Government Collapsing Tomorrow
US Treasuries have not had that distinction for some time now. They are most all being bought by the Federal Reserve to prop up the currency. Nobody who has done any research will touch US Treasury Bills.
sonofghandi
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Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)
Hate to break it to you, but the big catastrophe would be the government bond auction. Most investors just roll over their bonds and treasury certificates, and the proceeds of the auction are then used to pay the interest on them. If the US had passed to debt ceiling, then it is likely that there would have been a mass sell-off and/or redemption of the bonds which would would be payable immediately, which the treasury would not be able to do. That would be the first default.
_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche
I feel a little bad for them. They've got this nihilistic movement in their ranks that just wants to fight. Makes them all look bad. On the other hand, they've encouraged these nuts in the past.
I feel a little bad for them. They've got this nihilistic movement in their ranks that just wants to fight. Makes them all look bad. On the other hand, they've encouraged these nuts in the past.
I think the following criticism is correct.
The Republicans (Tea Party) should have stuck to their demand to defund/delay the ACA on the principle that it was economically unsustainable and not compromise.
For the argument of economic impact alone, it would be utterly reasonable to not fund or implement the ACA UNTIL AFTER a current balanced budget from Obama was put into effect. New laws shouldn't be put in place based on a continuing spending resolution.
If the Republicans/Tea Party just stuck to that one issue, kept screaming about it, didn't get distracted, and demanded that Obama either compromise or get off his butt and draft a budget proposal that was BALANCED for the House to process, I think public opinion would have been on their side more than it is now.
ACA is unsustainable. Discussion over. We don't have a current budget. Discussion over. We need a balanced budget that will get us away from growing national debt. Discussion over.
Every American who pays their own bills understands and can support this position. By not sticking with a single issue and forcing the other side to blink first, they just proved that they can be bullied into giving Obama and the Democrats whatever they demand.
I feel a little bad for them. They've got this nihilistic movement in their ranks that just wants to fight. Makes them all look bad. On the other hand, they've encouraged these nuts in the past.
I think the following criticism is correct.
The Republicans (Tea Party) should have stuck to their demand to defund/delay the ACA on the principle that it was economically unsustainable and not compromise.
For the argument of economic impact alone, it would be utterly reasonable to not fund or implement the ACA UNTIL AFTER a current balanced budget from Obama was put into effect. New laws shouldn't be put in place based on a continuing spending resolution.
If the Republicans/Tea Party just stuck to that one issue, kept screaming about it, didn't get distracted, and demanded that Obama either compromise or get off his butt and draft a budget proposal that was BALANCED for the House to process, I think public opinion would have been on their side more than it is now.
ACA is unsustainable. Discussion over. We don't have a current budget. Discussion over. We need a balanced budget that will get us away from growing national debt. Discussion over.
Every American who pays their own bills understands and can support this position. By not sticking with a single issue and forcing the other side to blink first, they just proved that they can be bullied into giving Obama and the Democrats whatever they demand.
Last time I checked, the CBO has estimated that Obamacare will reduce the federal deficit. Seems like an odd stand to make for a balanced budget, then...
sonofghandi
Veteran
Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)
An extended US government shutdown is economically unsustainable. The ACA was designed to be self-funding after the initial costs of implementation. The more things that are taken out of it, the less that will be the case.
The ACA was already law and the funds used for its implementation were not part of this budget in any way.
I personally think that the opposite is true. And as for a balanced draft, there were several drafts that were rejected based entirely on the fact that the House Republican (plus Cruz) demands were not met, despite many concessions asked for by Senate Republicans being included.
On the national debt (from Wikipedia):
As for the deficits, they have been going down each year under Obama, so don't pretend that government spending has been going up:
FY 2013 (est): $973 billion
FY 2012: $1,087 billion
FY 2011: $1,300 billion
FY 2010: $1,294 billion
FY 2009: $1,413 billion
In fact, since Nixon, the deficits rise the most during Republican presidencies and drop the most during Democrat presidencies, so careful with your arguments.
You do realize that that is precisely why the Democrats refused to budge on defunding the ACA, don't you? Don't worry, though, I imagine this will play out in a similar way three months from now.
_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche
Last edited by sonofghandi on 17 Oct 2013, 3:37 pm, edited 1 time in total.
