gas to it than the centrists did. A few weeks ago, there was an opportunity to get not only meaningful cuts that would impact both debt and deficits but common sense revenue raising that would have not detracted from growth and further cut into debt and deficits. I have never, ever heard of anyone or anything being able to pay down debt by reducing its income.
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...
Sorta like a bouncer on steroids stepping in between two little assholes at a bar. Clever move IMO.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
It resulted in the death of 37 ssailors. Not so smart... What often ahppens to a bouncer on steroids stepping in between two little assholes at a bar...
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...
I have never, ever heard of anyone or anything being able to pay down debt by reducing its income. I have never heard of a credit card company that keeps on raising someone's credit limit even after it's been determined that payments are consistently either late OR NOT rendered. The obvious and simple solution (as in individuals' case) ....is REDUCING EXPENDITURES - Something NO goobermint at any municipal, state, or fedgov level appears compelled to do because then "granny won't get her SS check." This is blackmail, plain and simple. As to the Tea Party's position....well SOMEONE has got to be the adult who sez "NO, we can't to buy afford the BMW 7 Series!! We're BROKE!!"
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Isn't THIS what you've just done with your worthless post? The context of this is that Erica often posts that as a response,....MG is just throwing her words back at 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...
Not so smart... Sometimes breaking up a beef in a bar is a dangerous place.... It was a bit better than the senseless deaths of 2,500+ lives as in A-Stan or almost 5,000 lives in Iraq (NOT including injuries), isn't it?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Nor have I cupcake...what does that have to do with anything? There are investors out there who are willing to purchase US debt which has always been paid on time. The obvious and simple solution (as in individuals' case) ....is REDUCING EXPENDITURES - As has been pointed out a grillion and - now - one times...cutting alone isn't going to get it done. The Bush tax cuts which contributed mightily to the debt and deficits need to be undone...
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...
Don't agree. At all.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Unlike you, I can be objective about ANY one.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
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Top • Page Up • Full Thread • Page Down • Bottom/LatestWTH are the idiots celebrating? Devaluing an already plummeting dollar? That's all it accomplishes.
Freedom is slavery.
Ignorance is strength.
#82. To: Get Outta Dodge! (#78)
And please don't insult me by spinning and twirling that the economy is all hunky dory. Ok?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#83. To: war (#73)
He put us in the middle of Israel and Lebanon and he put us in the middle of Iraq and Iran..,do you forget the Stark "incident"? Do you forget us shooting down a civilian airliner leaving Iran?
#84. To: Capitalist Eric (#81)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#85. To: Capitalist Eric (#81)
#86. To: Capitalist Eric (#81)
Kicking the can down the road, while they work like mad to swindle as much money as possible for themselves, before the inevitable collapse.
#87. To: Liberator (#72)
think we all got whacked on that tax-reform
#88. To: mininggold, Capitalist Eric (#85)
5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants of that approach. Associate opponents with unpopular titles such as "kooks", "right-wing", "liberal", "left-wing", "terrorists", "conspiracy buffs", "radicals", "militia", "racists", "religious fanatics", "sexual deviates", and so forth. This makes others shrink from support out of fear of gaining the same label, and you avoid dealing with issues.
#89. To: mininggold (#79)
And the horse won at first asking.
#90. To: no gnu taxes (#87)
We all did?
#91. To: war (#73)
Why don't you make like a tree and get out of here?
#92. To: war (#82)
There has never been an economic dislocation this severe that was "austeritied" its way out of as the Tea Party is trying to have us do...
#93. To: no gnu taxes (#87)
(Edited)
If you were using a whole bunch of dubious (but often technically legal) deductions to shelter your money, then you got whacked
#94. To: Get Outta Dodge! (#92)
(Edited)
Talking point 36A - "Demonize Tea-Party". Check.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#95. To: Liberator (#88)
Isn't THIS what you've just done with your worthless post?
Freedom is slavery.
Ignorance is strength.
#96. To: Liberator (#88)
AKA, blah, blah, blah...
#97. To: Biff Tannen (#91)
Don't you get tired of talking to that gas bag?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#98. To: Get Outta Dodge! (#92)
Freedom is slavery.
Ignorance is strength.
#99. To: Capitalist Eric (#98)
5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants of that approach. Associate opponents with unpopular titles such as "kooks", "right-wing", "liberal", "left-wing", "terrorists", "conspiracy buffs", "radicals", "militia", "racists", "religious fanatics", "sexual deviates", and so forth. This makes others shrink from support out of fear of gaining the same label, and you avoid dealing with issues.
#100. To: mininggold (#93)
#101. To: war (#97)
#102. To: Capitalist Eric (#95)
She reads the words, but the question is one of comprehension.
#103. To: Fred Mertz (#101)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#104. To: no gnu taxes (#100)
The 86 tax reform act was bipartisan supported by Gephart, Moynihan, et al.
#105. To: war (#94)
(Edited)
My question is, when has that policy ever worked in an economic downturn?
Look, you can have all the problems with the Tea Party that you want to.
#106. To: Liberator (#102)
I've noted in many a time that many liberals/leftists might be bright, but suddenly act as though they've been lobotomized when the subject breaches 0bama...or the toxic ideological shortcomings of the Democrat Party, socialism and statism.
#107. To: mininggold, Capitalist Eric (#96)
I'll admit, I am stealing Eric's role here. But congratulatrions!!! You win!!! Your whole spiel today is disinfo tactics.
#108. To: mininggold (#106)
Analyzihg and criticizing your political gods doesn't make one a liberal.
#109. To: Liberator (#108)
(Edited)
WHO exactly is my "god" again?
#110. To: mininggold (#104)
There are no tax shelters being used today? Oh my, I guess I better talk to my accountant.
#111. To: no gnu taxes (#110)
(Edited)
Not like there were in 1986
#112. To: Liberator (#83)
...and NO, he didn't put us amidst Iran and Iraq
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#113. To: Get Outta Dodge! (#105)
The tea party's solution is to piss on the fire.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#114. To: war (#112)
[Reagan] reflagged Kuwaiti tankers as US tankers and not only had them sailing in waters that separated two belligerent nations but in disputed waters as well...
#115. To: Liberator (#114)
Sorta like a bouncer on steroids stepping in between two little assholes at a bar. Clever move IMO.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#116. To: war, Get Outta Dodge! (#113)
They [the Tea Party] added more gas to it than the centrists did...
#117. To: Liberator, Capitalist Eric, mininggold (#88)
AKA, blah, blah, blah...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#118. To: war (#115)
It resulted in the death of 37 ssailors.
#119. To: Liberator (#116)
I have never heard of a credit card company that keeps on raising someone's credit limit even after it's been determined that payments are consistently either late OR NOT rendered.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#120. To: war, Capitalist Eric, mininggold (#117)
The context of this is that Erica often posts that as a response,....MG is just throwing her words back at her.
#121. To: mininggold (#109)
I would imagine Reagan and Palin since any critique gets you all emotional.
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