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I Think Schoen is incorrect in some of his thinking. Cutting of Social Security payments is prohibited by law as it is self funding. Diverting the money to pay bills is not supposed to happen. If it does, there is going to be a huge market glut of lawyers having impeach proceedings against them. And, likely swelling of the unemployment by a few hundred unemployable congressmen/women.
Reagan, Bush, Obama. Democrat or Republican. Liberal or conservative - why does that matter? Who cares? It is time to draw a line in the sand and say no more. Blame, blame, blame - who's fault? That drives me crazy - people that play the blame game are useless. Placing blame and assigning fault don't solve anything - in fact, they are just exercises to keep from doing anything. Finding fault and assigning blame are the opposite of demonstrating leadership and responsibility.
Just no more borrowing! Raise taxes, cut spending, sell assets, I don't care, just get off the debt spiral. I understand deficit spending during economic downturns, but there is never an upturn to pay it back!
The only way to control spending is to stop all borrowing and raise taxes across the board to pay for government. As long as we borrow a large portion of the cost of running the government, no one feels the pain. Party, philosophy, and socioeconomic standing do not matter. The resulting pain is the only way we will get to the point of finding the essential role of government in today's world, and a fair, sane way to pay for it.
Hey, if we default, that may be the best thing in the long run. Maybe people will stop buying US debt and we will be forced to get our house in order. All the scare scenarios have been terribly short sighted - what will happen next week, next month, ... If we don't default or otherwise limit / reduce our debt, what is the scenario in the long term? We are already at the point that our options are very limited: 1) default on our debt; 2) hyper-inflate our way out of debt; 3) default on our social contracts; 4) large scale wealth confiscation. In reality, the path we travel will likely be a combination of the above.
Seriously dave, you need to stop drinking all that liberal kool aide.
While your post was poorly stated, it was also ill informed.
The dems have had the keys since 2006 when we began the slide.
Barney Frank can take a huge portion of the blame as he did nothing to stop the
housing crisis which is at the crux of the economic disaster that befell us.
It is simply factual that everyone does not need to own a home. People have shown clearly
that fat slovenly food stamp laden people cannot and will not be responsible. Feeding at the government teat has been the dem policy in order to gain power as long as records have been kept.
The tea party was the single positive response to all of it.
Taxed enough already. Tea.
It is political suicide for the Democrats to start cuts that will make the US live within its taxes.
But next year when the layoffs start when the war winds down its going to happen anyway.
Ford tried to fix the after Vietnam recession and nothing worked. So Americans wanting their bennies voted in Carter. Carter did nothing except give us a soon nuclear iran.
Weather you like it or not Ronald Rayguns pulled the economy outa the crapper. In 2 and one half years. Remind me how long has Obama been in office?
Quit blaming this on bush. Obama is worse.
At the start of the bush administration the national debt was 5.6 trillion, bush added 5 trillion, and at the end of his term the national debt was 10.6 trillion. So far Obama has added 6.3 trillion, and in two years with the extra payments for AHC plus the 1.3 trillion he govt already overspends, 22 trillion.
Sorry the Democrats are worse. Course the are pushing off businesses paying their fair share of AHC as the businesses to cover the additional costs will raise prices.
The Democrats have been slick, however, next year starts the cutbacks. Army to 250,000 from 1million. Cuts in defense spending, which needs to be done, however, that causes job loss from defense contractors. We are in for a mess.
go ahead libs call me a crazy, racist, bigot cause you cant tell me why I am wrong. But call me next April. That's the start. And we are all going to be in trouble.
THE BIGGEST MYTH / LIE OF ALL : HOPE & CHANGE !
All we want is some certainty & consistency. Is that too much to ask ?
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[BRIEFING.COM] The S&P 500 (+0.3%) remains near its best level of the session, while the Dow (-0.1%) remains in the red.
Since our last update, the International Monetary Fund has lowered its growth forecast for the U.S. to 1.7% from 2.0% and said the Fed may need to delay its first rate hike due to the contraction that took place in the first quarter. Furthermore, the IMF described the U.S. labor market as 'reasonably healthy.'
The remarks had little impact on equities as ... More
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