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NYCguy

Should They Raise The Debt Ceiling?

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You should, because if they screw it up we're looking at another recession...

 

*Another* one? The first one didn't even end yet, not really, no matter what the government "economists" say.

 

As for the debt ceiling: Leave it where it is and cut, cut, cut, cut, and cut again.

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*Another* one? The first one didn't even end yet, not really, no matter what the government "economists" say.

 

As for the debt ceiling: Leave it where it is and cut, cut, cut, cut, and cut again.

 

When will you get it through your thick head that the debt ceiling will HAVE TO BE RAISED at some point in the future? It's inevitable!

 

It doesn't matter how much you cut! Inflation and the devaluation of the dollar WILL NOT stop! And let's not even discuss war, or natural disasters or anything like that!

 

You can only cut so much before you start to affect the economy in a negative way.

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When will you get it through your thick head that the debt ceiling will HAVE TO BE RAISED at some point in the future? It's inevitable!

 

It doesn't matter how much you cut! Inflation and the devaluation of the dollar WILL NOT stop! And let's not even discuss war, or natural disasters or anything like that!

 

You can only cut so much before you start to affect the economy in a negative way.

 

So how do you propose one deals with the debt? It doesn't just "go away" as so many people think. Debt, whether held by a private citizen or a sovereign nation, always exists and is supposed to be paid back at some point.

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My 2 cents on this is this: there are probably some pork projects that are not needed and rather than just 'tax and spend', they should look at trimming the fat and then tax the rich.

I will say again that to have the cap start on people that earn $200k+ is not right. I mean does it take into concideration where the people live? $250k in NYC could be just enough for a middle class family to get by on concidering how much they already have to pay in local taxes. So if it was more like $1 mil or more, then maybe it can work.

 

SS needs to be adjusted as well. In the time FDR created that program most people were not expected to live much longer after the age of 65 and you had diseases that were not erradicated yet. Those factors means that now we have too many people using a system that can't pay out fast enough. Of course baby boomers that paid for it will be pissed like those in France or greece would be if the government were to raise the age limit, but that's what needs to happen to make sure SS won't go bankrupt.

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My 2 cents on this is this: there are probably some pork projects that are not needed and rather than just 'tax and spend', they should look at trimming the fat and then tax the rich.

I will say again that to have the cap start on people that earn $200k+ is not right. I mean does it take into concideration where the people live? $250k in NYC could be just enough for a middle class family to get by on concidering how much they already have to pay in local taxes. So if it was more like $1 mil or more, then maybe it can work.

 

SS needs to be adjusted as well. In the time FDR created that program most people were not expected to live much longer after the age of 65 and you had diseases that were not erradicated yet. Those factors means that now we have too many people using a system that can't pay out fast enough. Of course baby boomers that paid for it will be pissed like those in France or greece would be if the government were to raise the age limit, but that's what needs to happen to make sure SS won't go bankrupt.

 

Wait a minute..... Are you sure you're a conservative?;)

 

I actually think those are all great ideas! Now about the tax bracket, I think $200-$250k is alright. They still arent taxed as much as someone who make $1 million.

 

People should not be retiring until at least 70, possibly 75.

 

Lol! That's the funniest thing I heard all week! I'll be retired by 42! Don't know about you!

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I may be a conservative, but I'm not a republican. ;) I do understand the need to balance the budget anyway possible. I just favor the need to trim the spending first, then look to taxation.

 

Well, I think [what's the current method, the step ladder] that they should make it a solid slope where it's like 5-10% for the lower income and maybe 50-65% for the upper level earners. Thus those that can really afford to can/should pay more.

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I'm not to familiar with that, but I guess.

What I was totally against was the bailout. Yes GM has improved, but it should not be the government's job to prop up failed businesses on our money. I was against it when it was done during Bush's administration.

 

The Banks - with all the money given to them, that could've helped the average person pay off some bills or be a real 'tax cut'. On this, I blame the practices where banks were forced to give loans to people who couldn't afford homes. This is what I believe could've curbed the mass mortgage crisis: people should have at least 50% on hand to buy the home rather than to buy the house on 10-30% and pay the rest + interest. Buying a house is a long term deal, not something you can feel you can pay off in a year. Lots of things can happen even in just a year not even concidering it can be several years to pay off the loans.

I don't know the extent on the government intervention on them forcing banks to give loans to people that were clearly unqualified to buy a house [on what they made because of possible ethnicity or other factors], but this is exactly why government should not be micromanaging the private sector [in a case like this].

 

-summing it up, the government both caused the mess [where people couldn't pay the loans] and then spent our money to 'fix it'.

 

On the GOP vs Democrat thing: the problem is the Democrats just keeps spending, the GOP on the other hand are hoarders. So of course you are going to have a problem there.

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Why should we leave it where it is? I want one well-thought out answer.

 

The United States has too much debt. It should not be allowed to accumulate more debt on the assumption that people will keep doling out money to the US. The more the government spends, the more debt it has. The more debt the country holds, the more money it has to print, the more the dollar is devalued.

 

The only way to fix the problem is to increase revenue (through taxes, obviously) and cut programs that are wasteful and/or could be run by the private sector, for instance, transportation!

