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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: 80034
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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#99. To: Capitalist Eric (#98)
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
HUH?? What do bakery goods have to do this subject matter...lol.... What does [raising credit card limits in deadbeats like the US goob] 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. Yes....by STEALING from the US Taxpayer. What's OUR recourse again?? Oh, that's right - we're supposed to STFU and keep bending over, eh?? ...cutting alone isn't going to get it done. Ummm...YES it CAN. What ain't gonna cut it is pinching a penny of debt out of a dollar. ...The Bush tax cuts which contributed mightily to the debt and deficits need to be undone... Why you keep insisting that refunding overcharged taxpayers is some kind of huge factor is a mystery to me. It's NOT. The FAT elephant in the room is: the ungodly number of fedgov employees and agencies, their respective lofty salaries, bennies and golden parachutes; un-necessary military/war expenditures; and generational deadbeat parasites and illegal invaders whose FREEBIES that need to be SLASHED.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
That argument is infantile. We have a representative government under which tax policy is enacted. Nothing is being stolen from us. The government IS "us". There are several other systems of government as well as several other nations under which you are more than welcome to go and pledge your fealty. Otherwise, elect candidates who believe that you don't have to pay taxes for anything...roads...bridges...dams...food and drug safety...etc etc etc. If not, knock off the "stolen from" nonsense. It's a stupid argument. Why you keep insisting that refunding overcharged taxpayers... Oh...so now it's not stolen but overcharged? In 2001, this nation had $5trl in debt. No one was being overcharged when the US was in, if not a budget deficit, a structural one. Those tax cuts were moronic then and look even more so in hindsight...
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...
You look foolsih in the face of his record here. S/He posted this thread a few months ago and then went on a rampage using nothing but those points in his responses...
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've never seen you post even one objective post here. All someone has to do is mention Palin, Reagan or describe some kind of homo act and you are all over it with your non sequiturs.
Nice fairy tale ain't it? Too bad we are no longer a "representative government." You do know our SS was stolen (or in fedgov-speak - "re-allocated.") They are piling up debt upon debt for our children and grandchildren - yes, THAT damn well IS "stealing" from the next generations. There are several other systems of government as well as several other nations under which you are more than welcome to go and pledge your fealty. Otherwise, elect candidates who believe that you don't have to pay taxes for anything...roads...bridges...dams...food and drug safety...etc etc etc. If not, knock off the "stolen from" nonsense. It's a stupid argument. Our reps are NOT representing US citizens by stealing OUR money and giving it to foreign banks, governments, citizens, and illegal invaders - OR do you think otherwise?? What planet are you on? Why you keep insisting that refunding overcharged taxpayers... Ummm...because we ARE being overcharged? Since when should I pay for "Nation Building" a Third World Muslim sh*thole or any other nation as our infrastructure is crumbling?? Oh...so now it's not stolen but overcharged? It's actually both. In 2001, this nation had $5trl in debt. No one was being overcharged when the US was in, if not a budget deficit, a structural one. Those tax cuts were moronic then and look even more so in hindsight... The theft of and overcharging the US taxpayer for bullsh*t obviously didn't begin with 0bama.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Put the bottle down and have another cup of coffee. Some solutions are VERY simple. All someone has to do is mention Palin, Reagan or describe some kind of homo act and you are all over it with your non sequiturs. (see above)
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I don't pay attention to dummy-DwarF or ming. The dummy is lib shill. ming (silly bimbo that she is) flips back and forth between ming and lucysmom, so that she can have "conversations" with herself. Neither is worthy of consideration.
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.
I don't know where you live but I voted for a US Rrepresentative AND a US Senator last year. I voted for the one whom I believed either most reflected my beliefs or whose judgement I could trust enough should I be equivocal in an instance. Feel badly for you. You do know our SS was stolen (or in fedgov-speak - "re-allocated.") They are piling up debt upon debt for our children and grandchildren - yes, THAT damn well IS "stealing" from the next generations. SS is not in debt. You're confused. The government has borrowed from the SS account aka the SS Trust Fund. You may recall that in 2000, Gore said that any budget surplus would be used to pay down the government securities that the government had given to SS as "collateral". The guy he beat in that election thought it more important to squander the budget surplus and not pay down debt. For his efforts, Gore was laughed at and denied his rightful office by an activist Supreme Court which issued a "one time decision" that was based upon no law or constitutional principle. Anyway, I digress...but I do note the irony that the people who scream loudest about the debt and deficits are also the biggest vocal defenders of a moronic fiscal policy that put us back in this path to fiscal ruin. Ummm...because we ARE being overcharged? Since when should I pay for "Nation Building" a Third World Muslim sh*thole or any other nation as our infrastructure is crumbling?? You shouldn't have to and I agree. There are several nations which do not send any doallrs overseas in the guise of "foreign aid". Want a list of them? Or, you do what I do, weigh that issue against other issues when making your vote. Sadly, both of the major party candidates I could choose from last year BOTH agree that foreign aid is necessary.
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.
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...
ny = Nazi Youth?
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
You're rapidly becoming irrelevant to my participation here...
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...
Spot on!
LOL.
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.
All someone has to do is mention Palin, Reagan or describe some kind of homo act and you are all over it with your non sequiturs. (see above) Really, when are you going to stop with the same stupid BS that seems to always support my contentions about you?
Can you even get it though your thick statist skull that history shows that CUTS NEVER COME? One Congress cannot demand something of a future Congress Are you really that dumb?
Only because of the unwillingness of the participants. One Congress cannot demand something of a future Congress Sure it can...the laws of the Republic are nothing less than perpetual unless specifically set to expire. Are you really that dumb? No...I just figured that you needed some help with your self-esteem...how's it working so far?
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...
Can you even get it though your thick statist skull that history shows that CUTS NEVER COME? Only because of the unwillingness of the participants. You do understand that the participants are liars and theives (a.k.a. political hacks), right? Thanks for making my point.
The day you dry out.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
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.
#122. To: war (#119)
(Edited)
Nor have I cupcake...
#123. To: Liberator (#122)
Yes....by STEALING from the US Taxpayer. What's OUR recourse again?? Oh, that's right - we're supposed to STFU and keep bending over, eh??
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#124. To: Liberator (#120)
Don't agree. At all.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#125. To: Liberator (#121)
Unlike you, I can be objective about ANY one.
#126. To: war (#123)
That argument is infantile. We have a representative government under which tax policy is enacted. Nothing is being stolen from us. The government IS "us".
#127. To: mininggold (#125)
I've never seen you post even one objective post here.
#128. To: Liberator, war, mininggold (#120)
Freedom is slavery.
Ignorance is strength.
#129. To: Liberator (#126)
(Edited)
Nice fairy tale ain't it? Too bad we are no longer a "representative government."
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#130. To: Capitalist Eric (#128)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#131. To: war, Liberator, Capitalist Eric, *Extended Clip Progressives* (#129)
I voted for the one whom I believed either most reflected ny beliefs
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#132. To: hondo68 (#131)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#133. To: war (#130)
5. Sidetrack opponents with name calling and ridicule.
#134. To: hondo68 (#131)
Freedom is slavery.
Ignorance is strength.
#135. To: Liberator (#127)
Put the bottle down and have another cup of coffee. Some solutions are VERY simple.
#136. To: war (#113)
(Edited)
get not only meaningful cuts
#137. To: Get Outta Dodge! (#136)
Can you even get it though your thick statist skull that history shows that CUTS NEVER COME?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#138. To: war (#137)
#139. To: mininggold (#135)
Really, when are you going to stop with the same stupid BS that seems to always support my contentions about you?
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