Close Topic Options

US Economy - Page 7

President Barack Obama said Wednesday that if lawmakers can't reach a deal on raising the debt ceiling by the end of the week, they should consider canceling congressional vacations.

"We've got to get this done," he said. Lawmakers "need to be here. I've been here," he said. "You stay here. Let's get it done." Ref. CNN

Economy US

Republicans: Trillions Could Be Cut from Budget if We Eliminate Empathy
By Andy Borowitz

"The current budget is bursting at the seams with pet projects that reek of empathy," Rep. Cantor said. "As a nation, we can no longer afford to spend money on people's basic survival needs like a bunch of drunken sailors." Ref. Source 6

US Economy History & Civil Business Politics

The U.S. Economy Remains Mired In A Long-term Slump
By Mike Whitney

When austerity-minded congressmen slash the deficits, the last thread keeping the economy in positive territory will be cut and deflationary pressures will reemerge. Ref. Source 8

Page 7 Economy US

On Independence Day 2011, we're more dependent than ever:

This year, as the nation celebrates Independence Day, the sputtering U.S. Economy offers a stark reminder that today we're more dependent upon foreigners than ever before. Ref. Source 4

Economy US

In order to ring up the 14.5 Trillion USD of debt, we have spent money we didn't have and it really doesnt matter how good of a program we thought it was at the time. Now much like someone that overspends their credit card, we now are just beginning to think about what it will take to pay it off or at minimum (and congress seems to always be seeking this level) to hold the debt at current levels. Again, like someone that over uses their charge card, our debt is now much more that the cost of the things we supposedly bought with it because of that nasty thing called interest. So because of interest, just mearly reversing the spending (good and bad) that we did to create the debt wont be enough to eliminate it.

For those that just say cut entitlement programs, sorry, there arent enough entitlement programs to get us to where we want to go. The interest has gotten too big for that now.

For those that just say tax the rich more, sorry, the amounts you talk about wont get us to where we want to go without really soaking the rich with like a old school 75-90% (yes, long ago federal tax was 90% for some) tax. Oh yeah, and will the rich stay for that treatment? They did long ago, but the world is far more mobile now.

It is going to take a bit of both to get the job done. We are going to have to be as less empathetic as a federal government until we economically get back on our feet. Some people will be affected. We cannot get around this or the country will fail. We are also going to need to raise taxes and yes the more wealthy will be asked to shoulder even more of a burden, but it has to be this way or our way of life will end at the hands of interests. Just like some people's credit rating.

Source 6

14.5 trillion today...18.5 trillion in 2015 according to the CBO. This talk of cutting the deficit in half is great, but the next year the other half needs to leave and in the following year we need to be paying off debt. Typically, working on a problem of this magnitude, the first moves are easy and called low lying fruit. We are arguing in step one. We need politicians that are serious about this and arguments about step one arent reaffirming to anyone that we are even remotely serious about fixing this problem.

Because of the level we have allowed this to get to, it is going to be painful for all in order to get out of it. Our government has been fiscally irresponsible for decades spending money it does not have nor actually have plans to pay back. You arent allowed to run your house that way for very long...government shouldnt be either. All I can say is go back to Clinton days, he had a 4-5 trillion dollar debt. I always hear about that "surplus" of money that he had for a few years, but guess what? Not one dime of that "surplus" went to pay off a 5 trillion dollar debt. The debt has never decreased in any year since the end of the Eisenhower Administration. In general, you can say it has increase on average since 1900. Does it need to be zero? No, obviously it doesnt since we have had debt since way back in the 1800's. However, its interest cannot represent as significant percentage of our tax haul as it does today.

I like what the Tea Pary stood for but am afraid that it is being highjacked by the Republican Party that is more interested in decreasing just entitlement programs while trying to specifically protect tax hikes. I like a lot of Paul Ryan's Plan but it needs further tweeking...there needs to be higher taxes for the more wealthy, healthcare rate of increase needs to be higher than inflation realistically and that would do the trick. People who focus on his plan as being healthcare issue are correct, but what they don't focus on is how it could be altered to work and the fact that Obamacare is going to cost you more - they have admitted to it. However, his taxing of corporations is pretty clever. We need more discussion and thought like his plan and less protecting of fan bases or we are all in the same bankrupt boat.

I fear that those that normally are interested in a life of politics are I'll-equiped to do the things necessary to reverse our current course, but I do hope I am wrong.

Edited: Vincenzo on 6th Jul, 2011 - 7:32am

US Economy

Talks on a large-scale deficit-reduction plan have effectively broken down, but a scaled-back plan is possible, House Speaker John Boehner said Saturday.

A meeting at the White House involving a bipartisan group of eight congressional leaders will be held as planned Sunday to try to hammer out an agreement to raise the nation's $14.3 trillion debt ceiling. Ref. CNN

US Economy - Page 7

Standard & Poors says it could downgrade the U.S. Credit rating in the next three months over the debt-ceiling impasse.

The credit rating agency said in a statement Thursday it was placing the United States' sovereign rating on "CreditWatch with negative implications."

"There is at least a one-in-two likelihood that we could lower the long-term rating on the U.S. Within the next 90 days," the agency said. Ref. CNN

US Economy Politics Business Civil & History - Page 7

The House of Representatives votes 234-190 to pass a "cap, cut and balance" bill, which would impose strict caps on all future federal spending while making it significantly tougher to raise taxes.

President Barack Obama has said he would veto such a measure, favored by hard-line conservative, and Democrats in the Senate have said they would kill it if it passes the House. Earlier Tuesday, Obama said legislators "don't have any more time to engage in symbolic gestures" with time running out to raise the country's debt ceiling in order to avoid default. Ref. CNN