Take a good look at the list of other countries whose national debt exceeds the value of everything that their people produce in a single year and you will know what kind of chaos is coming our way if drastic measures are not taken soon.
Our standard of living is on course to take a nose dive and their will be riots as those who live from welfare check to welfare check realize that the liberals who have been buying their votes for decades have run out of other people's money and their credit cards have become worthless.
Had McCain the RINO candidate been elected president, it would have taken two terms to have reached this tipping point. The over achiever Obama has brought this country to the edge of the cliff in less than a single term. He has been one of the most effective presidents ever.
Nikita Khrushchev warned us that this would someday happen. Had we elected Khrushchev himself president, he could not have engineered a more effective strategy to collapse our economy than Obama did. Well done, comrade! Thank you, Obama voters!
The Tea Party candidates, those who have already been elected to Congress (and voted against the debt ceiling hike) and those running for the 2012 Republican nomination are the only people worthy of a vote. The spineless people in Congress who refuse to deal seriously with this issue for whatever reason need to be stripped of their generous retirement benefits and sent home to experience the consequences of their own actions along with the rest of us.
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Quote:US borrowing tops 100% of GDP: Treasury
US gross debt shot up $238 billion to reach 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed.
On Tuesday, the Treasury had to add more than $200 billion of commitments immediately after President Barack Obama signed into law an increase in the debt ceiling.
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With the latest borrowing, the United States joined a small group of countries whose public debt exceeds GDP, including Japan (229 percent), Greece (152 percent), Jamaica (137 percent), Lebanon (134 percent), Italy (120 percent), Ireland (114 percent) and Iceland (103 percent), according to figures provided by the International Monetary Fund.
The last time US debt exceeded its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.
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Here is a chart that shows where the United States now stands with its credit ranking among world economies. The U. S. is the last nation listed. Of those nations listed, only the United States and Belgium also have a "Negative" outlook.
It's time to vote every House and Senate member that supported raising the debt limit (with the so called compromise bill) out of office...including the President! The biggest part of republicans and democrats are all in bed together. They are wallowing in an orgy of borrowing and spending that has to stop.
Our credit rating has now been dropped. We MUST balance our budget and pay our debt. It will be impossible without getting Americans back to work (our best source of revenue), reforming entitlements, and getting rid of the healthcare fiasco. Congress along with leadership from the president will have to work together on these items and it is obvious this bunch is incapable. Conservatives, republicans, democrats and liberals better start looking very close at Tea Party type candidates and get them in Washington soon...Or it is OVER!
Hoot Gibson Wrote:Here is a chart that shows where the United States now stands with its credit ranking among world economies. The U. S. is the last nation listed. Of those nations listed, only the United States and Belgium also have a "Negative" outlook.
Excellent. The chart you put up really tells it all. :Clap: In the all time classic---- "takes one to know one scenario"---- the novice and petty Obama administration, calls Standard & Poor's US financial assessment amateurish. If we didn't have a replete historical record of the president's preferred and failed, Kesian economics, supported by complete audits and accounting of the era, which may be reviewed at one's leisure, it would be different. These guys spend 8 years in higher education and choose to be wrong in the face of irrefutable evidence. They must be voted out IMO
SKINNYPIG Wrote:It's time to vote every House and Senate member that supported raising the debt limit (with the so called compromise bill) out of office...including the President! The biggest part of republicans and democrats are all in bed together. They are wallowing in an orgy of borrowing and spending that has to stop.
Our credit rating has now been dropped. We MUST balance our budget and pay our debt. It will be impossible without getting Americans back to work (our best source of revenue), reforming entitlements, and getting rid of the healthcare fiasco. Congress along with leadership from the president will have to work together on these items and it is obvious this bunch is incapable. Conservatives, republicans, democrats and liberals better start looking very close at Tea Party type candidates and get them in Washington soon...Or it is OVER!
I love it skinnypig! Good post. :Thumbs:
Reputable economists agree that WWII was the catalyst that brought America out of it's financial doldrums, not FDR's New Deal.
Here is the present administration's economic play book revealed, an attempt to resuscitate the dubious keynesian economics of the 1930's.
