DjTj Posted November 12, 2009 Share Posted November 12, 2009 Wish you made these posts in 2005 Didn't I? http://www.extremeskins.com/showthread.php?t=127662The key thing will be the impact these deficits have on interest rates, seeing that the debt to GDP ratio is changing quite a bit, and not in our favorI agree.We aren't talking about 400 billion dollar deficit in a 10 trillion dollar economy. We could be talking about a 1.8 trillion dollar deficit in a 9 trillion dollar economy. That with a 12 trillion dollar debt, as opposed to a 400 billion dollar deficit with a 7 trillion dollar debt in 2005Nobody is saying we're in a good situation. If the economy doesn't pick back up and boost our tax revenue, we'll be in a world of hurt... Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted November 12, 2009 Share Posted November 12, 2009 Didn't I? http://www.extremeskins.com/showthread.php?t=127662 Looked for quotes where you downplayed the debt . Don't see them ]Nobody is saying we're in a good situation. If the economy doesn't pick back up and boost our tax revenue, we'll be in a world of hurt... There is a national debt. There has been a debt for a long time, and there will always be a debt. Learn to live with it. You may not be saying its a good situation, but that certainly is downplaying it Link to comment Share on other sites More sharing options...
DjTj Posted November 12, 2009 Share Posted November 12, 2009 Looked for quotes where you downplayed the debt .Don't see them Well, I'm not going to deny that my views have changed somewhat in the past 4 years, and actually, my views changed during the course of that thread.Back then, I was arguing with Kilmer and Ignatius J. who were trying to tell me that we could be borrowing a whole lot more and still be fine. I wasn't entirely comfortable with that, but even during the course of that thread, you can see that I progressed from wanting balanced budgets to tolerating the 2005 level of debt. You may not be saying its a good situation, but that certainly is downplaying it Here, I'm arguing with libertarians who don't seem to even understand the concept of debt at all and seem to want to stop all borrowing and spending entirely. To them, I say - wake up to reality. There is a national debt. There has been a debt for a long time, and there will always be a debt. Learn to live with it. It's not a good thing, but it's not the end of the world either. We just need to deal with it. Link to comment Share on other sites More sharing options...
luckydevil Posted November 12, 2009 Share Posted November 12, 2009 It's not a good thing, but it's not the end of the world either. We just need to deal with it. You know at some point, our government is going to to have trouble finding buyers for that debt. We haven't began to talk about unfunded liabilities for Medicare ( and whatever the healthcare reform brings) and Social Security. We are in a world of hurt. I suppose this happens to all empires, sucks, but no one in position of power wants to face the truth of the situation. Link to comment Share on other sites More sharing options...
deejaydana Posted November 13, 2009 Share Posted November 13, 2009 The government, in contrast, doesn't need to think about retiring. The tax revenue will come in forever. They can always just keep making their debt payments and living it up ... they are twenty-somethings forever. The bill never comes due. Are you serious? To an extent you're right here, the gov't will continue but at what ultimate or even short term cost? The bill comes due in the form of higher interest rates for all, less business investments, less foreign investments and a lower standard of living. Perhaps you were just being sarcastic. I'll say this, one saving grace we have going for us, if that's what it really is, is the fact that many other countries are hosed along with us and some (Japan, and some of the Euro Union countries) have an even tougher row to hoe than we do. Small solace there. Link to comment Share on other sites More sharing options...
HokieSkinsFan Posted November 13, 2009 Share Posted November 13, 2009 I'd say the even bigger story is how many people are underemployed: those who are doing the work of two people, but not getting compensated for it, and those who are not making a living wage. When you combine the amount of underemployed with those who are unemployed, it's looking very grim in this country right now. We are close to becoming the United States of Feudalism. Link to comment Share on other sites More sharing options...
Thiebear Posted November 13, 2009 Author Share Posted November 13, 2009 We became a superpower buying everyones debt... Whose doing that now. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted November 13, 2009 Share Posted November 13, 2009 We became a superpower buying everyones debt...Whose doing that now. Not us! Link to comment Share on other sites More sharing options...
Burgold Posted November 13, 2009 Share Posted November 13, 2009 Well, we're buying our own debt Banks and Auto companies anyway Link to comment Share on other sites More sharing options...
twa Posted November 13, 2009 Share Posted November 13, 2009 and T-bills by printing more money:( Hope they are smarter than they appear Link to comment Share on other sites More sharing options...
SnyderShrugged Posted November 13, 2009 Share Posted November 13, 2009 and T-bills by printing more money:(Hope they are smarter than they appear if "They" is Sommers, geithner, Bernake and the Fed leaders. then no. they are about as smart as they appear, which is downright stupid. Link to comment Share on other sites More sharing options...
Thiebear Posted April 16, 2010 Author Share Posted April 16, 2010 So today: Unemployment unexpectantly rises. Foreclosures at 5 year high How do you recover when you have record debt. Soon to be inflation no job housing still failing Social Security is not collecting what it should, so it will draw from the General? Medicare was in worse shape than Social Security Pension funds States going broke I'm not seeing that Cover that said: Recession Over and if you don't see it your blind. Link to comment Share on other sites More sharing options...
