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Old 11-27-2011, 11:55 AM  
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Bristol, Tennessee
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Originally Posted by Eddie_T View Post
Like I say, neither has a plan to keep the bus from going over the cliff, they are just arguing over the speed. There is no debt solution on the horizon.
you SAID that, but it is not true, the democrats had a balanced budget that would have kept the deficit spending in check, we were on track to start reducing the debt and the republicans said it could be dangerous to pay down the debt then quickly and gave it out as tax breaks to the rich instead.... don't keep repeating that crap..... democrats have had a plan, republicans killed it....
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Old 11-27-2011, 06:50 PM  
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Kent, Ohio
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Originally Posted by Eddie_T View Post
Like I say, neither has a plan to keep the bus from going over the cliff, they are just arguing over the speed. There is no debt solution on the horizon.
The democrats put forth a measure to "put on the brakes", so to speak. The GOP responded "Why are we going to waste perfectly good brake pads? We've got this bumper on the front, it will hit the guardrail and keep us from going over the edge."

Wow. I just got an incredible sense of deja vu.
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Old 11-28-2011, 09:05 AM  
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Originally Posted by RedJeepXJ View Post
you SAID that, but it is not true, the democrats had a balanced budget that would have kept the deficit spending in check, we were on track to start reducing the debt and the republicans said it could be dangerous to pay down the debt then quickly and gave it out as tax breaks to the rich instead.... don't keep repeating that crap..... democrats have had a plan, republicans killed it....
So how does your precious democrats plan to deal with this?
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Experts know that the deficit and debt figures tossed around in public discussion are only the tip of the iceberg. The real iceberg is the unfunded liabilities of Social Security and Medicare. Their unfunded liability is how much money we would have to set aside to meet the future obligations of these two programs. Our national debt, which may soon reach the size of GDP (say $17 trillion), is dwarfed by the unfunded Social Security and Medicare liabilities that may have already reached $100 trillion!

The bond market is looking at our deficits and our unfunded liabilities, and it does not like what it sees. Moreover, it sees that any and all serious attempts to deal with these fiscal problems impose huge costs on potential reformers.

As examples, I would cite:

The savaging of George Bush?s attempt at the start of his second term to reform Social Security via partial privatization.

The demogoging of Paul Ryan?s plan to salvage Medicare and Medicaid by turning it into an insurance grant program.

The passage of Obama Care under the fig leaf of a deficit reduction plan, with all parties understanding it raises unfunded liabilities.

In the past, we have been able to ameliorate deficits and unfunded liabilities by economic growth. There is now doubt as to when or whether we will return to healthy growth. We have an economy that does not lend, does not take risks, does not buy, and is strangled by regulations. We have an administration that is perceived as anti-business and more interested in redistribution than growth and efficiency. If we are doomed to European-style growth, our fiscal woes will grow worse and worse and worse.

The S&P downgrade speaks to all these concerns. It surely did not help that the Obama administration ordered the free coverage of a wide variety of women?s health costs in its latest administrative guidelines for Obama Care. As more of these administrative rulings come out, the colossal unfunded mandates of Medicare will be better understood.

If things are so bad, you might ask, why is our federal government not already paying higher interest rates? The answer is that although things are bad here, they are worse elsewhere. It is like a marathon with some of the world?s slowest runners. We are running very slow but others are slower.

That?s not the way to win a race ? by relying on the ineptitude of others.
Oh yeah, the link: What Paul Gregory is Writing About: It?s Not the Tea Party Stupid: Why the Bond Market Does Not Like What It Sees
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