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This IS the problem.

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89DeaconMike

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Liberals are apparently just not very smart.

Furthermore, while saying the federal deficit does indeed need to be curtailed, Mr. Bloomberg argued the United States could owe “an infinite amount of money” and there is no specific amount that would cause the country to default.

“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

http://politicker.com/2013/03/mayor-bloomberg-dont-panic-about-the-sequester/

Obama and his people truly believe this. We must just face the fact that we will be a third world country very soon.
 
Why would we be a third world country very soon? Do you know how the US debt system works? We sell US treasu.......forget it
 
Someone clearly doesn't understand what things are really like in a 3rd world country.
 
bobknightfan said:
What he said must be true....it's in bold print.

Liberals know one thing, though. You don't get out of debt by cutting taxes while you are fighting two wars.
Click to expand...

I agree completely. I also don't think you get out of a struggling economy by raising taxes.
 
Liquid Karma said:
Someone clearly doesn't understand what things are really like in a 3rd world country.
Click to expand...

Many things escape Mike. One thing he does get, however, is comic relief. His posts are usually good for a laugh.
 
Bloomberg has a point though: the US Gov't which is blessed by the fact that lots of countries hold our debt and continue to lend us money. We're essentially so leveraged at this point, that to stop and to reverse course would be catastrophic.

Better put: the USA is a debt addict and the world is our drug dealer.

On to the second point that Mike alluded to: the USA is living way beyond its means. Our standard of living is essentially inflated beyond what it actually should be because of our ability to borrow endless amounts of money. We should all be paying more in taxes and spending less to continue as we do -- not borrowing other people's money.

It's depressing to think about, but this will not end well. No telling how much longer the Central Banks can keep the whole thing going.

QE-Infinity AND BEYOND!!!
 
Mr. Bloomburg has not the other member of my household, who is quite adapt at spending money the household does not have.
 
bobknightfan said:
What he said must be true....it's in bold print.

Liberals know one thing, though. You don't get out of debt by cutting taxes while you are fighting two wars.
Click to expand...

Liberals apparently have forgotten we are in a new decade now and have to deal with current reality. We don't get a redo card no matter how much you would like it. Since we did idiotically spend all that money in the 2000's we don't have a blank checkbook anymore. We spent when we should have been saving. Now we need to spend but we have to have a balance approach. Which is why I like the result of the last two deadlines. Bush tax cuts made permanent for everyone that needs it and now some spending cuts in government to help balance the budget a little bit.

It will stall the economy a bit, but it will pay off in the long term as it will free is up to do the things that are necessary if we need to spur the economy forward again. We are recovering it is just going to be a slow process. It isn't going to be complete in 4 years. It will take us decades to get back to the point where we were with Clinton.
 
OGBDeacon07 said:
Bloomberg has a point though: the US Gov't which is blessed by the fact that lots of countries hold our debt and continue to lend us money. We're essentially so leveraged at this point, that to stop and to reverse course would be catastrophic.

Better put: the USA is a debt addict and the world is our drug dealer.

On to the second point that Mike alluded to: the USA is living way beyond its means. Our standard of living is essentially inflated beyond what it actually should be because of our ability to borrow endless amounts of money. We should all be paying more in taxes and spending less to continue as we do -- not borrowing other people's money.

It's depressing to think about, but this will not end well. No telling how much longer the Central Banks can keep the whole thing going.

QE-Infinity AND BEYOND!!!
Click to expand...

So the sum is equal to its parts. You've described the savings and spending patterns of the average debt-saddled American.
 
Wrangor said:
Liberals apparently have forgotten we are in a new decade now and have to deal with current reality. We don't get a redo card no matter how much you would like it. Since we did idiotically spend all that money in the 2000's we don't have a blank checkbook anymore. We spent when we should have been saving. Now we need to spend but we have to have a balance approach. Which is why I like the result of the last two deadlines. Bush tax cuts made permanent for everyone that needs it and now some spending cuts in government to help balance the budget a little bit.

It will stall the economy a bit, but it will pay off in the long term as it will free is up to do the things that are necessary if we need to spur the economy forward again. We are recovering it is just going to be a slow process. It isn't going to be complete in 4 years. It will take us decades to get back to the point where we were with Clinton.
Click to expand...

:rulz: jesus dude

Why not just leave spending in place and raise taxes on those making more than 400k or whatever? Then you don't stall the economy and you begin the long and slow decades-long process of paying for the trickle-down disaster of the neo-conservative era. Damn I miss Traderdeac
 
94Deac said:
So the sum is equal to its parts. You've described the savings and spending patterns of the average debt-saddled American.
Click to expand...

Indeed.
maxed+out.jpg
 
jesus h when the hell is the national debt/household debt analogy going to die? :rulz: completely not analogous.
 
Of course nothing catastrophic could happen here. We are America. We are much too powerful and strong to fail. BTW anyone traveled to Rome lately.
 
WakeandBake said:
:rulz: jesus dude

Why not just leave spending in place and raise taxes on those making more than 400k or whatever? Then you don't stall the economy and you begin the long and slow decades-long process of paying for the trickle-down disaster of the neo-conservative era. Damn I miss Traderdeac
Click to expand...

Because I think it is in our nations best interest to cut the size of our current government. We so rarely get an opportunity to make real cuts so Ill take it when I can get it. Especially across the board cuts that will actually make a real difference, not fairy land future cut promises.

If we are goin to raise taxes they all need to go up (middle class - which is me) included. I believe our progressive formula right now is solid. I am not a flat tax by any means but there is no reason to jack up the top and never touch the middle. Take the current formula and raise everyone's taxes 2% if you want to raise revenue. Don't keep hitting the rich to try and solve the spending problem.

Cut down the size of our government (especially military) and raise taxes slightly on everyone. We don't need massive austerity but we also don't need to keep floating down the road pretending we aren't steadily advancing towards an unmanageable debt.

With the expiration of the bush tax cuts and the sequester we are making progress. Now cut some more military in favor on infrastructure spending and I will be really happy.
 
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