88Comrade2000 Posted April 16, 2010 Share Posted April 16, 2010 So today:Unemployment unexpectantly rises. Foreclosures at 5 year high How do you recover when you have record debt. Soon to be inflation no job housing still failing Social Security is not collecting what it should, so it will draw from the General? Medicare was in worse shape than Social Security Pension funds States going broke I'm not seeing that Cover that said: Recession Over and if you don't see it your blind. Don't you know, America is back. Well, at least Newsweek says it is! Link to comment Share on other sites More sharing options...
twa Posted May 15, 2010 Share Posted May 15, 2010 Time to add more fill to the money pit...just keep digging. http://www.foxnews.com/politics/2010/05/14/obama-administration-seeks-bailout-teachers-nearly-exhausting-stimulus-funds/ Obama Administration Makes Emergency Funding Request for Teachers By Stephen Clark Despite President Obama's pledge for honest budgeting and billions of dollars in stimulus money spent to save teachers' jobs, the Education Department is asking for off-the-books emergency funding to keep local districts from laying off school teachers next school year. .. Education Secretary Arne Duncan sent Democratic lawmakers a request Thursday to pass a $26 billion emergency supplemental to fund up to 300,000 teachers' jobs that he says will otherwise be lost in the fall. .. The request comes just a year after an unprecedented $100 billion in federal stimulus money was allocated to school districts as part of the $863 billion recovery act. Of that amount, $48 billion was designated for saving teachers' jobs and investing in educational programs . Another $31 billion in stimulus funds were sent to school districts to use as they see fit. An additional $21 billion in stimulus money is still available but not yet obligated for district expenses, according to the U.S. Education Department. Link to comment Share on other sites More sharing options...
Burgold Posted May 15, 2010 Share Posted May 15, 2010 Well, on the plus side, retail orders are up, manufacturing is up, foreclosure rates are dropping for the first time in years... so, it ain't all piss and vinegar. Link to comment Share on other sites More sharing options...
twa Posted May 15, 2010 Share Posted May 15, 2010 Well, on the plus side, retail orders are up, manufacturing is up, foreclosure rates are dropping for the first time in years... so, it ain't all piss and vinegar. Certainly If it is sustainable w/o the tax cuts and massive injection of stimulus funds is the question Link to comment Share on other sites More sharing options...
Burgold Posted May 15, 2010 Share Posted May 15, 2010 CertainlyIf it is sustainable w/o the tax cuts and massive injection of stimulus funds is the question Hey, just trying to be the sunlight to your oilspill. Link to comment Share on other sites More sharing options...
twa Posted May 15, 2010 Share Posted May 15, 2010 Hey, just trying to be the sunlight to your oilspill. You trying to provoke a post on the job and revenue losses both from the spill and the ban on new production? Hey maybe we can look at the spill as just another stimulus and job creation event?:whew::slap: Link to comment Share on other sites More sharing options...
Burgold Posted May 15, 2010 Share Posted May 15, 2010 You trying to provoke a post on the job and revenue losses both from the spill and the ban on new production?Hey maybe we can look at the spill as just another stimulus and job creation event?:whew::slap: That's why I like posting with you, twa. It takes a clever man to turn a joke into its own straight line. I do think while there are reasons to be negative about the economy, many, there are also reasons to feel optimistic, several. Link to comment Share on other sites More sharing options...
twa Posted May 15, 2010 Share Posted May 15, 2010 I do think while there are reasons to be negative about the economy, many, there are also reasons to feel optimistic, several. We still got our freedom and are Americans...C'est la vie Link to comment Share on other sites More sharing options...
zoony Posted May 15, 2010 Share Posted May 15, 2010 We still got our freedom and are Americans...C'est la vie Team America ****es! :point2sky Link to comment Share on other sites More sharing options...
Riggo-toni Posted May 15, 2010 Share Posted May 15, 2010 who knew that increasing already massive spending, asking more and more of the taxpayer, and installing trillion dollar corporate and individual welfare programs would cause high unemployment for multiple years? Yeah, really! What a shocker, I mean Europe has been following this same path for decades and it's not like they have chronic structural unemployment...oh wait... :doh: Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted May 15, 2010 Share Posted May 15, 2010 I am still bullish on this economy from now to mid 2013. Credit markets have thawed, people feel more confident, you'll see steady growth for a few years Link to comment Share on other sites More sharing options...
zoony Posted May 15, 2010 Share Posted May 15, 2010 I am still bullish on this economy from now to mid 2013.Credit markets have thawed, people feel more confident, you'll see steady growth for a few years The Fed is going to have their work cut out for them- finding the sweet spot with the money supply that reels in inflation yet doesn't make the deficit too expensive. ______ On another note, just in general, could we please, as a board, get past the idea that inflation is caused by the money supply? Thanks. It's making my eyes hurt. ... Link to comment Share on other sites More sharing options...
Thiebear Posted May 15, 2010 Author Share Posted May 15, 2010 I'm thinking Europe tanking and China being next. We gots us a fighting chance.. We should be saving up our cash to buy back our debt at 1/2 price Link to comment Share on other sites More sharing options...
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