I feel a little bad for them. They've got this nihilistic movement in their ranks that just wants to fight. Makes them all look bad. On the other hand, they've encouraged these nuts in the past.
I think the following criticism is correct.
The Republicans (Tea Party) should have stuck to their demand to defund/delay the ACA on the principle that it was economically unsustainable and not compromise.
For the argument of economic impact alone, it would be utterly reasonable to not fund or implement the ACA UNTIL AFTER a current balanced budget from Obama was put into effect. New laws shouldn't be put in place based on a continuing spending resolution.
If the Republicans/Tea Party just stuck to that one issue, kept screaming about it, didn't get distracted, and demanded that Obama either compromise or get off his butt and draft a budget proposal that was BALANCED for the House to process, I think public opinion would have been on their side more than it is now.
ACA is unsustainable. Discussion over. We don't have a current budget. Discussion over. We need a balanced budget that will get us away from growing national debt. Discussion over.
Every American who pays their own bills understands and can support this position. By not sticking with a single issue and forcing the other side to blink first, they just proved that they can be bullied into giving Obama and the Democrats whatever they demand.
A) The CBO says ACA reduces the deficit. Repealing it would increase the deficit.
B) No one has proposed a balanced budget. The Republicans and Democrats were just arguing over a $70 billion difference in a trillion dollar budget slice.
C) Official budgets in and of themselves solve nothing. We've had less government growth running on continuing resolutions than we did under the official budgets that came out during the Bush years. The numbers matter, not what we call them. Congress approves it all either way.
D) If tea party Republicans won't allow Boehner to negotiate with Obama, and continually walk away from him, then there can't be a negotiation. Look for more continuing resolutions. .
As there has been no new budget since before Obama took office, I say this is incorrect. Obama has run on CRs since day one.
This means there has been no accounting for the ACA in the actual budget under which we operate.
As there has been no new budget since before Obama took office, I say this is incorrect. Obama has run on CRs since day one.
He's submitted a budget every year. He doesnt control Congress. Everyone submitted a budget this year. We still have a CR because there is no agreement in Congress.
sonofghandi
Veteran
Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)
As there has been no new budget since before Obama took office, I say this is incorrect. Obama has run on CRs since day one.
This means there has been no accounting for the ACA in the actual budget under which we operate.
Obama signed the ACA into law on March 23, 2010, not September 30, 2013.
_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche
As there has been no new budget since before Obama took office, I say this is incorrect. Obama has run on CRs since day one.
He's submitted a budget every year. He doesnt control Congress. Everyone submitted a budget this year. We still have a CR because there is no agreement in Congress.
He submits an UNWORKABLE budget proposal. Obviously the House won't pass it. Hell, even the Democrats wouldn't back it.
He can't be credited for presenting a cow pie and calling it gellato.
They seriously make the rest of the world question if the American way is better.
For me it is simply questionable how a country can on one side pay enormous sums for an authority, spying on my "funny dog puppy" mails, I write to my husband, while on the other side battling themselves about the budget of an health insurance for its citizens. O_o
sonofghandi
Veteran
Joined: 17 Apr 2007
Age: 46
Gender: Male
Posts: 3,540
Location: Cleveland, OH (and not the nice part)
He can't be credited for presenting a cow pie and calling it gellato.
As opposed to the House Republicans?
_________________
"The surest way to corrupt a youth is to instruct him to hold in higher esteem those who think alike than those who think differently" -Nietzsche
I think the Republicans do not realize the political fallout. For example retired people tend to vote conservative and Republican but when you have a bunch of radicals from the tea party who call social security and medicare "socialism" and insist on shutting down the government in order to implement drastic cuts to these programs in order to balance the budget on the backs of seniors. Well when it comes to election time the AARP will spend millions of dollars in advertising to defeat these Tea Party Republicans.
The religious right insists that the evil communism of social security must be destroyed but unless you live in an Amish community your children will not care for.
He can't be credited for presenting a cow pie and calling it gellato.
As opposed to the House Republicans?
There's a difference between a budget proposal his own party won't touch and a budget proposal the other side refuses to even have a debate over.
Congress is supposed to debate in an effort to find a compromise and then consensus. When the other side won't even open the floor for debate, that's being obstructionist.
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