Debt Ceiling

[Squidmama]

:I Oh god, there's less than a week or something I dunno-- terror throws my counting off-- if the weiner jackets in office don't get their heads out of their butts by August Second the country of America may loose is triple A rating effectibf markets worldwide. GFgfgfgff if they don't loose it, the American taxes are going to sky rocket. They don't want to compromise by raising them a little now, and by they I mean the Republicans that are currently in office.

 

I'm so scared. I'm planning on moving from America but still, scared. Scared that this has been doing on so long, scared that the media has only now started caring, and scared that most of the American public has no idea what's going on. HFhfhgfhgfhfg

 

Anyone else scared?

[veillay]

Nah, they always settle those things just in the nick of time. Otherwise they won't be re-elected ;)

[Squidmama]

There's still a good chance of loosing our rating because of all this halabaloo. America won't be bumped down to B plus, but they'll def loose an A. There is legit no time to write up a draft and go through all the standard steps before the dead line. They should have decided what they were going to do back in May when there was plenty of time to write stuff up and go through the proper channels. AAargh. The nick of time was months ago, now its just kicking the dog dead.

 

:I Deeeead Dog. They'll have to do something in six days but unless they come up with a miracle Mama smells a Bond Market Crash. :/

[inkt]

There's still a good chance of loosing our rating because of all this halabaloo. America won't be bumped down to B plus, but they'll def loose an A. There is legit no time to write up a draft and go through all the standard steps before the dead line. They should have decided what they were going to do back in May when there was plenty of time to write stuff up and go through the proper channels. AAargh. The nick of time was months ago, now its just kicking the dog dead.

 

:I Deeeead Dog. They'll have to do something in six days but unless they come up with a miracle Mama smells a Bond Market Crash. :/

 

Yeah. I'm terrified as well and I have racked my brain for any plausible solutions and have come up empty handed. So it's probably a good thing I'm not in office. I feel horrible for Obama. Poor time to be a president, having to clean up the mess of, ahem, you know...past presidents and whatnot. He's going to get the full blame of this and it's really not his fault. :(

[Squidmama]

I blame Reagan and I personally apologize for him as we share a birthday. All the bad decisions made by the last couple of presidents were only possible by the polices ol' Ron started up. AArgfgfhfg. I mean, he never intended to have his system warped the way it has warped but still hfhfghfg ITS NOT TRICKLING DOWN. :c

 

I know right. If this really gets nasty, he won't be able to get anything done. Not like he's allowed to get much with the crazy tea party fools breathin' down his neck and everyone up in his grill at all of the times. While I disagree with some of the things he's allowed *cough*Osamamurder*cough* this isn't his fault in the least. I hope history doesn't remember him poorly.

 

But yeah ;w; there is literally know way they can pull out of this without some economic damage. I think everyone's forecasts are waaaaaaaaaaaaay too optimistic. If we default on the bonds that are coming to age we're going to sink into a Long Depression. And in my opinion, a Long Depression sucks more than a Great one. Great is like a bandaid on a really hairy guy--it hurts but its over with quick. A long one is like a stab in the stomach, slowly bleed out. It's scary stuff we're dealing with here.

 

But the scariest is that there won't be riots like their are in other countries. I wish the majority had a more 70s mind set. We need a riot. A good, physical, riot.

[Khelddar]

America needs to raise its taxes if they ever want to pay off their debt.

 

I dont think they will because Americans dont like tax and will kick out any government that tries to help them by raising taxes and getting rid of their debt.

 

They need to cut spending and heavily more than is proposed and taxes need to increase. It will hurt America in the short term but they will recover. At the moment the US government borrows 60 or 40 cents of every dollar it spends. (its one of the two)

 

Im assuming that sooner or later America will default, The american people will want to pay off the debt but they dont want to pay tax, but it wont affected the world to much.

[Squidmama]

Americans don't like taxes is such a cliche statement. Most people I know who are politically active are in favor of tax reform and tax increase. A tax reform in favor to monitor out of control programs like Healthcare and Medicare <s>whichisbasicallythesamething</s> But raising taxes alone won't fix this. The people of America are hurting. The cost of living keeps raising in order for companies to keep making the same amount of money they made while the economy was good meanwhile the average pay remains the same it was ten years ago. There is absolutely no way most people under the Upper Middle class line would be able to stay afloat if they were taxed higher than already.

 

I am pro taxes the upper upper class who are for some horrid reason are except from most taxes. The super poor are except, but there are those on the fringes that pay far more than they should. Its just a horrible unbalanced system and we get little reward for what the working person gives.

 

But that's the micro economics. On an macro scale, the taxes they would have to increase would cripple the programs without harsh harsh budget cuts. There needs to be a decent level of both and that's why there is a stalemate. The Republicans refuse to tax and the Democrats refuse to take extreme budget cuts to Healthcare and Social.

[frankyB]

The idea of a debt ceiling is to place a limit on how much the government can borrow. The debt ceiling battle has many individuals worried about how much the United States has to pay. Individuals are wondering whether China - the popular choice when it comes to who owns America - will gain an insurmountable advantage. Yet as an enlightening report by Business Insider suggests, the usual understanding regarding who owns America is wrong. China is a player, but the real solution to the country that owns America is really The United States.

