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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: 80037
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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#58. To: war (#53)
Since you're so in love with statistics, here's one for you: Daily government spending in Zero's era: 4 billion Daily government spending in the Evil One's era: 1.6 billion I'm not going to comment on unsourced numbers. So...source them or they are moot. There you go again, trying to change the rules. You can damn well see that my "unsourced" numbers were in response to your "unsourced" numbers. Anything to deflect, huh? Oops! I rounded 3.81 Billion up to 4 Billion Make sure you focus on THAT
wha...huh?
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...
So your link works? There's nothing there that supports your "contrast". And what numbers do you believe that I did not source?
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...
Where are the costs of running FOUR wars in 0bama's column? In any case...should we believe this graph, OR reality?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Occasionally make your point unambiguously. I won't ding you for it - promise.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
My wife and I also had an S Corp at the time and Clinton's 1993 Budget Act gave us all sorts of credits and breaks that helped us to expland... Thanks... Well, sometimes timing is everything. Could it be argued that the foundation for your wealth and assets had its seed in the agenda and policies of Reagan?
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Soldiers DIED and I'm being petty? You know damn well that's NOT my position. But thanks for the retarded stretch.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
Make sure you focus on THAT Lol
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
You can argue anything that you want to argue... Reagan exported most of the jobs in my area to Europe and Japan so that made me go back to college full time the funding to which he promptly cut making me go deeper into debt... If you ***think*** that's a positive...sleep 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...
Your position was that "Reagan kept us out of wars"...when I pointed out that was bullshit anf gave examples as to why you claimed that I was being petty... There was no other way to take that...
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 3 years? Reagan wuz Prez for 8 years. Back in the 80s, an income of 55k was pretty good. And I suppose you took advantage of tax breaks and deduction expenses.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
You haven't supported your premise that the economic train wreck has anythign to do with the Obama presidency. You CANNOT make an unsupported statement and rely on that as an ongoing "truth" and, even worse, then turn it into a circular argument. Our economic woes predate Obama and he has HARDLY made them exponentially worse and, in some instances, he's abated the bleeding...or maybe you forget that we were bleeding hundreds of thousands of jobs a month when he took office?
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 stated the year that the tax reform began,...1987...
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...
There was no other way to take that... yeah, it was a cheap shot. That's ok. But what "bullshit"?? Reagan DID keep us out of wars; The isolated Lebanese terrorism and deaths of US military personnel was NOT a result of war, but a result of a military presence we've maintained all over the globe since WWII.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
I think we all got whacked on that tax-reform. New capital gains taxation policies hurt the real estate market then as well. And concurrently, Wall St. and you.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
What war was there to keep us out of? 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? He ran a covert war in Central America...maybe you heard of it...Iran/Contra? Really...your statement and reality aren't neighbors there, Libby...
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...
Hey! If you can't rely on http://i872.photobucket.com/albums/ab282/SwimmerDad/Economics/24editorial_graph2 -popup.gif what CAN you rely on?
By the end of the 80's, anyone attached to fixed income was getting whacked. I used to believe as you believe...Reagan is more myth than man... I will grant you one point...I have ALWAYS been proud to be an American but I wasn't always willing to proclaim that...Reagan made it okay to be proud that you were proud... I remember Robin Williams doing this on some TV program in 82 or 83 and I was very impressed:
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...
When you can't attack the message...attack the source... Thanks, "Saul"... Meanwhile, you still have not sourced your numbers...too late for them to be considered anything but BULLSHIT.
