It's all cuts - Obama will apparently surrender

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It's all cuts - Obama will apparently surrender

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Started 1 year ago by Beach Baby
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Beach Baby

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http://www.nytimes.com/2011/08/01/opinion/the-president-surrenders-on-debt-ceiling.html?_r=1

A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong.

For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status. (click the link above to read the rest of the article)

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I agree with Krugman - and I have to say, I saw this coming last fall. I guess the frighties long-wished for dream along with their worst nightmare is coming true - they are now living in a state of right-wing extremist dictators.

Posted 1 year ago #
grumpyone

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Krugman is a socialist....And the NYT is nearly bankrupt,or at least nearing insolvency.....The Dems could of passed anything they wanted last fall,before the elections,but were to chickenshit to do it....And it still bit them in the ass,as evidenced by the elections of 2010.....You haven't seen anything yet,wait till 2012.....When our credit rating is lowered,and it will be fully on Obama and the Democrats(AKA socialists),and no one else to blame.......But themselves and some Republicans....Yes the 'old guard' Republicans are at fault too...The Dems caved,no ifs ands or buts about it.....Thank God for that......I suppose you want this great nation to go bankrupt,if spending isn't brought under control,which will happen.....Thank God America IS waking up,even if it might be to late,which I hope it isn't....We have to have a deal before Nov. 3rd or Obama might not be able to have his already planned big party and fundraiser in Chicago......Wouldn't that be a bitch.....It would to Obama,which by the way has no balls.....Michelle keeps them in a jar on the dresser in their bedroom,and only lets him have them when Valerie Jarrett says it is OK,which isn't very often....

Posted 1 year ago #
Beach Baby

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Oh, I think Obama got pretty close to the deal he wanted. No one really expected the Frighties to go for an increase in taxes now did they - and Obama already let them get away with that one earlier this year. I don't see a long-term way out unless we suck it up and admit that we need more money in our coffers.

We are are 100% GDP to debt - which is insane.

Posted 1 year ago #
grumpyone

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Posts: 566

If we get more money,this administration will spend it on their political agenda....No doubt about it.....Have they ever during this administration applied any money paid back from Tarp to the national deficit?.....NO.....They just spend it on big government,and political appointees with big salaries and benefits....Well, that will change in Jan. 2013.....Obama didn't get shit.... The Dems are pissed at him ,big time.....To bad,so sad.....

Posted 1 year ago #
grumpyone

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Posted 1 year ago #
Beach Baby

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Grumpy - it is not just this administration. This has been ongoing for a long time. Clinton was the last President that really made an effort to cut the deficit - and even give us a chance to pay down our debt or at least get the ratio under control.

Reagan and Daddy Bush were as bad as Jr. Reagan raising the debt by 89% under his Presidency and Daddy Bush 65%. Whereas Clinton kept it to 36% and balanced the budget.

Bush Jr. on the other hand was an absolute disaster. Spending like crazy, cutting revenues, raised the debt 89% - most of which was not required - but his need to create a false sense of security economically so people wouldn't bitch about his nasty little war in Iraq.

Now we are paying the piper - so don't just blame Obama. Much of the Obama spending has been to keep the disastrous economy he inherited from Bush Jr. afloat

Posted 1 year ago #
Black Lion

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Joined: Jan '11
Posts: 16,860

Krugman is right. Who is the righties economic advisor, Scrooge McDuck? I love how the right attempts to discredit Krugman, a Nobel Prize winner in economics and one of the smartest minds around, by calling him a socialist...really? Is that all you have? Obama might not have received his tax increases, but he was able to push any vote for this past 2012 and cut defense, which is a GOP sacred cow...he got enough to make it tough for the tea baggers to vote for it...Bachmann already said she would not...This shows that the extreme right wants the US to default so they can blame Obama....Now if default happens then the GOP will get all the blame....Which is why Boehner and McConnell are pushing this plan....

Posted 1 year ago #
grumpyone

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Posts: 566

Obama was a Nobel prize winner too,before he even did anything.....The Nobel prize is a joke,as you can see who it has been awarded to....Krugman is and has been socialist douchbag with little if anything to say of any importance......The NYT is near insolvency thanks to the likes of Krugman and the rest of their left wing douchbags.....Journalism at it's lowest level....But then you would fit right in there,wouldn't you,little dark kitten....

Posted 1 year ago #
Beach Baby

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Peace prize Grumpy - Obama won the Nobel peace prize. Krugman won for Economics. Big difference. Paul Krugman is also the Professor of Economics and International Affairs at Princeton University.

And Grumpy - Paul Krugman is an op ed columnist for the NY Times - he doesn't run the paper. So, if you have issues with how it is run - you need to take it up with them.

Posted 1 year ago #
Beach Baby

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Joined: Dec '10
Posts: 8,670

Well so far this morning - the US market is giving this plan the finger.

Posted 1 year ago #
Beach Baby

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Joined: Dec '10
Posts: 8,670

bump

Posted 1 year ago #
Checker

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Joined: Apr '11
Posts: 6,267

The U.S. national debt originated with the American Revolution and as of 2004 amounted to more than $7.4 trillion. President Ronald Reagan
made the debt a campaign issue in his successful presidential run
(1980), but the national debt nearly tripled during his presidency. By
the late 1990s, however, a federal budget surplus allowed President Bill
Clinton
to start paying down the debt—the first time this action had been
taken since 1972. In 1998, Clinton presented the first balanced federal
budget (with no annual deficit) since 1969. By 2002, however, the large
tax cuts enacted under President G. W. Bush
, combined with the effects of an economic slowdown and increased
expenditures on national security following the Sept. 11, 2001, attacks
on the United States and the U.S. invasion of Iraq, led to new deficits and an increase in the national debt.

PERIOD.....END OF STORY!

Posted 1 year ago #
stubborn bubble

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Joined: Jan '11
Posts: 8,364

Obama won a Nobel Prize as an affirmative action deal...

Posted 1 year ago #
George

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Joined: Apr '11
Posts: 1,791

DITTO

Posted 1 year ago #

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It's all cuts - Obama will apparently surrender

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