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Raising the US debt ceiling


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Nope...but I am an American taxpayer! Are you? ;)

Hahahahhaha.

BC: "Nananana! I pay taxes in the US and you dont!" :D Thats really what you have to hang your hat on, after 20 000 posts obsessing about Canadians?

Good for you BC... You pay taxes :rolleyes:

Edited by dre
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Too late for that...President Obama will address his nation tonight having been boxed in by the Speaker of the House on this very point. He is still in campaign mode.

Meanwhile, America has solved a much more serious problem....the NFL lockout is over! Yay! :)

Not going to matter much, no matter how it goes - When you start taking about money in the trillions of dollars YOU are talking about play money - It is not real at that point...also it was interesting in Obamas speech he said to para phrase " As we know a little bit of credit card debt in American families is MANDATORY..." Yes he used the word madatory...what he was saying is that you MUST borrow money - in order that you pay interest. This is still about maintaining the banks and the credit system...not about maintaining America at large.

When you have a system where an individual some how gains a few million bucks - then invests it - and ends up with a billion - it is not real money - This is also about privlege..that if you have a good clump of cash you should be entitiled to ride on that cash that has a life of it's own and is for ever growing and expanding? So those with money expect to always have money - and those people expect the poor to become more poor so they can stay rich for doing nothing forever - THAT IS THE PROBLEM. Rich is not forever nor is poor in a truely open and free society...This so-called crisis it totally airy fairy stuff...There are limits in the real world - IF you are rich you can not continue to borrow to stay that way - that is called poor.

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I wanted to add an excerpt, since a raw link on a page doesn't stimulate much interest:

WASHINGTON (AP) — The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
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Good link Michael.

Apparently that's the great recovery summer Obama and Biden have been bragging about. :rolleyes:

Yah remember all those Jobs Republicans promised if they got a elected? Well they got elected and all job creation stopped. Hmmmmmmmm. Job creation under Obama and Democratic house, None under Obama and Republican house. Wonder what changed?

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Yah remember all those Jobs Republicans promised if they got a elected? Well they got elected and all job creation stopped. Hmmmmmmmm. Job creation under Obama and Democratic house, None under Obama and Republican house. Wonder what changed?

Is that how things work? Sweet! I guess we can blame the job losses in the last 2 years of Bush's term on the new Democrat majorities in the house and senate. Job creation under the Republican congress. Huge job losses under the Democrat one. :)

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Is that how things work? Sweet! I guess we can blame the job losses in the last 2 years of Bush's term on the new Democrat majorities in the house and senate. Job creation under the Republican congress. Huge job losses under the Democrat one. :)

Don't remember the Dems running on one issue.

I guess the pubic feels the same way I do. Check out the new Washington post poll where they compare Obama and the Republican congress.

Looks like the GOP is saying their stupid plan doesn't have the vote geeeee I wonder why? Oh because it is a stupid plan that S&P says will lead to a US debt down grade. Which stupid Republicans would then blame on Obama.

Edited by punked
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...Looks like the GOP is saying their stupid plan doesn't have the vote geeeee I wonder why? Oh because it is a stupid plan that S&P says will lead to a US debt down grade. Which stupid Republicans would then blame on Obama.

A stupid plan is better than none at all. The US deserves a debt rating downgrade....I want higher interest rates now! ;)

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Draconian cuts take money out of the system, depressing demand, job creation, and tax revenues -- which leads to more deficits and more calls for more cuts. It's an insanity spiral. And we're currently, and deliberately, riding it downwards.

Interestingly, one of the most eloquent voices on the subject has been Larry Summers. "The biggest problem the country has right now is not the budget deficit," he said in an conversation with Walter Isaacson in Aspen. "The biggest problem the country has right now is the jobs deficit."

And he brilliantly summed up the reality that is eluding the negotiating parties in Washington: "an extra percent a year on the growth rate for the next five years will do more for the budget than any amount of the entitlement-cutting that's under discussion." As Summers explained on Charlie Rose, every new dollar of GDP takes 25 to 30 cents out of the deficit in year one. And yet that simple economic truth does not appear to be included in the "everything" that Obama claims is "on the table."

"It is crazy if you think about it," Summers told Isaacson, "that we have schools across this country where we tell our kids that education is the most important thing in the world, but we ask them to study in classrooms where the paint is chipping off the walls."

http://www.huffingtonpost.com/arianna-huffington/the-debt-ceiling-impasse_b_909314.html?utm_source=DailyBrief&utm_campaign=072611&utm_medium=email&utm_content=FeatureTitle&utm_term=Daily%20Brief

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The new head of the International Monetary Fund (IMF), Christine Lagarde, has warned the "clock is ticking" on a deal to tackle the US deficit and raise its debt ceiling.

Unless politicians agree a package by 2 August the US may be unable to pay its bills, triggering an economic crisis.

On Tuesday the dollar fell against the euro whilst US shares opened down.

But Ms Lagarde warned against drastic cuts in spending, saying these could create a "jobless recovery".

http://www.bbc.co.uk/news/business-14293950

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