11/19/2012 8:37 PM (edited)
Posted by silentpadna on 11/19/2012 6:52:00 PM (view original):
Not caring about the debt/deficit is absolute lunacy.  It's like not caring about making bad real estate loans to people who cannot repay.  For quite awhile it appeared like nothing was going to happen.

After all, why worry about the real estate market?  We needed for it to keep on going.  Why did it crash?  It was unsustainable.  Why will our debt/deficit matter?  Because it is unsustainable.

Just because a whole bunch of voters aren't concerned about it doesn't make it any less of an important issue.  It just shows a whole bunch of voters are ignorant of the effects of the deficit  The more the interest payments grow, the more tax revenue is required just to service the debt (let alone make a dent it paying it down), and the bigger drag on the economy the debt becomes.  And since you cannot begin to tax more than is already being spent, that drag will continue to grow until it swallows up the ability of the federal government to keep its promises and fulfill its constitutional duty.  Then the crash will be far bigger than anything we've seen in our lifetimes.  Why?  Because the only way out at that point will be to monetize the debt even more.  When your currency becomes almost worthless, how happy will you be when you had a few short-term prosperous years because you "didn't care about the debt/deficit"?

yep. it's exactly like the real estate market imo.... for decades people had been saying you can't lose in real estate until one day we all lost. I've heard the same tune sung about our growing us debt now for way too long as well. lots of people actually believe the country's debt doesn't matter at all which is insane to me. the bubble will burst just like Greece did. that was a country that had flourished for over a decade and then their debt bubble burst 4 years ago. now they are preparing for a decade of depression and riots. Same with Spain.... which just passed a new suicide law because of all the people killing themselves.
11/21/2012 1:25 PM
11/21/2012 1:37 PM
So Obama is ruining the economy by shrinking the deficit so quickly?
11/21/2012 1:52 PM
Did you read it?

"Those rising deficits were used to sow a lot of panic, but their natural flipside is that as the economy strengthens and ARRA fades out the deficit falls rapidly. Throw in the spending cuts House Republicans got the White House to agree to last year, and you've got pretty rapid federal deleveraging.
I'd say that's a net minus for the economy. But it's something you'd think the budget hawk crowd would be cheering. But instead they're sowing further panic about the 'fiscal cliff.'"
11/21/2012 1:54 PM
Of course I didn't open the link.

I just want to know if Obama is ruining the economy by allowing the deficit to be reduced.  That's what you claim happens.
11/21/2012 2:04 PM
"I'd say that's a net minus for the economy."
11/21/2012 2:35 PM
So why is Obama wrecking the economy?  Doesn't he understand that people are hurting?  Does he not care?
11/22/2012 7:09 AM
The last year we had a surplus was 2001 & here are the numbers since: (Obama 2009-2012)

2001 $127.3 Billion Surplus

2002 $157.8 Billion Deficit

2003 $377.6 Billion Deficit

2004 $413 Billion Deficit

2005 $318 Billion Deficit

2006 $248 Billion Deficit

2007 $161 Billion Deficit

2008 $459 Billion Deficit

2009 $1413 Billion Deficit

2010 $1294 Billion Deficit

2011 $1299 Billion Deficit

2012 $1100 Billion Deficit
11/22/2012 7:19 AM
the deficit isn't the problem in and of itself. it's just an indicator that we are going over $1 trillion more in debt next year.... that's the problem..... the total debt. at some point we will be 'maxed out' and the deficit simply demonstrates we don't have the ability to pay it back (or balance our checkbook). when we can't borrow we can't pay our obligations... welfare, healthcare, defense, you name it. that's the issue I'm bracing for.... that's the Greek issue.... the 25% unemployment, the rioting, the tax squeeze on citizens.
11/22/2012 10:34 PM
The Greeks don't control their currency.
11/23/2012 6:33 AM
DUBYA RUINED EVERYTHING!


BRING BACK BUBBA!
11/23/2012 7:47 AM
Posted by bad_luck on 11/22/2012 10:34:00 PM (view original):
The Greeks don't control their currency.
You spend your money then. I will save mine. I don't see the near future as rosy as you do.

I see a congress at war with each other rather than working together... I don't see that changing. I see a president unconcerned about reeling in spending and that's not changing either. I see a debt bubble forming.... and if uncontrolled I see it bursting. if it bursts I don't care who controls their own currency and who doesn't.... there will be astronomical unemployment, riots, and a tax squeeze. it doesn't help that the market is hinging on the eurozone debt crisis either. like Lehman brothers but on a larger scale.... when one country goes down many will follow. maybe I'm wrong. maybe I'm not.... but chance favors the prepared mind. I'm preparing for the worst, will be happy if everything is rainbows and unicorns.
11/23/2012 11:20 AM
there will be astronomical unemployment, riots, and a tax squeeze

The people hurt the most by this are the middle class and below in terms of income. The wealthy may complain they don't make as much on their investments, but that's a problem everyone else would love to have in this type of environment. Unfortunately, many people only care for themselves and their close family and friends, and if other people suffer, they are at best ambivalent.
11/23/2012 11:56 AM
Posted by bistiza on 11/23/2012 11:20:00 AM (view original):
there will be astronomical unemployment, riots, and a tax squeeze

The people hurt the most by this are the middle class and below in terms of income. The wealthy may complain they don't make as much on their investments, but that's a problem everyone else would love to have in this type of environment. Unfortunately, many people only care for themselves and their close family and friends, and if other people suffer, they are at best ambivalent.
while I agree the middle class and below will get hurt the most.... I do wish MORE people would only care about their own finances. we have so many people that are bad with money worrying about what the rich are doing. that won't fix their problem.
11/23/2012 12:00 PM
we have so many people that are bad with money worrying about what the rich are doing. that won't fix their problem.

While I agree there are some people who are "bad with money", it isn't just those people who are worried about the problems caused by the wealthy. Anyone with even a decent grasp of economics knows the wealthy do things which negatively affect the rest of society and the economy as a whole on a regular basis, and several key wealthy individuals are responsible for a lot of the current economic downturn because of their own greed.
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