Comments on: Canceling the debt ceiling apocalypse A clear-eyed view from Zachary Karabell Thu, 06 Feb 2014 10:10:54 +0000 hourly 1 By: Samrch Wed, 16 Oct 2013 01:48:34 +0000 Refusing to fund lawful obligations by minority goes against majority rule and what the American people expect. Sections 4 and 5 of the Fourteenth Amendment makes such actions unconstitutional. $ says lawful debt will be paid and 5 says Congress will make provisions for that.

It will take time for the courts to act and they may be packed by many year or Republican appointments. But the House’s Tea Party and their allies will remain known addicted to illegal, undemocratic and financially problematic for most actions.

Hopefully at election time and when people decide on political contribution.

By: robtgossard Wed, 09 Oct 2013 11:34:43 +0000 Whether the markets are going nowhere or anywhere, if the government fails to raise the debt ceiling by October 17th, it may not just halt everything.

Though there are so many things to refer to for a common man, what does he infer from all that is being said by the big people including Warren Buffet? He too has called the raising as pretty damn dumb.

By: Art_In_Seattle Mon, 07 Oct 2013 17:40:42 +0000 What all this means still isn’t clear, and it’s probably something other than what it used to be. At one time the US was undoubtedly the largest economy and the largest debtor in the world, but in spite of the increasingly huge numbers attached to our indenture, we’re no longer the biggest dog in the cave. Thanks to the tacitly legal criminality of the private financiers, there are now huge amounts of “assets” in the form of derivatives that some estimates put at something like $200 billion. This is more than the whole world’s gross “domestic” product. Even if someone actually had that much in cash, they’d have a hard time spending it because there aren’t enough goods and services to be had on the entire planet! At this point, do prices or debts really mean anything?

By: VickyLeaks Mon, 07 Oct 2013 17:28:10 +0000 “It is worth considering that it may not have quite the feared effects.” You make sense because the financial community has shown resilience and things will hopefully get better. Despite gold prices rising and stocks dipping, investors are acting sensible….And we shouldn’t be surprised at all.

By: rikfre Mon, 07 Oct 2013 17:23:23 +0000 Partisan politics supersede the common good.

By: MBmb Mon, 07 Oct 2013 14:25:09 +0000 “it is worth considering that it may not have quite the feared effects”: how much is it worth and to whom?

By: Bob9999 Mon, 07 Oct 2013 14:08:14 +0000 For us bystanders, the basic point is that we may be about to find out what happens when the U.S. debt ceiling comes and goes without being increased.

By: pbgd Sun, 06 Oct 2013 13:14:45 +0000 The GOP leadership should be wary of extremists. A small minority group by itself has few chances in politics. So it rides piggyback into parliament on the back of an established party, and then enforces its will on the party leadership. The last time this was done successfully was in 1933 by the German Nazis.

By: coplani Sun, 06 Oct 2013 13:11:30 +0000 Scary indeed….Say debt ceiling heading to $23TRILLION..what does this figure mean.?…
250Million people say in the USA at $25TRILLION debt and rising…
EQUALS $100000 for every man woman and child in the USA…AND RISING…..NOT SUSTAINABLE.

If an individual was in debt to these levels with dwindling income and they said “I will just raise my debt ceiling”…What would the repsonse be.?????

By: OneOfTheSheep Sun, 06 Oct 2013 06:44:53 +0000 According to CNNMoney,

“Congress has set a cap [or ceiling] on how much debt the U.S. can incur.”
[This limit is about as flexible as the limit on your credit card.]

“The U.S. [routinely] spends a LOT more money than it has coming in. In May 2013, the debt reached the [present] ceiling. Since then, the government has shuffled accounts to avoid any further debt, but they’re almost out of tricks…” and soon there will be no money to pay bills for excess ongoing spending that continue to arrive.

“They can’t borrow more, because that would push debt above the ceiling. So, either the debt ceiling must be raised, taxes have to go up to an unrealistic level, or spending must be slashed, also to unrealistic levels.”