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The problem here is simple. We have a government (Democrats and Republicans) of Rick Rosses. Our government blows money fast and recklessly. No "revenue increases" will solve the problem with this government: They spend more than they keep.

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People should not be retiring until at least 70, possibly 75.

 

Just like the "good old days", right? Work 'til you die, is that what you're saying? Sure sounds like it.

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The United States has too much debt. It should not be allowed to accumulate more debt on the assumption that people will keep doling out money to the US. The more the government spends, the more debt it has. The more debt the country holds, the more money it has to print, the more the dollar is devalued.

 

The only way to fix the problem is to increase revenue (through taxes, obviously) and cut programs that are wasteful and/or could be run by the private sector, for instance, transportation!

 

The problem is NOT fixable! Banks run the world! This revolving door will continue until the whole system crashes! What part of that are you not comprehending?

 

I'm not to familiar with that, but I guess.

What I was totally against was the bailout. Yes GM has improved, but it should not be the government's job to prop up failed businesses on our money. I was against it when it was done during Bush's administration.

 

The Banks - with all the money given to them, that could've helped the average person pay off some bills or be a real 'tax cut'. On this, I blame the practices where banks were forced to give loans to people who couldn't afford homes. This is what I believe could've curbed the mass mortgage crisis: people should have at least 50% on hand to buy the home rather than to buy the house on 10-30% and pay the rest + interest. Buying a house is a long term deal, not something you can feel you can pay off in a year. Lots of things can happen even in just a year not even concidering it can be several years to pay off the loans.

I don't know the extent on the government intervention on them forcing banks to give loans to people that were clearly unqualified to buy a house [on what they made because of possible ethnicity or other factors], but this is exactly why government should not be micromanaging the private sector [in a case like this].

 

-summing it up, the government both caused the mess [where people couldn't pay the loans] and then spent our money to 'fix it'.

 

On the GOP vs Democrat thing: the problem is the Democrats just keeps spending, the GOP on the other hand are hoarders. So of course you are going to have a problem there.

 

But you do know those bailouts were loans right? Not free taxpayer money. GM has already paid back more than half, including interest. That was a VERY smart business move. Revenue for the government, while saving 2 companies at the same time. A lot of people have a misconception about that. Chrysler has almost reached the halfway mark. Either way, both companies have payed back money ahead of schedule.

 

I supported the bailouts 100%, even under Bush. That's the smartest move Obama has made to date IMO.

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Tell me why we should risk our credit collapsing and another recession.

 

Because it will collapse if it is raised. More spending just postpones the inevitable, not to mention that taking on MORE debt will make the collapse even worse. The more this country owes to other people, the more chance of a collapse. The debt ceiling is not an infinitely high arbitrary number, its a very real limit to how much the government can spend.

 

In technical terms, we would call this a "lose-lose situation."

 

Republicans (not to say I agree with their tactics) are using this issue as a political ploy to show the voters like so: "See! We Listened to you guys! We don't want to spend any more money!" And yet, they allow pork spending to get placed in the budget all day long. It's ridiculous.

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But you do know those bailouts were loans right? Not free taxpayer money. GM has already paid back more than half, including interest. That was a VERY smart business move. Revenue for the government, while saving 2 companies at the same time. A lot of people have a misconception about that. Chrysler has almost reached the halfway mark. Either way, both companies have payed back money ahead of schedule.

 

I supported the bailouts 100%, even under Bush. That's the smartest move Obama has made to date IMO.

 

I cannot believe I'm reading this, especially from you of all people.

 

Look up AIG, follow where the money went (HINT: Goldman Sachs) and tell me they've been paid back.

 

BZZT!

 

The auto bailouts were pennies on the hundred thousand dollar compared to what "financial services" (and I use that term loosely) got.

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Because it will collapse if it is raised. More spending just postpones the inevitable, not to mention that taking on MORE debt will make the collapse even worse. The more this country owes to other people, the more chance of a collapse. The debt ceiling is not an infinitely high arbitrary number, its a very real limit to how much the government can spend.

 

In technical terms, we would call this a "lose-lose situation."

 

Republicans (not to say I agree with their tactics) are using this issue as a political ploy to show the voters like so: "See! We Listened to you guys! We don't want to spend any more money!" And yet, they allow pork spending to get placed in the budget all day long. It's ridiculous.

 

Now you're talking!

 

But still one problem. Eventually it will have to be raised no matter what. Just like the last 84 times IIRC.

 

And the Republicans are playing a dangerous and deceitful game! There is no way in hell they can even begin to say hey we listened to you and they just added $400 Billion to the deficit!

 

Obama's plan that they don't want to sign calls for $2.6 Trillion in cuts! But you know why Republicans don't want to sign it? Because the deal also calls for raising taxes on the rich!

 

"Oh hell no!!! We will let the country go bankrupt, and cause the world economy to collapse before you take our hard earned money away!"

 

At this point in time the sane Republicans and conservatives are even againt tax cuts!

 

Nearly 62% of the serveyed US citizens say they need to stop beeing greedy, and repeal these tax cuts!

 

And China is just sitting over there like "PLEASE DEFAULT!"

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