I can't understand why anyone would think defaulting on debts previously incurred would be a good idea.
Visualize Rise Of Debt Ceiling
It has occurred 78 times since 1960.
Nemo
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Nemo
Visualizing The Rise Of America's Debt Ceiling | ZeroHedge
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I think you can see the point where the fiscal conservatives started winning the majority.
I dont see any winning anywhere. Looks like a drunken sailor on payday.I think you can see the point where the fiscal conservatives started winning the majority.
The point will be to cut off the credit cards. How do you stop spendthrift? Take away the ability to borrowI can't understand why anyone would think defaulting on debts previously incurred would be a good idea.
Better chance of world peace happening. As soon as they start screaming the military isnt getting paid and social security isnt getting paid (janet yellen already saying it) they will bump the limitThe point will be to cut off the credit cards. How do you stop spendthrift? Take away the ability to borrow
Paying the bills should not be held hostage.
Pass a balanced budget amendment for all I care, but pay the bills.
Pass a balanced budget amendment for all I care, but pay the bills.
Paying the bills with borrowed money that they don't intend to pay back, is just kicking the can. I understand about paying the bills, but they have to stop borrowing.
Paying the bills should not be held hostage.
Pass a balanced budget amendment for all I care, but pay the bills.
That the arguments aren’t on capping expenses and paying down the debt but sniping the other side’s entitlement programs across the aisle doesn’t give me hope we’ll fix it this round.Paying the bills with borrowed money that they don't intend to pay back, is just kicking the can. I understand about paying the bills, but they have to stop borrowing.
Here is the budget problem. It’s not rational people worried about paying bills or feeding their kids. It’s an HOA run amok that has convinced itself that it literally can’t go bankrupt. It can’t have a ready reserve of $7T because one side would claim it’s a non-profit and another would distribute the funds to their friends in the name of “common good”. If there’s a credit card to pay down on, that’s the problem of the next admin so max that puppy out today…for the same reason we can’t have a reserve.
Going to take a constitutional amendment to change anything. It’ll need to be carefully crafted to pass in the first place and spectacularly planned to not crash the economy in implementation.
They keep raising the debt limit for any and everything, like it doesn't even exist.
My credit cards have raised my debt ceiling so much over the years I have enough available credit on them to actually buy a 4 bedroom house with plenty to spare. I never requested an increase. The only thing I did was pay them off every time I charged something on them. Every week I charge my groceries on a different card. As soon as the charge post to the account I pay it. Usually I buy groceries on Friday and pay the charge on Sunday when it post. I maintain a $0 balance on all of them. This way I have a large collection of the cash back and don't pay interest.
If I managed my finances the same way the government does my cards would be maxed out and there would not be a collection of cash back sitting on them. A balanced budget is not the answer. A budget of 50% or less of your total income is a managed budget. If the government could spend just 10% less than the income it would be a small step toward a managed budget.
Government needs to stop investing tax dollars into private companies such as utilities that even after we pay for their putt9ng up power lines, their salaries and the wages of the employees we still have to pay to use the electricity we paid to generate in the first place. Also need to stop the grant funding of the college research garbage we hear about every year. As well as all foreign aid, and funding to the arts.
If I managed my finances the same way the government does my cards would be maxed out and there would not be a collection of cash back sitting on them. A balanced budget is not the answer. A budget of 50% or less of your total income is a managed budget. If the government could spend just 10% less than the income it would be a small step toward a managed budget.
Government needs to stop investing tax dollars into private companies such as utilities that even after we pay for their putt9ng up power lines, their salaries and the wages of the employees we still have to pay to use the electricity we paid to generate in the first place. Also need to stop the grant funding of the college research garbage we hear about every year. As well as all foreign aid, and funding to the arts.
The argument isn’t if they are going to raise the limit it is how much.
There is no question if it will be raised one side just wants to raise with no restrictions
There is no question if it will be raised one side just wants to raise with no restrictions
It’s going to hurt bad. But it must be done or our kids and grandkids will be ruined and have to figure out how to bring the country back from bankruptcy.
this theoretically should not have happened. Social Security started out as an account or a separate savings that was not accessible by Congress. Congress in the 1960s decided to make it a part of the funding for the government and extended an offer to pay out of the budget every year. It is not an entitlement. We earned it.social security isnt getting paid
Unfortunately its now just a tax.this theoretically should not have happened. Social Security started out as an account or a separate savings that was not accessible by Congress. Congress in the 1960s decided to make it a part of the funding for the government and extended an offer to pay out of the budget every year. It is not an entitlement. We earned it.