“If none of these are implemented, the country would default. That could mean: Recession, Bond market crisis, Decline in the stock market, Lowered value of the dollar, Higher unemployment.” See for yourself: onomy/whats-up-with-the-debt-ceiling/

Let’s try to pull back the usual curtain of obfuscation to reveal facts that which so-called leaders of both parties and the White House routinely conceal.

The Debt Ceiling legislation adopted by Congress publicly acknowledged the fiscal danger inherent in spending more than incoming revenue. The illusion was thus created that Congressional fiscal irresponsibility might thus be brought to an end. Alas, the illusion was but a mirage.

Today some used to watching government printing presses churn out endless dollars with NOTHING behind them wonder publicly why Congress ever adopted a debt ceiling. After all, they have routinely and painlessly increased adopted “limits” again and again.

“We, the people” today allow OUR government a “blank check” on OUR future earnings to squander without limit or permission. WHY? That’s neither rational nor logical. Yet OUR government bristles with outrage and indignity at each and every demand for accountability.

Worse, OUR government has exhibited neither shame nor honorable intent. It never paid off the debt run up during WW II. Over the years it instead intentionally inflated that debt into insignificance.

Along the way the car “We, the people” could buy for $3,600 in 1970 today costs $21,700. Think now about how much more you must earn today and pay in taxes on that before you have $21,700 with which to buy that car (or to buy it over time, with interest).

It has diddled with the “inflation adjustment” of Social Security such that recipients are NOT fully protected from OUR government’s intentional inflation. Today they propose a “chained index” that will further erode purchasing power over time!

The American government has become a fool’s paradise of unelected agencies and bureaucrats that judge their success by how many bureaucrats they employ and the size of their annual budget. Such agencies enjoy essentially eternal life utterly without meaningful accountability.

A self-funding “helping hand” of 22 weeks unemployment benefits has been extended up to TWO YEARS at taxpayer expense. Those on unemployment that have earlier lived within their means can take up to a two year vacation before seriously looking for a job.

America’s underclass is exploding in size, receiving far more from countless government programs than those able bodied adults could earn at minimum wage. They would actually have less money to spend were they to accept any of the jobs they qualify for. WHY does America pay these people to sit home and breed more of themselves?

Medicare Part D gave “Big Pharma” an excuse to end previous free or discounted drugs to those of low income and charge whatever they wanted as a “retail” price. When implemented this program actually cost my wife and me money “out of pocket”. Thanks, Washington.

Medicare fraud is rampant, and all “We, the people” hear is excuses why it can’t be controlled. Washington pays “Big Ag” not to plant food and keeps prices up for farmers (and consumers!). Food safety and drug safety are a laugh at great expense. Consumer protection is most evident by conspicuous absence.

The “bottom line” is that Congress wastes a huge amount of the obscene amount it spends each and every day. I find CNN’s description of the “option” of slashing spending to levels (LIBERALS IN GOVERNMENT deem) “unrealistic” most peculiar. What is “unrealistic” about government spending being limited to “available revenue”? It did so for well over a hundred years, so there IS precedence!

Congress has proved beyond reasonable doubt that it CAN NOT make efficient use of existing revenue to meet NEEDS exclusive of WANTS. Given this reality, allowing it additional revenue by raising taxes AT ALL would be much like trying to extinguish a fire with gasoline.

Look closely again at CNNMoney’s opinion as to the effect of a U.S. Default. So “the market” has either already discounted these fears or a “correction” is long overdue.

Americans know we’re STILL in recession. Our bond “crisis” merely reflects reality. Our stock market is ridiculously inflated. Countless U.S. dollars in foreign government vaults backed only by the value of their ink and paper guarantee over time the value of the dollar will fall. Everybody knows that published unemployment figures have NO relationship to reality.

When America ceases to print worthless dollars and again prioritizes it’s revenue to meet it’s day-to-day needs it will again deserve a measure of trust from it’s citizens. Governments holding U.S. dollars can again rely on America being willing and able to pay it’s JUST debts. NOT BEFORE.