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Debt Ceiling

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Clinton handed Bush43 a surplus of something like $60b every year. Bush (and Cantor, and Boehner...) then proceeded to turn that into some of the largest deficits we've ever seen to support huge tax breaks (which didn't prevent the biggest economic downturn we've had since the 30's) and a trillion dollar war-of-choice against Iraq (which hasn't made us safer from real threats). This was bankrolled mostly by foreign investors who took a gamble that we would pay back their bet, but why not just default on that debt? Obama should just say "sorry guys, I've got obligations here to American veterans, students, retirees, workers, etc. Paying back foreign banks is a lower priority." Maybe the bankers will think twice before giving their credit card to a cowboy on a spending spree.

 

Of course, we don't have to default. But it seems like the House GOP members are refusing to concede an inch to solve the problems that their party largely created until we're actually teetering on the brink of default. It's like a game of chicken where the other driver doesn't really have any motivation to turn away.

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Clinton handed Bush43 a surplus of something like $60b every year. Bush (and Cantor, and Boehner...) then proceeded to turn that into some of the largest deficits we've ever seen to support huge tax breaks (which didn't prevent the biggest economic downturn we've had since the 30's) and a trillion dollar war-of-choice against Iraq (which hasn't made us safer from real threats). This was bankrolled mostly by foreign investors who took a gamble that we would pay back their bet, but why not just default on that debt? Obama should just say "sorry guys, I've got obligations here to American veterans, students, retirees, workers, etc. Paying back foreign banks is a lower priority." Maybe the bankers will think twice before giving their credit card to a cowboy on a spending spree.

 

Of course, we don't have to default. But it seems like the House GOP members are refusing to concede an inch to solve the problems that their party largely created until we're actually teetering on the brink of default. It's like a game of chicken where the other driver doesn't really have any motivation to turn away.

Anybody wanna take bets on the fact that the dems will be spineless and concede 95% of demands to repubs?

 

I'd almost like to see a default on some level. If the economists are correct, then it will suck hard. Hence why I said "almost"-- the dmg to the econ/population is probably outweighed by the positive benefits it could have-- I think an economic crisis created PURELY by politicians might help us to restructure politics.

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Fake-ass S&P/Moody's rape and pillage.

 

They did it to argentina, ireland, iceland, greece, spain, portugal, italy.

 

now they are coming for the UK and US

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Well, if we're going to be using shit I post on Facebook as conversation pieces, here's a solid article from Teresa Titch of the New York Times, posted a few days ago.

 

That the Republicans seem to have a reasonable shot at controlling the political narrative on this is absolutely shocking to me. Perhaps I'm just being a partisan hack, but the origins of the deficit/debt crisis seem like they should be incredibly simple to understand, and they all point to Republican policies. Le sigh.

 

tldr--

i-accidentallythe-whole-economy.jpg

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So, to recap:

 

A. GOP votes to increase the debt ceiling dozens of times under Republican presidents. It's a nonissue buried on page D-14 of most newspapers.

 

B. Suddenly, under a Democratic president, GOP won't raise the debt ceiling without heavy cuts - but no tax increases. Calls it a good faith negotiating position even though they control 1/3 of the government. Democrats laugh.

 

C. Instead of compromising from there, GOP makes even more absurd demands, all the while ignoring basic macroeconomics and tanking the stock markets. If we did a little role reversal, it would be like Democrats demanding 60% marginal tax rates, single-payer healthcare, and 5,000 new birth control clinics in the next federal budget.

 

D. Democrats cave and accept B; call it a compromise.

 

E. GOP fails to understand the physics of pushing against an open door and votes no anyway.

 

HURR DURR MURRCAH

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So, to recap:

 

A. GOP votes to increase the debt ceiling dozens of times under Republican presidents. It's a nonissue buried on page D-14 of most newspapers.

 

B. Suddenly, under a Democratic president, GOP won't raise the debt ceiling without heavy cuts - but no tax increases. Calls it a good faith negotiating position even though they control 1/3 of the government. Democrats laugh.

 

C. Instead of compromising from there, GOP makes even more absurd demands, all the while ignoring basic macroeconomics and tanking the stock markets. If we did a little role reversal, it would be like Democrats demanding 60% marginal tax rates, single-payer healthcare, and 5,000 new birth control clinics in the next federal budget.

 

D. Democrats cave and accept B; call it a compromise.

 

E. GOP fails to understand the physics of pushing against an open door and votes no anyway.

 

HURR DURR MURRCAH

 

http://news.yahoo.com/blogs/ticket/congressional-leaders-reach-agreement-raise-debt-ceiling-015244838.html

 

Murrcah. Quite.

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