"Ostrich" Congress puts head in the sand and votes for debt increase

[Riot]

Originally Posted by joeydb

So, we can preserve our "AAA" rating by borrowing another $2.1T that we can't repay.

Uhh...what good is a credit rating when you can't repay your debt?

Who is telling you we can't repay our debt? That's not true. We are repaying our debt. We always repay our debt. Our AAA credit rating is because we repay our debt. That's what a credit rating "is". We are the most trusted debt repayer in the world. When financial markets go crazy, the markets go to US Treasuries.

There were idiots in Congress and the Senate yesterday that were trying to make it so that we could NOT repay our debt. Fools. "We owe this money, but we've decided we won't pay it" Oh yeah? I don't think so. We are the USA. Not someone like IL Tea Party darling Congressman Joe Walsh that owes $100,000 in unpaid child support to his ex-wife. No wonder idiots like him think it literally "doesn't matter" if you don't pay what you owe!

Especially the idiots that thinks, "it's a lie, we have the money". Duh. If that were true, we'd not have to borrow, right?

Every business borrows for cash flow. Every country does, too.

You know, you don't give away trillions in income by going to "part time" income level, then double your debt and increase your spending on the credit card for years in the future by trillions. We had a former cheerleader that did that to us.

Just cutting the spending - although admirable - will never get you back to your normal financial situation. It's mathematically impossible. You need to get that full-time income back, too.

Because our population is increasing, and our infrastructure is crumbling, and Wall Street has all the money and isn't letting it go, even though their profits have been record, bonuses record, and taxes low as hell.

The recession cut our tax income a bit. But the Bush Tax cuts literally threw us off the clift, and is still doing so. Our income is only 14% of our GDP, when it normally is 20% or so. That's how much it's dropped. Let those puppies expire, and our debt is cut in half in about 10 years, doing nothing else at all.

BTW, we've been worse in the hole a couple of times before in our history.

Let's remind ourselves what caused our debt, because it's things we can control, and we get that income stream back, and very readily.

National debt 14 trillion

3.6 trillion - Social Security trust fund

4.0 trillion - Bush, unfunded wars, unfunded Medicare drug giveaway
3.0 trillion - Bush, unfunded tax cuts

2.0 trillion - loss of income due to unemployment and recession

1.4 trillion - Obama policies, temporary stimulus (most paid back), etc.

So, Joey, if you want to stand with the "non-ostriches", as you think they are, you'd better explain how that works. Using math and facts and stuff. Because now we have a few billion in spending cuts that kick in with Octobers 2012 budget, and a few more after that in 2013, and we're still in a recession and that oughta put us near a double dip. Yay! Brilliant! Let's stop spending, and take more money out of the economy, when we are on the verge. That worked so well for Japan, and for us in extending a depression into The Great Depression. Repeating those mistakes looks really promising.