Should Republicans let the nation default?

Do you have a source for this threat to "force" a default? There are still ways to avoid a default without a debt limit increase. If a default happens, it is because the Administration lets it happen.

 

Borrowing money makes absolutely no sense when you have large reserves. If the government wants revenue it should find it through direct taxation. They're going to have to come back to taxation eventually anyway, they may as well save themselves the interest and tax now.

The same is true of printing money - it's just an evenly distributed tax to the value of everyone's currency. Notably, this is much more regressive than direct tax methods, shouldn't the left be against this?

 

To make spending cuts in a controlled manner, you have to pass a budget (something Congress has failed to do for years now). If you don't have legislative guidance, such cuts have to be made on an ad hoc basis and failure to act in a timely manner basically guarantees that some existing spending committments won't be kept.

You are talking about what should and can be done in the medium term, whereas I was talking about what would and could happen in the short term. The federal government has authorized more spending than the debt ceiling allows, so failing to raise the debt ceiling effectively says they can't be trusted to govern (Congress and the White House). If I ran my household budget that way and selected which bills I wouldn't pay in order to balance my books, my jilted creditors wouldn't be happy and my credit rating would reflect that. The USA is in a similar position.

 

It is an absurd scenario. The feds have plenty of revenues to pay the interest on debt. They would have to prioritize, like any business or individual, but there is no mandate to default, even if the debt ceiling is not raised. It is a manufactured crisis.. a propaganda ploy to frighten people. Govt spending has increased 41% from 2007 to 2013. Revenues are about the same in 2013 as 2007.

But yes, republicans, or someone, should demand that the spending stop. Cutting up the credit cards & taking away the checkbook should have been done years ago. This nation needs some fiscal responsibility, or we're finished. The crazy progressive financial planning is madness. They think they can spend & tax their way to prosperity, but the only future is bankruptcy, if we do not get the corruption, waste, fraud, cronyism, & deficit spending under control.

Even the 'shutdown' is only a 17% reduction in govt spending. The govt could easily prioritize & cut things that overlap, or are wasteful & unnecessary.. the national parks closings are just propaganda moves, to punish & bully the american people. It is petty & despicable to use them as a bully tactic to manipulate congress. The correct action at this time, IMO, is to hunker down & get mean.. don't do anything for obama, expose his hypocrisy & propaganda, & move to impeach the lying, hypocritical politician that he is.

 

Should the Repugs & the Demos let the Nation Default ?.

Default Default already ! – Go for IT !


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Lawl. How much longer are the American people to be ripped off by the government and the banksters for the sake of foreign economies that were foolish enough to buy into their ponzi scheme?

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Nice to see you posting here again, my alien amigo.

Canada will be hit very hard, you know.

 

na na!! not calgary thank you

 

insanity, this isn't about budget cuts that's a smokescreen it's about obamacare...plunging the the world economy into recession(including the USA) because some extremists don't like healthcare, an issue in which an election was fought and won...

 

I agree, though only because it's uncomfortably close my current place of residence where nuclear fallout is concerned

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Some "extremists" simply don't agree with the crappy tyrannical & economically unviable plan that's been cooked up.

 

if you're not with middle then you're on the extreme...

self destruction of the world economy because someone may get access to healthcare is extreme in the extreme, not any different than a the rationale used by a suicide bomber and far more destructive than any suicide bomber could ever hope to be......

 

If you think that's the situation, you're really not paying attention to more than Obama's latest talking points and the corresponding hype. This country is in serious economic trouble, and it actually has nothing to do with ********** "terrorists" and their terribly unreasonable demands for reduced government spending.

 

They are not enough to pay for all obligations of the US Govt. If they were, the Govt wouldn't need to borrow money.

 

no I understand it well enough, the deficit has and is being reduced so that's a phoney issue...it's healthcare and more specifically the fact that a black president enacted it...the white right can't bear the thought of a black man as president and would protest anything even if he reduced the deficit to zero, it just wouldn't matter...

 

The media don't even cover all of what's going on. Pay attention:

[video=youtube;GVZ4_dpIroE]http://www.youtube.com/watch?v=GVZ4_dpIroE[/video]

 

Very HARD - & they - er WE deserve IT !

Harper has turned the Canknuclese INTO
................................Auxiliaries

Nice to have a break from digging the Sewer
....................... But Not for long, me fears -

They will tell me that I have to conform to their No Format RULES
.......................................................................or take a Walk

.......................................................................& I will Walk
....................................................................... Err Be Beamed Up




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Huh? Then shouldn't we have wiped out Argentina, Greece, Ireland, Zimbabwe, half the Soviet Bloc, and half of Africa? (and a dozen more defaults I can't remember off the top of my head.)

 

Dude... in 2007, with larger tax cuts than currently exists today, Bush had a deficit of $161 Billion. Right now.... it's over a trillion. What idiot, thinks that the 'white right' can't stand it that Obama has cut the deficit down to.......... over a trillion? Reduced the deficit to zero? What color is the sky in your world? Are their unicorn in your world? Whenever you decide to come out of there, let us know. Until then....

 

Initially I was opposed to it but as I did some research and discovered that unlike the current situation where you have to pass bills specifically to fund certain things, the government can in fact pick and choose what it wants to pay off if it defaults. Since we take in something like $260 billion a month in revenue and our interest payments are around $18 billion the government can easily pay off the interest without defaulting. There will have to be some cuts but since the budget passed by the Senate last may is only marginally smaller than the 2009 budget which is what we have been running on since 2009 since they just keep extending it, we have been spending far more than normal for years now and the entire "stimulus" effect has been shown to be a complete sham so there isn't any need to keep spending at these levels. A 10% cut in spending would actually be health at this point.

 

I don't see why they should oppose your style. It's not like people can't simply ignore your posts here just like elsewhere, if they're so bothered.

Edit: By the way, you're just one post away from 1337 as I write this leet!

 

Even if they quit borrowing and start cutting, I for one don't want to be stuck paying for the irresponsibility to date. What a bunch of nonsense.

 

We will not default. The federal government takes in enough revenue each month to service its debt. Default is liberal propoganda. Why must we continually raise the debt limit? We need to reduce government. It is a bloated self-generating waste machine.

 

Why was is raised in the bush era and other eras if that is true?

 

And if people won't take it from you, maybe they'll take it from Peter Schiff?

[video=youtube;62SmV0mv-N4]http://www.youtube.com/watch?v=62SmV0mv-N4[/video]

It's a matter of reducing government spending. The O-bots are apparently unwilling to consider this aspect because they perceive it as something said by terroristic **********s who are trying to blow them and their children up over their race-fuelled hatred of president Soetoro.

 

That's unavoidable. I don't want to either, but the fact is, the moronic society we live in, voted in these morons for the past 80 years, and so we got what they deserved. This is why socialism is bad. It rewards people who are now long gone, and punishes their grand children who didn't have the option to choose.

 

I won't be beholden to what a bunch of brainwashed imbeciles have permitted and are still permitting to take place. I would sooner fight.