What should Congress do about the national debt?

http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars


According to this article, the national debt was $7.6 trillion at the beginning of 2005 during the Bush administration. Four years later the debt was $10.6 trillion (an increase of $3.0 trillion).

At the beginning of the Obama administration, the debt was $10.6 trillion and, within the first two years, has increased to $14.02 trillion (an increase of $3.42 trillion).

So, my question is "Should we raise the debt limit, should we cut spending, should we do both or should we do neither"?

 

Nothing can be done except default. It's not anywhere close to being fixable. Plug in a calculator.

 

So you are admitting that your liberal com padres screwed everything up?

 

Nope. I'm admitting that it's been screwed up for a while now. The numbers are now at a point of not being recoverable regardless.. Both parties contributed willingly and significantly. No difference in either party.

 

Bite the bullet now and cut spending home and abroad

 

The numbers are too large now Steve. Even if you were somehow able to make substantial cuts, the interest on the remaining debt would "re-gobble" it. It's past the point of no return. It's done. Can't cut the debt now without killing everything. There ain't enough numbers on the calculator to even attempt it. It's done. Gone. Over. It's like trying to bail out the Titanic beginning now, at the bottom of the ocean. We're well past saving it. Only thing left now is post crash. (and this next crash will make the last one look like it was an economic recovery). Prepare for the onslaught. The US economic system is gone. Try and plug in the numbers if you dare. You'll see...resolving it is futile.

 

Do you have any recommendations?

 

I sorry, Tom. And just think Pelosi was in charge of 50% of that! They keep passing $1T bills, what makes you think we could afford the $1T, but not the $500B in interest? (I am sure either Tom or Moen are going to say $500B is not right, but I will bet it is close.)

 

Watch it crash (all we really can do), and see what new economic system shakes out afterwards. Hopefully, next time (assuming we're all still here), us/they/whomever will construct a system NOT based on debt, and NOT allow the super wealthy to tailor it all towards themselves, and instead towards the MAJORITY of us. One that is in everybody's best interest to have society thrive as a whole, and not the select few. The whole society this time. Not the perverted corporate mess that buried us in the first place. Don't know what that will be exactly, but, I know it can't be rebuilt the way it is now. Wealth and greed are all that's left in this current system. No intrinsic anything, and the greed is consuming itself.

 

Yeah and Georgey did his part to take us from a surplus to the largest deficit in history. That might have had something to do with it ya know. So...your next point?

 

Wasn't something similar tried in the USSR? My opinion is that capitalism isn't perfect, but it's much better than socialism or communism.

Anyway, I think our government will increase the debt limit and we'll go on "business as usual". I'm not saying that's necessarily a good thing but it's probably what will happen. But, I think they need to cut spending in order to help get it under control. Excessive, reckless spending is never the answer (unless you're trying to collapse an economic system).

 

You mean the Clinton recession? Oh! And lets not for get 9-11.

 

Ya know it's not really surprising that the wealthy are relatively happy with the way things are and not only aren't interested in changing much, but often don't even recognize there is a problem. What would you suggest other than a total meltdown? More corporate capitalism? More wealth for the wealthy? Seriously..the time to act has passed. Like I said...anybody with a brain and a calculator can see the deal if they choose to. The rich will be just fine because they're rich. Everybody else won't. The bonfire consumes more and more and requires more and more fuel to maintain it. It cannot be sustained and it's actually already gone out. Smoke and mirrors will only last so long. Maybe time to let the fire burn out and try something else.

 

Well, thanks for your doomsday prognostication, but... nah...

 

I call it projected reality. You call it doomsday. Whatever you choose to call it, the house of cards, based on debt and cooked books can do nothing but fail at this point. The only question is what happens after that fact. I know what will happen to the majority of middle America. I can only hope that it also swallows a good chunk of the corporate criminals as well, then we start anew, if we all survive the aftermath.

 

Anyone wanna take bets that tom is wrong again?

I wonder if tom ever gets tired of being the resident idiot?

 

Doesn't seem to bother you.

 

Doomsday or "the market" at work here? I hope you dig Chinese currency!

Hu Highlights Need for U.S.-China Cooperation, Questions Dollar - WSJ.com


Huh! Well would you lookey there. More doom and gloom! Never fear though. Pailn and "the market" should be able to straighten it all out.

http://www.prisonplanet.com/food-riots-2011.html

 

It ain't gonna get fixed with these 2 parties in office. That coffin was being made before the current President took office but both parties put one of the last nails in with that 'Tax Compromise' a few weeks ago.

 

Yup. Everything is just peachy!

Deposed Tunisian President Ben Ali Said To Have Fled Country With 1.5 Tons Of Gold

A ton and a half!? He can't be worried about the dissolving, cooked books, non existent economies, can he? I hope the markets have a solution for this one. Oh...Mr. Boehner? Where's those jobs???