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Obama aide: Don't 'play chicken' with debt ceiling
    #13724149 -

WASHINGTON -- The top White House economic adviser is warning against what he calls "playing chicken" with the need to raise the nation's debt ceiling.

For some conservatives, refusing to raise the limit on the federal debt would be a tactic to force the government into cutting spending.

Last February, Congress raised the debt ceiling to $14.3 trillion. The debt is now at nearly $13.9 trillion and growing each day. A move to raise the ceiling again is expected this spring.

The chairman of the White House Council of Economic Advisers, Austan Goolsbee, says that refusing to raise the debt ceiling would push the country into default - and a far greater economic crisis than Americans saw in 2008.

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/02/AR2011010201141.html

So is Obama saying that if you only spend what you take in the world could end?


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: lonestar2004]
    #13724423 -

lonestar2004 said:
WASHINGTON -- The top White House economic adviser is warning against what he calls "playing chicken" with the need to raise the nation's debt ceiling.

For some conservatives, refusing to raise the limit on the federal debt would be a tactic to force the government into cutting spending.

Last February, Congress raised the debt ceiling to $14.3 trillion. The debt is now at nearly $13.9 trillion and growing each day. A move to raise the ceiling again is expected this spring.

The chairman of the White House Council of Economic Advisers, Austan Goolsbee, says that refusing to raise the debt ceiling would push the country into default - and a far greater economic crisis than Americans saw in 2008.

http://www.washingtonpost.com/wp-dyn/content/article/2011/01/02/AR2011010201141.html

So is Obama saying that if you only spend what you take in the world could end?


No. He's saying if the Feds only spend what they take in, they wouldn't be able to bribe people into voting for them.


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You cannot legislate the poor into prosperity by legislating the wealthy out of prosperity. What one person receives without working for another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for that my dear friend is the beginning of the end of any nation. You cannot multiply wealth by dividing it. ~ Adrian Rogers

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: luvdemshrooms]
    #13724433 -

Hmmm... wonder what happens when I start paying off debt by taking out new debt?

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: Seuss]
    #13724613 -

Eventually prison.


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13724694 -

> Eventually prison.

Sounds like a good place for Obama and Pelosi... and Frank and Dodd... and...


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Just another spore in the wind.

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13724865 -

Seuss said:
Hmmm... wonder what happens when I start paying off debt by taking out new debt?


zappaisgod said:
Eventually prison.


:rofl2:that shit is not even funny because its true for us lowly peasants....


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: lonestar2004]
    #13725014 -

Quote:
So is Obama saying that if you only spend what you take in the world could end?


Well, to be fair, that is what an Obama advisor is saying - Austan Goolsbee. To get both sides of the story, we should look at Obama's own words on raising the debt limit -

Quote:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.


It would seem that Obama opposes raising the debt limit. Finally that preening douche nozzle gets something right! Let's hope this amazing turn of events isn't a one-time occurrence.






Phred


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: Phred]
    #13725084 -

I'm gonna fill in what you left out from your link.  Because I can and it feels good.

Quote:
March 20, 2006: This was the last stand-alone debt limit vote on which then-Senator Obama voted. He was one of 48 members to vote against the increase, which passed with 52 votes.i He said: “The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. … Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”ii


That did have a funny stench of week old smelt on a beach.

That felt so good I now understand dogs much better.


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: Phred]
    #13725104 -

Nice.

and check this out!

some people lost a shit load of money on intrade today!




US Congress to approve increase in federal debt ceiling to $15.1T
Congress to approve increase in US debt ceiling to $15.1T or more before midnight ET 28 Feb 2011

http://www.intrade.com/jsp/intrade/common/c_cd.jsp?conDetailID=744696&z=1294078969987




We may not even get to the end of March! Congress will have to get this done a lot sooner!:rofl2:


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: lonestar2004]
    #13726173 -

I guess somehow this gets dragged out for months until Obama, the senate and the house all get their dicks sucked and us serfs all get fucked....


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: lonestar2004]
    #13726213 -

As long as taxes don't rise I will be less fucked than otherwise.


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13726531 -

Somehow they will figure out a way to fuck you more than otherwise.:grin:


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America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13726637 -

> As long as taxes don't rise I will be less fucked than otherwise.

Sooner or later your taxes are going to be required to pay off this @$%!ing debt.


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Just another spore in the wind.

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: Seuss]
    #13728424 -

It would be nice if they would stop increasing it.

Bob Herbert, arch race baiting punk in the NY Times, wrote this stunning piece of idiocy today:

Quote:
This is the party that has mastered the art of taking from the poor and the middle class and giving to the rich.


