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FAKE EDIT: The Dictionary is liberally biased anyways, please disregard.

RETIRED.
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Would Ted Bundy be a pretty cool guy if he volunteered at a battered women's shelter?

RETIRED.
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PR

EDIT: Think of it this way - who is really benefiting more?

What does spending an hour being pararded around with a self-interested politician do for the guy who lost his face? Did Bush "spend time" with humanitarian concerns, charity, etc, before becoming president?

Is it about helping or creating the appearance of helping? Does Bill Gates show up for photo shoots or does he spend untold time and resources getting shit done for the people he wants to help?

Aestu of Bleeding Hollow...

Nihilism is a copout.

the debt ceiling has never not been raised...

[✔] [item]Thunderfury, Blessed Blade of the Windseeker[/item] (Three)
[✔] [item]Sulfuras, Hand of Ragnaros[/item] (Two)
[✔] [item]32837[/item] & [item]32838[/item]
[✔] [item]Thori'dal, the Stars' Fury[/item]
[✔] [item]46017[/item]
[✔] [item]49623[/item] (Two)
[✔] [item]71086[/item]

so what you're saying is the debt ceiling being raised was something the democrats did not want, and the republicans did?

I know you're not stupid mayo, please stop acting like you are. There was a compromise.

We get it. You hate bush. Those soldiers are all volunteers. There are no victims in our military.

Aestu of Bleeding Hollow...

Nihilism is a copout.

Regardless of who created the debt (since all Americans helped create this problem), we still need to control our spending and/or raise revenues to pay down the national debt. The President and others said that default would likely result in the United States losing it's AAA rating and by doing so we'd have higher interest rates. What hasn't been mentioned much is that Moody's debt rating is still in danger since its given the US a negative outlook. S&P hasn't said much and Fitch seems to echo Moody.

Moody's said that we've avoided default for now, but they still want to see us get our financial house in order. They said the second round of cuts in the budget deal needs to go forward and that we need to lower our Debt to GDP ratio if we want to maintain our AAA rating. They see our finances as unsustainable and that has to change.

The budget deal established 2.1T in cuts over the next decade. The CBO is projecting another 8T in deficit spending over the next decade and a baseline of recent spending would put that deficit at near 10T. The 2.1T in spending cuts (if no other new spending or revenue were implemented) would give us an additional 6T to 8T in public debt. Clearly, the current course is dangerous. The Super Congress is supposed to find another 1.5T in cuts (over a decade) by the end of the year, but again, that's not going to put us on a sustainable path, which would be generating over 6-8T in new revenue, or cutting spending by 6-8T. By 2016, the CBO thinks we'll be at 20T in public debt.

Congress raised the debt ceiling by only 400B in the short term with an additional 500B to come later on. In one day (yesterday), the government borrowed an additional 239B, using up almost 60% of their provided debt allowance (putting our debt over 100% of our GDP). That means we're going to be having these talks a lot sooner, especially since the Federal government spends about 10B a day!

What do we do? Raising taxes on the rich can only do so much. The top 1% (1.4M tax returns) paid $400B in federal taxes in 2010 (38% of total revenue), with a total AGI of 1.68T. If we were to get rid of all their deductions, exemptions and increase their tax rate to 100% (which is wildly unrealistic and dangerous to the states), you could only get an extra 1.2T annually. That is barely enough to cover the annual budget deficit in 2010 and just enough to force those people out of the country or out of work.

This is the result of not being able to fall asleep and having the internet on my phone. Figured I'd type up my findings and share. Pick away, gents.

stock market is taking a shit again today.

Not sure what the serious mistake is the Obama administration is charging the S&P for (or whatever they've admitted to), but we might be facing a down-ranking from them. Did anyone read anything else on this?

http://blogs.abcnews.com/politicalpunch ... grade.html

I can't hate on spending since I am directly benefiting from it (wouldn't have my super awesome job were it not for spending), but I really don't think anyone here is advocating for "no cuts whatsoever". The differences lie in where we believe cuts will do the least damage.

We can talk about who did what to contribute to the deficit until the cows come home, but it doesn't really make a difference now (after all, we all know somewhere deep inside no matter what we say, that it really was Bush's fault). What matters now is how to proceed. I'm not saying we need to cut with a scalpel, but why should we cut with a machete? How about just a knife? Be careful where you place it, but once set, cut hard. But believing that somehow if we cut cut cut cut cut and change nothing about revenues we will get our fiscal house in order is nothing short of foolishness. Now is not the time for TEA party games.

Also, ffffffffff@stockmarket

[✔] [item]Thunderfury, Blessed Blade of the Windseeker[/item] (Three)
[✔] [item]Sulfuras, Hand of Ragnaros[/item] (Two)
[✔] [item]32837[/item] & [item]32838[/item]
[✔] [item]Thori'dal, the Stars' Fury[/item]
[✔] [item]46017[/item]
[✔] [item]49623[/item] (Two)
[✔] [item]71086[/item]

If by tea party games you mean they ran on the platform that "we are going to cut the shit out of spending" and then they get voted in en masse, and then they get in the way of any increased spending that they can.

If you can blame bush for causing the problem(when really, its everyone in washington, most of whom have been there since at LEAST bush) then you can blame obama for making it massively worse.

Credit rating says what?

Last week the same people that are pissing and moaning about our credit rating were talking about how defaulting on our debt payments aren't that big of a deal.

RETIRED.
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Washington itself dug this hole. Pointing fingers is pointless.

The credit companies specifically said 4 trillion in cuts or the rating will be in serious jeopardy. What did we get, like 2.1? And bam, credit downgrade. Who knew?

So as soon as the credit ratings go down because a certain party decided to play chicken with the debt ceiling, we're all magically at fault?

RETIRED.
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