[Plantagenet]

Obama gave a press conference today where he once again promised with pinkies locked that he will cut government spending ----- just not yet


Obama wants another trillion+ in debt but no spending cuts. Given that his fiscal cliff bill wound up adding 4 trillion to the debt it's no surprise he wants still another trillion in debt now

The man is a human debt machine

[PrestonSturges]

$this->bbcode_second_pass_quote('Plantagenet', 'O')bama gave a press conference today where he once again promised with pinkies locked that he will cut government spending ----- just not yet

Obama wants another trillion+ in debt but no spending cuts. Given that his fiscal cliff bill wound up adding 4 trillion to the debt it's no surprise he wants still another trillion in debt now

The man is a human debt machine

[Beery1]

$this->bbcode_second_pass_quote('Plantagenet', 'T')he result of the "fiscal cliff" is going to be EU-style AUSTERITY by another name...

Gosh...what happened to Obama's iron-clad campaign promise to not raise gasoline taxes----the promise not to raise gas taxes seems to have disappeared. Now the BOers only say "no comment" when asked if they will be raising gasoline taxes...

Looks like we are going over the fiscal cliff----The republicans say they are ready to raise taxes but there is no sign of compromise from Obama and his fellow liberals on cutting spending...

IMHO Obama will screw up the FISCAL CLIFF negotiations in exactly the same way he screwed up the GRAND BARGAIN last year--Obama is so arrogant that he can't stand to negotiate or make a compromise. Buckle up your seatbelts...

Good bye Bush tax cuts. Obama is taking us over the fiscal cliff...

...Obama is only pretending to negotiate, and all the while fully intends to take us over the fiscal cliff...

Obama designed his plan to be unacceptable to Congress, because Obama wants to go over the fiscal cliff.

[Shaved Monkey]

Its not like its real money print some more if TSHTF print it in another colour

[Plantagenet]

$this->bbcode_second_pass_quote('Beery1', '')$this->bbcode_second_pass_quote('Plantagenet', 'T')he result of the "fiscal cliff" is going to be EU-style AUSTERITY by another name...

[Kez]

I don't really see the Debt Limit issue as Obama's fault, but he isn't changing the system either. The idea of going in debt and letting your successors figure out how to pay it off has been going on for a long time. Romney's own budget projections still had a budget deficit in 2020. Bush's budget team of geniuses used the massive upswing during the dot com boom era to base their future projections on, which no basic accountant working for a credible company would ever do. You have to assume their will be dips, hurricanes, scandals, bubbles that burst, pandemics, a San Francisco earthquake that is due, a massive solar flare, and even, dare say it, wars and terrorists attacks.

No one at the federal level that I know of is concerned with truly solving money problems, they are just trying to get their share and keep their people/state happy. I have heard and read numerous stories of departments wasting vast amounts of cash buying junk because if they didn't spend it, they wouldn't get the cash included for next year's budget. The same is true of congressman, they pile on pork in even the Sandy hurricane bill to throw their own state a bone. As long as the $42 billion per month trade deficit continues, the USA is just bleeding cash and kicking the can down the road. Everyone knows that individuals and companies cannot continue like that forever. One day, bankruptcy will come for the USA also. How it will be handled is anyone's guess, but it won't be pretty.

The system is simply broken and only a full-blown default will "fix" it. In the end, whether it is next week or decades from now, the citizens (and the whole world in general) will be screwed and will suffer greatly. It will be complete madness and I suspect thousands upon thousands will die in the resulting chaos, especially if it occurs near other inevitable events like oil shortages, medicare/social security having no cash, or a well-planned terrorist attack.

[Plantagenet]

$this->bbcode_second_pass_quote('Kez', 'I') don't really see the Debt Limit issue as Obama's fault.... The idea of going in debt and letting your successors figure out how to pay it off has been going on for a long time.

[Fishman]

Actually I will have to disagree with you somewhat Plant. Countries that have achieved the incredible amount of debt exceeding their gdp have only two choices. They can cut back spending which leads to folks in the street complaining, rioting, or they can monetize their debt until the money is worthless, at which point chaos. Greece was forced to go the first route since its in the Euro and cannot monetize its debt, thus austerity. We chose to go the route of monetizing our debt back in November. And who can you blame other than Obama? He added 6 to almost 7 trillion of debt over just 4 years. Many folks voted for him thinking their checks from the gov would keep on coming, and they will. As the economy stagnates, more unemployed will be added, disability applicants exceeding jobs over and over. Little did they know that those checks will be getting smaller and smaller in value. Folks love free stuff, till its worthless.

[Plantagenet]

$this->bbcode_second_pass_quote('Fishman', '.')...We chose to go the route of monetizing our debt back in November. And who can you blame other than Obama? He added 6 to almost 7 trillion of debt over just 4 years. Many folks voted for him thinking their checks from the gov would keep on coming, and they will. As the economy stagnates, more unemployed will be added, disability applicants exceeding jobs over and over. Little did they know that those checks will be getting smaller and smaller in value. Folks love free stuff, till its worthless.

[Blacksmith]

It's a road we just have to travel until the bitter end. Our children will ask how we could have been so stupid and selfish and the answer is because we are human.

[Beery1]

$this->bbcode_second_pass_quote('Fishman', '.').. We chose to go the route of monetizing our debt back in November. And who can you blame other than Obama? He added 6 to almost 7 trillion of debt over just 4 years...

[Plantagenet]

$this->bbcode_second_pass_quote('Beery1', '')$this->bbcode_second_pass_quote('Fishman', ' ')Obama...added 6 to almost 7 trillion of debt over just 4 years...

[Blacksmith]

A sword or a plowshare, both use energy and resources. In other words stop blaming others and start plowing.

[Fishman]

Well Beery, the Iraq war comes in at 810 billion just a few seconds ago when I checked, though LOTS of Dems voted for it, I'll give that one to Republicans. The Afgan war, Dems get half the cost. Neither even come CLOSE to 6 trillion that Obama( oops sorry, calling him that is now racist per MSNBC) has racked up over 4 years. The president has said math is not his best point, apparently his defenders are also.

Lets suppose Obama's argument we should redistribute the wealth is correct. If we taxed ALL the income of millionaires up, about $290 billion a year. But a trillion dollar debt yearly means at some point austerity, inflation or chaos will crush the poor. Math Beery, Math and basic economics.

[Plantagenet]

“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
---Barack Obama (2006)

Unfortunately, the failure of leadership that Obama decried in 2006 has gotten even worse under Obama himself, who is by far the greatest wastrel in the history of the world.

[mmasters]

There is no real debt limit, it's just a number proposed by congress.

[Beery1]

$this->bbcode_second_pass_quote('Fishman', 'W')ell Beery, the Iraq war comes in at 810 billion...

[Plantagenet]

$this->bbcode_second_pass_quote('Beery1', 'H')ow about the fact that the economy was in freefall before Obama took office?

[Lore]

The US debt is not only a reflection of out of control spending and the lack of required revenue, but also changes in aging demographics, resource constraints, automation and globalization of labor.

Arguing about who gets the blame is meaningless to the endemic transformations that are taking place.

[Plantagenet]

$this->bbcode_second_pass_quote('Lore', 'T')he US debt ....Arguing about who gets the blame is meaningless to the endemic transformations that are taking place.