[xSummer]

Well with three loans and a fourth one for this year with interest rates, I am freaking out.

[Rommy]

I am unbelievably tired of this. There is a reason why I majored in political science and now am trying to go back into healthcare. I hate all this posturing. I understand the importance of lowering our debt to GDP ratio. I also understand that tax increases in a weak economy is a poor idea. In an economy where no one is spending money, the government is the only entity that can do that spending. When the economy is back up and robust, THEN raise taxes and cut spending to programs that are not as necessary when people have work and sources of income other than unemployment checks.

 

My opinion is forget this fiscal responsibility stuff for NOW. The economy grew only 1.3% this past quarter. It has to grow by at least 4% to lower unemployment. There are tens of MILLIONS of Americans still looking desperately for work. Consumer spending is at zero. What we need is a second stimulus on big projects. Get people to work.

 

When the endless economic cycle starts to move back into the positive and companies finally begin to hire again, rein the government back. Cut programs geared toward providing those without work food. Raise taxes across the board. Close loopholes. Raise the social security and Medicare ages.

 

If they have to deal with spending now, then at least seek a balanced approach. Cutting unemployment benefits? Raise taxes on those making millions. Cutting Medicaid so that poor children cannot get access to healthcare? Tax premium health insurance plans for those with a glut of healthcare.

 

Politics is about compromise. DEAL WITH IT TEA(bag) PARTY.

 

Sorry for any grammar errors in this post. I am just SO frustrated by this political partisan drama and have no one to talk to about it.

 

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[kmccauley1991]

But the last stimulus plan didn't really do anything, why should we have another one? Just so you know I am not trying to be argumentative, just trying to understand. :)

[Rommy]

But the last stimulus plan didn't really do anything, why should we have another one? Just so you know I am not trying to be argumentative, just trying to understand. :)

 

That was a huge problem with the first stimulus package was that it was used to finish projects that were basically ongoing that had run out of money due to the recession. I saw many many signs near roadwork projects that said this work was proceeding thanks to the American Recovery and Reinvestment Act (the official name of the first stimulus). It got a lot of small, needed projects done. That was its biggest problem. People want to see big results. When a lot of money is spent, they want to see amazing new things like huge railroads or new 10 lane highways. The stimulus helped keep the infrastructure we currently have modern and safe to use. It did not create something that people can go OOOO and AHHHH over. That is why there is a perception that it did not do anything.

 

A great example is the poor town next to my college that I just graduated from. It is located in western Massachusetts...a relatively poor area. Towns there don't have enough money to keep police departments open, let alone repave roads that are littered with potholes and were in desperate need of renewal. The stimulus helped the town I am talking about fix up their roads and prop up the local police department. WONDERFUL for the local voters and companies that did all the roadwork. But on a national scale, voters did not see these real results.

[Unstream]

Any follow the vlogbrothers? I think John made a really good video that relates to this whole debt thing.

 

 

Okay, so it's about Greece, but I think our current situations are rather similar. Essentially, we need to raise the debt ceiling and not default on our loans. It's also important to note that debt and deficit aren't necessarily bad things, as said in the video. With that in mind, and the fact that we will default on our loans in two days if nothing happens, I think we should just raise a debt ceiling and then figure out what to do afterwards.

 

(Personally, I think a combination of both would be a good start. I'm sure there's waste to be cut, and we should raise taxes to what they were before President Bush.)

[Squidmama]

Seriously, if the Tea Party member gets elected, I am out of here so fast I don't even. I'm glad there's so many posts in this topic 8D I'm happy more than just me is concerned and that was atrocious grammar in this sentence. My biggest problem with this deal is that it cuts military spending in every place but the so called Afghan war. Like...?

 

So our firemen and police officers get cuts but a pointless "war" doesn't. My rage knows no rage about this. I can't believe the Tea party has gotten this far. I can see the founding fathers crying where ever they are. Crey forever.

[Yuika]

Seriously, if the Tea Party member gets elected, I am out of here so fast I don't even. I'm glad there's so many posts in this topic 8D I'm happy more than just me is concerned and that was atrocious grammar in this sentence. My biggest problem with this deal is that it cuts military spending in every place but the so called Afghan war. Like...?

 

So our firemen and police officers get cuts but a pointless "war" doesn't. My rage knows no rage about this. I can't believe the Tea party has gotten this far. I can see the founding fathers crying where ever they are. Crey forever.

I know the Tea Party is rather terrifying, but I doubt they'll ever stop being just a very, very vocal minority. If not...well, hopefully Canada will take me. P:

[Squidmama]

Aaaa but they already got their way with this debt ceiling bill. The president should have laid down the smack down. Hopefully now that they got their way for this they'll slither back to where they came from

 

:I Not likely though

 

Ohoho Canadian life for me!

[KtPeapod]

On behalf of the UK {!}, I would like to say please keep your stuff together and don't take the rest of us down with you! Financial crises, not worrying at all.....

[Squidmama]

;w; I'm very sorry on behave of the American Government. As of Friday, America has been downgraded from AAA to AA+. I'm sure this is going to make everyone's economy troubles a lot harder. China is angry at us. Its like the people in charge of the country are headless chickens aaaaa.