Breaking News: House votes to 'disapprove' President Obama's request to raise the deb

Some debt is actually necessary. That's just basic economics. But I didn't joint the thread to argue economics. I joined it to point out the simple fact that none of this is news.

It is explicitly what the two sides agreed to last year.

Obama gets the increase in the debt ceiling, and the Republicans in Congress get to make a symbolic (but impotent) no vote.

 

and America gets downgraded again...

 

Does anyone know...do we import the ink and paper we use to print our worthless fiat money?

 

But basic economics is what we ARE arguing.

The government should NEVER be using anything but basic economics. You don't borrow more than you're able to pay back. You learn that in elementary school.

When you go to the bank and ask to have your "debt ceiling" raised, you need to be able to prove your debt to income ratio is in order and show an ability to pay back the increased line of credit.

If you can't show that you've been a good steward of your debts and budgeting so far, you don't get more credit. What's so hard to understand and what's the point arguing that the US should continue to inflate it's imaginary ability to pay off anything?

When you get turned down from the bank for an increase, you go home and start working on paying off your debts. You start eating less takeout and watching fewer rented movies. You take steps to correct what took you to the place of maxing out your limit.

This country's politicians are too damm spoiled in their spending habits and they need to be reeled in and held accountable, not given more to play with.

 

Comes from China.

 

Amazing you post the same distortions....

Here, let me fix you little chart:



First, you have to show the effects of the tax cuts in 2001 and 2003... you somehow seem to crop that off. Dishonest

Second, you need to use constant dollars, not try to boost you revenue with inflation. Dishonest

Third, you need to show income tax revenue, you know what you are talking about, not all revenue. Dishonest

Posting a dishonest chart over and over that I have pointed out to you before only shows that you are trying to be dishonest.

Tell the truth with an honest chart and all of a sudden you see the gaping hole in revenues the tax cuts created. Now how much more revenue would have been generated in the honest chart had income not dropped in 2001 but instead kept growing?

Tax cuts cause deficits and every time a tax cut has been implemented the result has been deficits.

 

Is this a joke? It's not April Fools' Day, and I'm not laughing. So really, now that they've got their prank out of the way, when will they be raising the debt ceiling?

 

Not raising the debt ceiling causes a banking panic the same size as the one that started the 2008 recession.
Anyone with a brain knows that raising the debt ceiling is a good thing.

 

Didn't Republicans vote to raise the debt ceiling just a few months ago? Why would they oppose it now?

 

Google is your friend.

Forum rules state when you start a thread claiming something to be true you need a link

 

The EGTRRA tax cuts werent set to fully implement till 2006.......my naive friend. The chart shows when the Bush Tax Cuts were fully implemented.

Of course.......actual dollars and actual numbers can never be used by Libs....

My naive friend........Income Taxes were not the only taxes cut. Akin to dropping the Corporate tax rate to zero.....resulting in increases in other tax revenues.......and you sitting in disbelief.

"Dishonest" you say.........

Federal Revenue After The Bush Tax Cuts



Federal Revenue After The Reagan Tax Cuts



Federal Revenue After The JFK/Johnson Tax Cuts


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We have:

Deficts after Bush tax cut:



Deficits after the Reagan tax cuts:


So you look at these charts and determine that cutting taxes are the way to reduce the deficit.

Even Reagan knew that not to be true and he increased taxes in 1986, and oh look, that resulted defict reduction.

 

Yeah, austerity is working so well for Europe right now.

 

How many times has the ceiling been raised? Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.

http://money.cnn.com/2011/01/03/news/economy/debt_ceiling_faqs/index.htm

 

How many times has the ceiling been raised? Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.

http://money.cnn.com/2011/01/03/news/economy/debt_ceiling_faqs/index.htm

 

why is he raising the debt ceiling again? is he trying to cram in as many vacations as he can before he is booted out of office? does Sylondra need more money? is he gonna invest in yet another failure ? Michelle need more ridiculous clothing to wear? dog need a bigger bone?

im just asking because the last time he didnt accomplish (*)(*)(*)(*) when he raised the debt ceiling, so that money has to be going somewhere because it sure as hell aint to help out our country.

 

How many times has the ceiling been raised? Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.

http://money.cnn.com/2011/01/03/news/economy/debt_ceiling_faqs/index.htm

 

once again im going to ask the question , if you dont wanna answer my question please dont (*)(*)(*)(*)ing reply to it.

why is Obama once again raising the debt ceiling when the last time he did it he did absolutely not a god (*)(*)(*)(*) bit of good for our country?

 

Hes raising the debt ceiling so that the economy does fall back into recession.
The real question is why do you and republicans want the economy to go back into recession? Is it because you care more about winning the presidency then the American people?

 

Good Gawd......Government Spending causes (D)eficits and (D)ebt.....not tax cuts. Regardless of whether Bureaucrats decided to spend more/less/a lot more than the revenues they had coming in......does not change the fact......

..........The Three Largest Tax Cuts in US History......resulted in Three of the Largest Periods of Economic, Job, GDP, and TAX REVENUE GROWTH in US History.
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Raising the (D)ebt Ceiling prevents recessions?.......

.....what public institution do these people come from?
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Obama should raise it to 100 Trillion.....that would really get this economy moving.
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Yes a failure to raise the debt ceiling when debt reaches the debt ceiling would result in the country falling back into recession. It's called economics 001 meanings its more basic then economics 101

 

Anyone with a brain would cut spending so you dont have to raise the debt ceiling. Cause and effect.

 

The real question why is it impossible to ask grown adults to not spend more then they take in. Why is it no matter who you elect they spend more then they bring in?

Both parties are at fault. Grow the (*)(*)(*)(*) up and join reality.

 

Hm Do you notice how well that's working in Europe right now? Or are you completely blind?
Only partisan hacks or people fooled by partisan hacks would cut spending considering the facts that 1) Interest rates on treasury bills are at 0, and 2) cutting spending now will increase unemployment, decreases GDP and further degrade tax revenues.

The government isn't the same thing as a person or a household, your inability to realize that is rather discouraging.
And just to note since ww2 the only governments that have passed long term deficit increases have been republican ones.