Taking what, exactly, from the poor?  THEY DON'T HAVE ANYTHING TO TAKE, YOU MORON!  This idiot seems to think that "not giving" equals taking and "not taking" equals giving.  Somebody get this asshole a dictionary.  If anybody has taken anything from the poor it is the liberal enablers like Bob Herbert who have taken any dignity the poor might have had by making them ever more dependent on the public teat.


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13728783 -

zappaisgod said:
This idiot seems to think that "not giving" equals taking and "not taking" equals giving.


Yep.

It seems to be a common problem with political commentary.  I regard that stuff very poorly: it seems pretty blatant misrepresentation to phrase the matter in that way.  Its a dishonest argument, and is insulting to the reader.  The same kinda crap with the "tax cut for the rich" that is simply maintaining the same tax levels is getting quite old as well.



This debt thing is getting ridiculous.  I guess that's the government the American People deserve- voting for these assholes after the budgets and bills they vote for. 


But you know me, I blame the ridiculous two-party duopoly and the voters who continue to support it for a large part of this.  Freedom to vote for your representation doesn't reach such issues as budget and so forth when the candidates tacitly agree to wage pitched battles on other issues, and the electorate that is informed enough to vote based on an incumbant's performance refuses to consider voting for anyone else on the dubious "lesser of two evils" illogic.

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: johnm214]
    #13729134 -

We get what we deserve. we cry and moan about our taxes being to high and demand that we have a Debt Ceiling!!!! :cheer::cheer::cheer:

We will watch them debate and fight and they will probably give us a small crisis and we will demand that we raise the Debt Ceiling!!!!!:cheer::cheer::cheer:


i swear to god the system is like watching the WWF!


and here comes that evil Sarah Palin sneaking up from behind with a chair in her hand!!!!


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

Extras: Filter Print Post Top
Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13749187 -

zappaisgod said:
As long as taxes don't rise I will be less fucked than otherwise.


That's what those who create money out of debt want you to think, but it is not necessarily the case.  In order to finance the debt, money is created out of thin air.  The INFLATED money supply eventually leads to inflated prices.  Most of us are well aware of the continuing increases in food and fuel prices while our incomes stagnate.  This is what matters for the average person, not the DOW or S&P, and this will eventually take down our government.  The wheels of economic law can grind slowly for a very long time.  Sooner or later, the crushing weight will destroy the hosts, in the very least, Atlas will give a mighty shrug.


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Lois, this family believes in the Easter Bunny.  He died for our sins in that helicopter crash.  Now, if you wanna go to hell, that's fine, but don't drag the rest of us down with you like a mentally handicapped rooster.
- Peter Griffin (Family Guy)

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: MutantBonobo]
    #13749640 -

An inflated money supply, should such a thing occur, will affect every one equally.  That means a null effect for me.  Higher taxes, on the other hand, will fall disparately on me.


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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13750821 -

Wrong, those who are the first to receive the new money gain the greatest benefit as they spend currency which has not yet had the effect of causing a rise in prices.  They buy up goods at the lower (initial) prices, increasing their material wealth with cheaper money.  As the effects work their way through the system, prices rise.  The monetary valuation of property bought at the beginning of the cycle increases with everything else, increasing the currency denominated wealth of those who had first crack at the deals while those at the lower end of the spectrum of the inflated currency end up having to pay higher prices - usually without a concurrent rise in income.  In effect, inflation of the money supply will result in a wealth transfer to those who are the first to receive the extra currency.  There is no 'equally' about it.

Higher taxes then, can come in the more visible form - explicitly against purchases or income, or the invisible form, inflating of the currency (in our system, via debt) to pay for spending.


--------------------
Lois, this family believes in the Easter Bunny.  He died for our sins in that helicopter crash.  Now, if you wanna go to hell, that's fine, but don't drag the rest of us down with you like a mentally handicapped rooster.
- Peter Griffin (Family Guy)

Edited by MutantBonobo (01/08/11 05:02 AM)

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Re: Obama aide: Don't 'play chicken' with debt ceiling [Re: zappaisgod]
    #13757604 -

zappaisgod said:
Eventually prison.



you would think, huh?

but all these people blaming obama, weigh it out

obama 2 years = bush 8 years?





i don't think so:laugh2:


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:kingcrankey: I did not say to edit my signature soulidarity! Now forever I will never remember what I said about understanding the secrets of the universe by paying attention to subtleties!

:facepalm: I'm never giving you the password again. Jerk

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