Breaking News: President Barack Obama and congressional leaders reached agreement on a deal that would extend the federal debt ceiling. - http://bit.ly/9Ft6Ko
Xbone Stormsurgezz
Oh boy!
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
Tea-party got what they wanted.
The Economist is quite liberal actually. They've been pushing for cap and trade and increased green energy projects (among other things) for years now. The magazine seems to appear centrist or even right of center to Europeans, but that's simply to do with the fact they aren't socialist. Statism and Keynesian economics rules the day for them. Those are distinctly left of center positions here.Shocking wrote:
That was from one of the opinion blogs in the economist. It's (imo) the single best news source I have anyway, I agree wholeheartedly with the message. To me this is a clear cut issue of the republicans being in the wrong, they forced themselves into this situation. Yes, as you said, that's applicable for the dems as well, but imo the repubs are definitely worse in their hard turns over the last few years. Not to mention that there is a severe lack of long term planning in their party. Tax revenue has to be increased if you ever want to cope with the tsunami of baby boomers demanding not only their retirement money but medicare as well. The latter of which has to expand dramatically in the coming years. There's not enough money to go around unless the republicans would agree to some enormous cuts in the Defense budgets - I doubt they will.Jay wrote:
You really need new news sources.Shocking wrote:
http://media.economist.com/sites/defaul … WWD000.jpg
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
+1 to the person who post an a link detailing all the cuts.AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
There's nothing clear at all, but this is slightly more detail than just saying "spending cuts" over and over againMacbeth wrote:
+1 to the person who post an a link detailing all the cuts.AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
http://www.smh.com.au/business/world-bu … rom=smh_sbThe framework would raise the $US14.3 trillion debt ceiling through 2012, cut spending by about $US1 trillion and call for the enactment of a law shaving another $US1.5 trillion from long-term debt by 2021 - or institute punishing reductions across all government areas, including Medicare and defence programs, according to congressional officials.
Isn't that what the "Super Committee" is supposed to work out? There is an immediately increase in the debt ceiling, and some immediate cuts, but the bulk of which is based on a Committee which hasn't formed yet.Macbeth wrote:
+1 to the person who post an a link detailing all the cuts.AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
There was already a 'super committee' last year. Nothing will come of this one either.AussieReaper wrote:
Isn't that what the "Super Committee" is supposed to work out? There is an immediately increase in the debt ceiling, and some immediate cuts, but the bulk of which is based on a Committee which hasn't formed yet.Macbeth wrote:
+1 to the person who post an a link detailing all the cuts.AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
^Solved all our problems in a minute and fourteen seconds, that's gotta be a world record
Well.. some if not most of them did not want the ceiling raised at all.AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
Xbone Stormsurgezz
Some of that would work. Some of those sound bytes might work. Others would not help solve the debt issue at all.Narupug wrote:
http://www.youtube.com/watch?v=U2Q52PwF … r_embedded
^Solved all our problems in a minute and fourteen seconds, that's gotta be a world record
I like the attitude though!
Last edited by RAIMIUS (2011-07-31 19:46:30)
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
When you're still spending more than that per month, yes. And each month the interest on that debt grows.FEOS wrote:
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
It isn't the governments job to make money, but to spend tax dollars appropriately. By all means cut excess spending, but I think a deal that doesn't increase taxes at all isn't that useful.
People keep forgetting that the government is not a business.AussieReaper wrote:
When you're still spending more than that per month, yes. And each month the interest on that debt grows.FEOS wrote:
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
It isn't the governments job to make money, but to spend tax dollars appropriately. By all means cut excess spending, but I think a deal that doesn't increase taxes at all isn't that useful.
It's important to note that this doesn't mean taxes can not be raised. It just means that they wont be raised as a condition to raise the debt limit.AussieReaper wrote:
When you're still spending more than that per month, yes. And each month the interest on that debt grows.FEOS wrote:
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
It isn't the governments job to make money, but to spend tax dollars appropriately. By all means cut excess spending, but I think a deal that doesn't increase taxes at all isn't that useful.
Xbone Stormsurgezz
Yup, it has a certain bias, as does every news source. I just find their articles very well written with (usually) good arguments, can't agree on every issue but if I don't it still gives me food for thought. I would say they're progressive center/right. (from my perspective)Jay wrote:
The Economist is quite liberal actually. They've been pushing for cap and trade and increased green energy projects (among other things) for years now. The magazine seems to appear centrist or even right of center to Europeans, but that's simply to do with the fact they aren't socialist. Statism and Keynesian economics rules the day for them. Those are distinctly left of center positions here.
Last edited by Shocking (2011-08-01 01:14:22)
inane little opines
So it's over for now? What a pathetic fucking farce this has all been.
The paradox is only a conflict between reality and your feeling what reality ought to be.
~ Richard Feynman
~ Richard Feynman
Not when they've got the military-industrial complex to support, no.FEOS wrote:
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
Fuck Israel
You sound let down.Spark wrote:
So it's over for now? What a pathetic fucking farce this has all been.
Its not over, just postponed, again.
US debt could yet be downgraded.
US debt could yet be downgraded.
Fuck Israel
Greece was/is more interesting..Spark wrote:
So it's over for now? What a pathetic fucking farce this has all been.
Xbone Stormsurgezz
We ran out of murder trials to cover so they took this and blew it up. Dunno why you were all fussing so much over it.Spark wrote:
So it's over for now? What a pathetic fucking farce this has all been.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
-Frederick Bastiat
The highest defense budget has been ~$700B. That's about 3 months' worth of income. And that includes foreign aid in there, as well.Dilbert_X wrote:
Not when they've got the military-industrial complex to support, no.FEOS wrote:
You act as if a government that brings in $230B a month isn't making enough money...AussieReaper wrote:
Without raising taxes, all the deal brings forward is slashing exisiting programs.
Tea-party got what they wanted.
“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular
We always knew it was going to happen. The party that didn't let it pass would be the party that destroyed America's and the worlds economy. No one really wants to be stuck with that lable.Spark wrote:
So it's over for now? What a pathetic fucking farce this has all been.
The fact of the matter is that everyone realizes that defaulting is the dumbest thing the US could ever do. The Republicans dragged it out some much to score some political points. I realized weeks ago that the ceiling would be raised, but only at the last minute so that everyone could use it as a vehicle to make a big stink about whatever.Spark wrote:
So it's over for now? What a pathetic fucking farce this has all been.