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...
http://i872.photobucket.com/albums/ab282/SwimmerDad/Economics/24editorial_graph2 -popup.gif what CAN you rely on? "SwimmerDad"?? *wheezing snicker*
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
(war): You haven't supported your premise that the economic train wreck has anythign to do with the Obama presidency. You CANNOT make an unsupported statement and rely on that as an ongoing "truth" and, even worse, then turn it into a circular argument. Our economic woes predate Obama and he has HARDLY made them exponentially worse and, in some instances, he's abated the bleeding...or maybe you forget that we were bleeding hundreds of thousands of jobs a month when he took office? Once again, you've missed the point - either deliberately or intentionally. So once again I'll try to simplyfy: Unfairly. or. fairly. presidents. get. the. blame/credit. for. the. economic. health. during. their. administrations. That. is. a. concept. that. would. be. taught. in. economic. debate. 101. (please make sure you grasp that concept before we move on) I. cited. examples. - Hoover. Carter. Clinton. - where. this. had. happened. (so far, so good?) Ergo. Obama. gets. the. credit. for. the. shitty. economy. of. 2008. to. present. And please don't insult me by spinning and twirling that the economy is all hunky dory. Ok?
An elderly friend got whacked to the tune of $150,000 by Charles Keaton and his antics. She had to go back to work at the age of 65, after she found her retirement funds no longer existed. And the Tea Baggers here want to dismantle SS in order put their retirement money in instruments where more sharks similiar to that Charles Keaton can get at it. I did good though. I sold a racehorce to a VP of an S and L, who paid for it on that S and L's petty cash account. Needless to say within six months he was in jail and the S and L was a US Bank. And the horse won at first asking.
I'll drink to that. On me, war.
#1. To: Goldi-Lox (#0) I used the wrong link. yukon posted on 2011-03-27 1:40:47 ET
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.
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#59. To: Liberator (#50)
Most of our debt can be attributed to imports of US for an economy and industries which were busy cranking out domestic wealth.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#60. To: Get Outta Dodge! (#58)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#61. To: war, Get Outta Dodge! (#53)
#62. To: war (#54)
#63. To: war (#55)
Frankly, what helped me the most, initially, was Rubin rolling the government's debt maturities down the yield curve and making them of shorter duration.
#64. To: war (#57)
Huh?
#65. To: Get Outta Dodge! (#58)
Oops! I rounded 3.81 Billion up to 4 Billion
#66. To: Liberator (#63)
Well, sometimes timing is everything. Could it be argued that the foundation for your wealth and assets had its seed in the agenda and policies of Reagan?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#67. To: Liberator (#64)
You know damn well that's NOT my position.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#68. To: war (#56)
For those three years my income was about $55K but because of the phase out of deductions, my AGI and thus my taxes went up every year...
#69. To: Get Outta Dodge! (#47)
It's understandable that you want to defelct the blame for the economic train- wreck away from your messiah, but it doesn't work that way. You cannot arbitrarily change the rules in the middle of the game.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#70. To: Liberator (#68)
Which 3 years? Reagan wuz Prez for 8 years.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#71. To: war (#67)
(Edited)
Your position was that "Reagan kept us out of wars"...when I pointed out that was bullshit anf gave examples as to why you claimed that I was being petty...
#72. To: war (#70)
I stated the year that the tax reform began,...1987...
#73. To: Liberator (#71)
Reagan DID keep us out of wars...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#74. To: Liberator, war (#61)
In any case...should we believe this graph, OR reality?
#75. To: Liberator (#72)
I think we all got whacked on that tax-reform. New capital gains taxation policies hurt the real estate market then as well. And concurrently, Wall St. and you.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#76. To: Get Outta Dodge! (#74)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#77. To: Get Outta Dodge!, war (#74)
Hey! If you can't rely on
#78. To: war (#69)
(G.O.D.): It's understandable that you want to defelct the blame for the economic train- wreck away from your messiah, but it doesn't work that way. You cannot arbitrarily change the rules in the middle of the game.
#79. To: war (#75)
(Edited)
By the end of the 80's, anyone attached to fixed income was getting whacked.
#80. To: war (#75)
I will grant you one point...I have ALWAYS been proud to be an American but I wasn't always willing to proclaim that...Reagan made it okay to be proud that you were proud...
#81. To: Liberator (#21)
WTH 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.
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