link ---http://en.wikipedia.org/wiki/New_Deal
Article---
World War II and the end of the Great Depression
The Depression continued with decreasing effect until the U.S. entered World War II in December 1941. Under the special circumstances of war mobilization, massive war spending doubled the GNP (Gross National Product)[67] Civilian unemployment was reduced from 14% in 1940 to less than 2% in 1943 as the labor force grew by ten million. Millions of farmers left marginal operations, students quit school, and housewives joined the labor force. The effect continued into 1946, the first postwar year, where federal spending remained high at $62 billion (30% of GNP).[68]
The emphasis was for war supplies as soon as possible, regardless of cost and efficiencies. Industry quickly absorbed the slack in the labor force, and the tables turned such that employers needed to actively and aggressively recruit workers. As the military grew, new labor sources were needed to replace the 12 million men serving in the military. These events magnified the role of the federal government in the national economy. In 1929, federal expenditures accounted for only 3% of GNP. Between 1933 and 1939, federal expenditure tripled, but the national debt as percent of GNP hardly changed. However, spending on the New Deal was far smaller than spending on the war effort, which passed 40% of GNP in 1944. The war economy grew so fast after deemphasizing free enterprise and imposing strict controls on prices and wages, as a result of government/business cooperation, with government subsidizing business, directly and indirectly.[69]
A major result of the full employment at high wages was a sharp, permanent decrease in the level of income inequality. The gap between rich and poor narrowed dramatically in the area of nutrition, because food rationing and price controls provided a reasonably priced diet to everyone. White collar workers did not typically receive overtime thus the gap between white collar and blue collar income narrowed. Large families that had been poor during the 1930s had four or more wage earners, and these families shot to the top one-third income bracket. Overtime provided large paychecks in war industries.[70]
[edit] Critical interpretations of New Deal economic policiesSee also: Critics of the New Deal.
Many historians argue that Roosevelt restored hope and self-respect to tens of millions of desperate people, built labor unions, upgraded the national infrastructure and saved capitalism in his first term when he could have destroyed it and easily nationalized the banks and the railroads.[71] Some critics from the left, however, have denounced Roosevelt for rescuing capitalism when the opportunity was at hand to nationalize banking, railroads and other industries.[72] Still others have complained that he enlarged the powers of the federal government,[73] built up labor unions, slowed long-term economic growth, and weakened the business community. In his 1968 memoir The Brains Trust, Rexford Tugwell (a member of Roosevelt's Brain Trust) wrote that many New Deal laws “were tortured interpretations of a document intended to prevent them.”[74]
[edit] Keynesian and monetarist interpretations
national debt/ GNP climbs from 20% to 40% under Hoover; levels off under FDR; soars during WW2 from Historical States US (1976).The New Deal tried public works, farm subsidies, and other devices to reduce unemployment, but Roosevelt never completely gave up trying to balance the budget. Unemployment remained high throughout the New Deal years though greatly reduced from the much higher rates before the New Deal; business simply would not hire more people, especially the low skilled and supposedly "untrainable" men who had been unemployed for years and lost any job skill they once had. Keynesians later argued that by spending vastly more money — using fiscal policy — the government could provide the needed stimulus through the multiplier effect. Critics of Keynesian economic theories said that government spending would "crowd out" private investment and spending and thus not have any effect on the economy, a proposition known as the Treasury view, which Keynesian economics reject.
In recent years more influential among economists has been the monetarist interpretation of Milton Friedman, which did include a full-scale monetary history of what he calls the "Great Contraction". Friedman concentrated on the failures before 1933, particularly those of the Federal Reserve, and in his memoirs said the relief programs were an appropriate response.
Historians generally agree that apart from building up labor unions, the New Deal did not substantially alter the distribution of power within American capitalism. "The New Deal brought about limited change in the nation's power structure."[75]
Keynes visited the White House in 1934 to urge President Roosevelt to increase deficit spending. Roosevelt afterwards complained that, "he left a whole rigmarole of figures — he must be a mathematician rather than a political economist."[76]
END OF EXCERPT
The financial successes of the Reagan era effectively won the debate about "supply side economics" vs keynesian economics. Somebody should have explained that to these profs that doggedly keep on presenting it as viable in the college class room.
Lets get them all out, Senate, Congress, and President. All are not worthy to run this country. May it be republican or Democrat.
Benchwarmer Wrote:Lets get them all out, Senate, Congress, and President. All are not worthy to run this country. May it be republican or Democrat.
Thats not a half bad idea..an idea of mine is to rid Washington of the "Advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the advisor to the treasurer of the secretorial branch of the Moonhouse Branch of the East side of the Yellow Room (the one downstairs, 4th door on the right)............You could wipe out 90% of the worthless and useless politicians in Washington and still have more than enough to run this country. Too much ignorance in such a small city. Run them out of Washington, make them work real jobs, and class them where they'll have to hand over 35% of their $30,000 to the good ol IRS, working that real job.
Cutting spending/debt will not get us out of this mess. This country needs growth. Getting people back into the private sector workforce should be job 1. The question you have to ask will a democrat get the private sector moving or a republican?
SKINNYPIG Wrote:It's time to vote every House and Senate member that supported raising the debt limit (with the so called compromise bill) out of office...including the President! The biggest part of republicans and democrats are all in bed together. They are wallowing in an orgy of borrowing and spending that has to stop.