I hope you all read this.
Roosevelt fooled all of you with this "Trust Fund" nonsense. Here you are almost a century later still talking about a change in nomenclature to silence critics as if the myth were real.
An excerpt from that article:
What happened exactly? Section 201 of the Social Security Act, “Old-Age Reserve Account,” was replaced by a new Section 201, “Federal Old-Age and Survivors Insurance Trust Fund.” The only substantial change was elimination of the transfer of revenues from the Treasury’s general fund via specific annual appropriation to the Reserve Account. Instead, a sum equivalent to the Social Security taxes received and put into the Treasury “is hereby appropriated” to the Trust Fund for the fiscal year ending June 30, 1941, “and for each fiscal year thereafter”—that is, automatically. The only other new features were a Board of Trustees (the secretaries of the treasury and labor and the chairman of the Social Security Board) to manage the fund, replacement of the 3 percent interest rate with the average rate on interest-bearing federal debt, and a provision for paying money from the fund into the Treasury to defray Social Security’s administrative expenses.
Otherwise, the Trust Fund operated just like the old Reserve Account. Indeed, it was the Reserve Account; its assets as of January 1, 1940, were transferred to the Trust Fund. Since the Reserve Account was, according to the Act, “an account in the Treasury” and the Trust Fund was “on the books of the Treasury,” the transfer was a formality. It was as if a shoebox full of bonds labeled “Reserve Account” was relabeled “Trust Fund.” Moreover, the key paragraphs of the new Section 201, for example, regarding the duties of the Trust Fund’s “Managing Trustee” (the treasury secretary) to invest the fund’s surplus in only certain types of U.S. government debt, correspond almost verbatim to paragraphs in the old one.
In other words, social security payroll taxes have been going into the general fund since the 1930s. But there is this huge mythology out there about how Dear Leader Roosevelt had this perfect system out there that somebody tinkered with in the 60s and messed up.
Social security has always been a pay as you go system. Always.
There has never been an account out there with your name on it.
There has never been a social security trust fund with dollars in it.
From the 1930s there has been an accounting entry they call a trust fund holding treasury securities (borrowed from the federal government). The cash goes into the operating account.
Congress does not steal or raid the money. This is the same way it has always worked.
Please read and understand the history. Learn it and stop being fooled by New Deal government propaganda.
Ibid:
If John T. Flynn said something, you need to pay attention. There is a reason Roosevelt personally made calls from the White House to media outlets trying to get Mr. Flynn blacklisted.
Social security has always been a pay as you go system. Always.
There has never been an account out there with your name on it.
There has never been a social security trust fund with dollars in it.
From the 1930s there has been an accounting entry they call a trust fund holding treasury securities (borrowed from the federal government). The cash goes into the operating account.
Congress does not steal or raid the money. This is the same way it has always worked.
Please read and understand the history. Learn it and stop being fooled by New Deal government propaganda.
Ibid:
Critics such as General Hugh S. Johnson, former head of the National Recovery Administration, and journalist John T. Flynn pointed out that unlike insurance companies, which invest their premiums to build a reserve to pay on their policies, the government was only issuing claims on itself. Hence the Social Security reserve was merely worthless IOUs. To pay future benefits, Americans would have to be taxed all over again.
If John T. Flynn said something, you need to pay attention. There is a reason Roosevelt personally made calls from the White House to media outlets trying to get Mr. Flynn blacklisted.
Moreover, Social Security’s Trust Fund does not operate as a trust fund does. Social Security revenues go into the Treasury’s general fund and are automatically credited to the Trust Fund in the form of Treasury bonds. The Treasury pays Social Security benefits and administrative outlays out of general revenue and debits the Trust Fund an equivalent value of bonds. Any leftover Social Security revenue finances general government operations, with an equivalent value of bonds remaining in the Trust Fund as Social Security’s “surplus;” to cover any revenue shortfalls.19 This is how a Treasury account, not a trust fund, works. And calling a Treasury account a “trust fund” to influence public opinion does not make it one.
Ibid.
I would argue we should not have a debt limit. It is beyond stupid to go to the edge of default every few months over previously incurred debt.
I get the impression that there are some in the right who think destroying the economy is somehow a good thing for their tribe.
I get the impression that there are some in the right who think destroying the economy is somehow a good thing for their tribe.
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