Comments on: The damage already done by the debt ceiling debate http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traduceri daneza romana http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-55047 Tue, 14 Oct 2014 09:58:52 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-55047 Battle required similar to 8 hours and she or he brought about many of them. Consequently your girlfriend push hit a brick wall and she or he simply had to go to nearly every creek to fight more normal water. Your sweetheart didn succeed, however , your sweetheart produced daylights of your showing. Throughout sleep of which night time, Odn seen that an analogous approach could be helpful to create small children caught up in the tummy all through childbirth. It is really not obvious out of the post how come Odn ended up being pondering troublesome births, however , they sought the reasoning with the support involving his lady as well as obstetrician. Skip forward so that you can at present, and also a polished type of the look ready designed for really serious observations..

]]>
By: Ivonne Plikerd http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-54482 Thu, 09 Oct 2014 21:24:49 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-54482 I’m very happy to read this. This is the kind of manual that needs to be given and not the random misinformation that is at the other blogs. Appreciate your sharing this greatest doc.

]]>
By: Mikor http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28647 Sun, 17 Jul 2011 16:21:09 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28647 Salmon isn’t much of a negotiator and I wouldn’t want him anywhere near crucial negotiation. I could see his palms sweat and his eyes twitch in between sentences.

The big problem with this piece is it isolates out the debt ceiling from the debt. That wrenches the current negotiations out of the context of federal government spending and taxation. That’s a killing mistake and makes this piece worthless.

Let me add some of that back in and maybe Salmon can start to make sense of what’s going on.

The USFG is projected by everyone to take rapidly increasing shares of the US GNP under even very optimistic assumptions. That’s a certain catastrophe for this economy: economists estimate that 25-35% of GNP for all levels of government maximizes growth. Under Democratic proposals and baselines, the USFG takes at least that amount, just for itself, for decades to come. That is a catastrophe for economic growth: it entombs our economy in a permanent rotting decay.

That problem isn’t solved with more tax revenue, it is exacerbated. Because it is certain that politician-weasels will spend every penny of revenue and use more revenue to leverage even more spending. There is NO prospect that Obama or the Democrats would make any substantial spending cuts in the foreseeable future. The Obama budget that was unanimously defeated this Spring increased spending across the board, in fact.

The debt is a related, but distinct issue from the total portion of the economy that politicians take to hand over to their cronies. And escalating debt also crushes the future by undermining economic growth. More importantly, my son is 1 year old and unless we take action, his life chances will be substantially undermined. He and your sons and daughters will be handed massive debt that they will have to pay back. That is, by my account, evil. What sort of moral disaster thinks its ok to consume today and force their children to pay for that consumption the rest of their lives? Evil.

This moment is a chance to do something meaningful about both of those problems. To scale back the size of the federal government and to meaningfully lower federal debt. Felix Salmon, Megan McCardle, Harry Reid, and Barack Obama need to think things through, this one time, and do the right thing, this one time. Instead of what they are doing.

]]>
By: SelenesMom http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28643 Sat, 16 Jul 2011 22:41:10 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28643 Danny, you’re thinking of Mussolini, but yeah. Now will everyone quit piling on mfw13. I understood his post as a summary of what his Chinese friends were saying, not necessarily his own best effort at defending non-democratic political systems. And for all we know, 13 may be his age.

If there were an unintelligent person in the Chinese leadership, how would we know, considering that information doesn’t flow freely?

I have some experience of living in countries that aren’t democracies or aren’t full-fledged democracies. Sure, from time to time people there really do say, and mean, things like “We need our own Pinochet” or “You can’t have a free press in Asian countries” or whatever — but I think that mostly has to do with believing they can’t change the situation themselves.

Now instead of beefing about things like who is in favor of dictatorship, or whether or not we like Obama and why, the logical conclusion is that it is on us (at least, adult American us, the rest of you can just sit back and throw brickbats) to get these dunderheads out of here if they can’t accomplish the simplest things.

]]>
By: hsvkitty http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28642 Sat, 16 Jul 2011 22:40:24 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28642 Danny_Black, I never said I supported all those who were in default… NOR did I say they were in good standing, so ST*U you pain in the derriere. I notice when the other banker who writes here said he would walk away from his mortgage if he lost his job, you never said a word… but couldn’t find an ounce of support for those being foreclosed upon with fraudulent documents or being lied to about HAMP.

The USA is paying debt with debt, so yes, I consider that a default. Do you consider paying your bills with a credit card a payment? (Oh hell, what am I saying, as a former banker you do)

That is why banks and governments say that their financing and budgets are not like ours… because we could never get away with such folly… but neither eventually (or all too soon) will they.

]]>
By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28627 Sat, 16 Jul 2011 10:07:11 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28627 mfw13, are you on crack? China is a kleptocracy that is running out of people to steal from. They have a real estate bubble that makes the one in the US look like a walk in the park and recently had to bail out their local goverments to the tune of 10% of annual GDP. Random things get done in China depending on who you can bribe, who you can steal from and who you are related to. I believe Hitler got the trains to run on time too….

jorge62, they voted for a guy who none of the media would say a bad word about, actively hid anything negative whilst printing any old BS the opposition had including obvious hoaxes. Given it was in the middle of an economic meltdown, with a highly unpopular republican president and the fact he had the black population sewn up I suspect if the Democrats had slapped a rosette on an actually donkey it would have won.

]]>
By: Danny_Black http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28625 Sat, 16 Jul 2011 09:50:43 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28625 hsvkitty, so you think someone who doesn’t make their mortgage is good standing and someone who has never missed a payment has defaulted. Glad to see your genius showing through yet again.

Mr Salmon, thought you were a fan of people who dont pay their loans back

]]>
By: hsvkitty http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28616 Fri, 15 Jul 2011 21:49:46 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28616 @moonhill, if Obamacare was passed with the people in mind, it would have been good for everyone. Perhaps the shaping legislation should be for the common good, not ALEC.

http://www.thenation.com/article/161975/ sabotaging-healthcare

I would say your mess was pretty well ensconced by Bush when he took your country and many others to war paid for in debt. And giving tax breaks while going to war was plain stupid. Republicans were elected because the American populace jumped on the propaganda bandwagons and will again.

You are not only broke, you can’t pay the interest. i would say a country that is defaulting (yes I said you already defaulted when you are borrowing to pay interest)should have Republicans doing the right thing and look for revenue and not just cuts.

Being you enjoyed the lowest taxes ever, whilst being in a recession that could have been as bad as the great Depression (and could still go there) perhaps it is time ludicrous ideology didn’t trump common sense.

]]>
By: moonhill http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28600 Fri, 15 Jul 2011 15:34:58 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28600 If the Obama administration had been as interested in solving the financial crisis as it was passing Obamacare, we wouldn’t be in this mess. Many Republicans were elected as a result of Obamacare being pushed down everyone’s throat. The Democrats have only themselves to blame for this. They wasted their supermajority on an unpopular program so Obama could make history.

]]>
By: richinnc http://blogs.reuters.com/felix-salmon/2011/07/14/the-damage-already-done-by-the-debt-ceiling-debate/comment-page-1/#comment-28593 Fri, 15 Jul 2011 13:18:27 +0000 http://blogs.reuters.com/felix-salmon/?p=8961#comment-28593 Part of the problem is that Congress does not have the accountability that it should have. As long as we USA citizens are apathetic, our rule makers will feel like they can do just anything they want. Then come the next election – stay on the good side of the news media, get a lot of money from your backers (who expect to get repaid) buy advertising time from the media, count on voters that will believe the sound bites and get reelected.

]]>