Our credit rating has now been dropped. We MUST balance our budget and pay our debt. It will be impossible without getting Americans back to work (our best source of revenue), reforming entitlements, and getting rid of the healthcare fiasco. Congress along with leadership from the president will have to work together on these items and it is obvious this bunch is incapable. Conservatives, republicans, democrats and liberals better start looking very close at Tea Party type candidates and get them in Washington soon...Or it is OVER!
Check it out. I hate the deficit/debt as much as anyone, but if you think that a small downgrade from AAA to AA plus is bad? Think about it this way: That occurred with us PAYING our bills. Imagine had we not raised the debt, and NOT paid our bills.
As a radical conservative on fiscal issues, I believe the debt ceiling to be borderline unconstitutional, and I'm comfortable saying that. The 14th amendment can and should be used if congress ever fails to raise the ceiling. The fact is, Congress is the ONLY entity that can authorize spending now and in the future, thus they HAVE to raise the debt ceiling or else the credibility of that very body must be called into question.
Some of you guys on here need a lesson in civics. You can hate the politics, but you must respect the rule of law, and ethical government. I fall into this category.
real_change Wrote:Check it out. I hate the deficit/debt as much as anyone, but if you think that a small downgrade from AAA to AA plus is bad? Think about it this way: That occurred with us PAYING our bills. Imagine had we not raised the debt, and NOT paid our bills.
As a radical conservative on fiscal issues, I believe the debt ceiling to be borderline unconstitutional, and I'm comfortable saying that. The 14th amendment can and should be used if congress ever fails to raise the ceiling. The fact is, Congress is the ONLY entity that can authorize spending now and in the future, thus they HAVE to raise the debt ceiling or else the credibility of that very body must be called into question. Some of you guys on here need a lesson in civics. You can hate the politics, but you must respect the rule of law, and ethical government. I fall into this category.
I'll go that route but, my understanding of the nature of the fight over the debt ceiling is this. The new debt ceiling and any subsequent budget after the date of the bill up through 2013, included discretionary and entitlement spending increases that total an additional 10-ish trillion to be added to our already ludacris national debt. All the infighting was over the fact that a democratically controlled US Senate, who has a bigger gavel and consequently, ultimately, the upper hand in any argument between the two houses, held the proccess up until they could get the bill THEY wanted. Thus, even though the house sent up legislation, the senate, not willing to comply with law, "all spending legislation must originate in the US House of Repersentatives", tabled everything the house sent up. The impasse boiled, up until at last, with the dead line having ticked down to the 11:59 hour, the house was forced to agree to a spending bill authored by the
senate leader and, full of spendiing cuts that are in fact nothing more than smoke and mirrors or, send our nation into default.
Then, the dems blamed the right, for the very breaches of law and ethics they had in chambers just committed. And, gasp!, people are actually buying it!
real_change Wrote:Check it out. I hate the deficit/debt as much as anyone, but if you think that a small downgrade from AAA to AA plus is bad? Think about it this way: That occurred with us PAYING our bills. Imagine had we not raised the debt, and NOT paid our bills.
As a radical conservative on fiscal issues, I believe the debt ceiling to be borderline unconstitutional, and I'm comfortable saying that. The 14th amendment can and should be used if congress ever fails to raise the ceiling. The fact is, Congress is the ONLY entity that can authorize spending now and in the future, thus they HAVE to raise the debt ceiling or else the credibility of that very body must be called into question.
Some of you guys on here need a lesson in civics. You can hate the politics, but you must respect the rule of law, and ethical government. I fall into this category.
Please give us a civics lesson, sir. Explain why Congress cannot constitutionally refuse to raise the debt limit and force the President to pay our creditors through tax revenues, by furloughing federal employees, and by selling assets to private parties such as most of the states of Alaska and Nevada.
Had the US defaulted on its debts, it would have been Obama's decision to do so. Had he made that decision, Obama would have been the person violating the law - not Congress.
real_change Wrote:Check it out. I hate the deficit/debt as much as anyone, but if you think that a small downgrade from AAA to AA plus is bad? Think about it this way: That occurred with us PAYING our bills. Imagine had we not raised the debt, and NOT paid our bills.
As a radical conservative on fiscal issues, I believe the debt ceiling to be borderline unconstitutional, and I'm comfortable saying that. The 14th amendment can and should be used if congress ever fails to raise the ceiling. The fact is, Congress is the ONLY entity that can authorize spending now and in the future, thus they HAVE to raise the debt ceiling or else the credibility of that very body must be called into question.
Some of you guys on here need a lesson in civics. You can hate the politics, but you must respect the rule of law, and ethical government. I fall into this category.
Some other guys need to read the post their commenting on a little closer. Not one time did I say the debt limit should not have been raised. I said it should not have been raised with the "compromise bill". The Bill "agreed on" was very wishy washy and lacked teeth. I was trying to say they could have done much better and those that were in favor should be voted out of office. No civic lesson needed real_change, this also falls into the category of ones matter of opinion.