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| Topic: Austerity | |
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IMF/EU are demanding the budget and austerity from Ireland
as a condition on the bailout When is our austerity program coming and what will it entail? |
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IMF/EU are demanding the budget and austerity from Ireland as a condition on the bailout When is our austerity program coming and what will it entail? All well and good but where is the report......and I guess it would only matter if economy wasn't a made up fantasy.......let's just print more......let's make gold valuable because it is shiny and pretty....its only valuable if people want it anyways.....start saving seeds grow your own food.....who needs power? Who actually needs gasoline......who actually needs money isn't it time to learn to milk a cow? Whatever......it doesn't exist unless we make it exist....it isn't valuable unless we make it valuable.......here here to non-existence |
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Our deficit is real. Real and big. Enormous.
A debt and the debt holders are gonna want to be paid. Clearly we need to pay down our debt or forfeit. Our austerity is coming in the near term in increased taxes, and cutbacks in social security, military cuts, reductions in medical spending, home values and longer working lives. we are counting on increased business activity in the coming years to produce enough tax revenue that we will be able to dig out eventually. This is going to hurt a little bit... see: [urlhttp://imarketnews.com/node/22215 read about the Alan Simpson and Erskine Bowles plan. "The problem is real. The solution is painful. There's no easy way out. Everything is on the table. And Washington must lead," Bowles and Simpson write in their draft document about the U.S.'s fiscal challenge. Senate Budget Committee Chairman Kent Conrad, who is a member of the panel, called the draft a "serious proposal." But he said it is just the starting point for negotiations. "This is the beginning," he said in a statement. |
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Our deficit is real. Real and big. Enormous. A debt and the debt holders are gonna want to be paid. Clearly we need to pay down our debt or forfeit. Our austerity is coming in the near term in increased taxes, and cutbacks in social security, military cuts, reductions in medical spending, home values and longer working lives. we are counting on increased business activity in the coming years to produce enough tax revenue that we will be able to dig out eventually. This is going to hurt a little bit... see: [urlhttp://imarketnews.com/node/22215 read about the Alan Simpson and Erskine Bowles plan. "The problem is real. The solution is painful. There's no easy way out. Everything is on the table. And Washington must lead," Bowles and Simpson write in their draft document about the U.S.'s fiscal challenge. Senate Budget Committee Chairman Kent Conrad, who is a member of the panel, called the draft a "serious proposal." But he said it is just the starting point for negotiations. "This is the beginning," he said in a statement. No its not real technically because we live in an economical fantasy land that we made up ourselves.......money doesn't exist we made it.....economy doesn't exist we made it......gold isn't really valuable its a mineral deposit we want not need.....the onlt things of any really value we actually need and are truly dependent on is sustenance for survival........if catch our own food and give back to the earth....ohhh yeah I forgot humans are too lazy to make it happen |
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Last time I looked, 41% of our national budget went to pay interest on the national debt. The number will go up dramatically. Historically, nations like Brazil, Mexico, Greece, etc., have run up huge defecits until no one wants to lend them money anymore. Someone (mostly us) eventually bailed them out. We are too big to bail out.
Currently, China and Japan hold huge amounts of US debt (among others) and are thinking that maybe they are holding too much. There will come a day soon where countries like China say no to more treasury bills at their tiny interest rate and, instantly, interest rates will increase dramatically. The percentage of the national budget paid to interest will skyrocket or we will not sell government bonds. I read about a possible scenario as follows: Since the world's monetary system is so closely linked to the US, the world's system will fail. Each country will mostly be independent until a new system can be arranged that will not happen quickly based on the Chinese and European currencies. Some of that is going on now. The US will become a third world country overnight with no products to sell to countries overseas, mountains of genetically engineered corn and wheat that the rest of the world doesn't want and the inability to feed itself due to loss of imports of the food we actually eat. Another scenario is that the liberals are pushed aside in congress in time for the US to make hard choices (like the current debt reduction committee options). The US eliminates many of the social giveaways, foreign aid, reduces benefits, and starts the hard road back to being responsible. Fourteen trillion dollars is a long hill to climb. There is still some noise from the liberals that we should just make the debt bigger. Nancy Pelosi spoke out against the possible reductions. Afghanistan sold mineral and mining rights to China recently. Think about it. |
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If you think that it's fantasy then try stopping paying your
mortgage and credit cards...  "Their recommendations are more or less a list of the third-rail issues of American politics, including cuts in the number of federal workers; increasing the costs of participating in veterans and military health care systems; increasing the age of Social Security eligibility; and major cuts in defense and foreign policy spending. They also encompass a range of tax system reforms that have been floated by many in Washington for years to little effect, including funding tax rates reductions by eliminating many beloved credits and deductions...." and much of it is going to happen whether we like it or not... http://tpmdc.talkingpointsmemo.com/2010/11/deficit-commission-co-chairs-simpson-and-bowles-release-eye-popping-recommendations.php |
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If you think that it's fantasy then try stopping paying your mortgage and credit cards... "Their recommendations are more or less a list of the third-rail issues of American politics, including cuts in the number of federal workers; increasing the costs of participating in veterans and military health care systems; increasing the age of Social Security eligibility; and major cuts in defense and foreign policy spending. They also encompass a range of tax system reforms that have been floated by many in Washington for years to little effect, including funding tax rates reductions by eliminating many beloved credits and deductions...." and much of it is going to happen whether we like it or not... http://tpmdc.talkingpointsmemo.com/2010/11/deficit-commission-co-chairs-simpson-and-bowles-release-eye-popping-recommendations.php Credit cards? What are those.....don't buy on credit....nope no car payment.....and yet again no mortgage debt......yep fantasy land = economy.....you don't have to opt to have those you know.....you place yourself in debt.....no one but the people doing it place themselves there......bills nope don't have em |
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Edited by
KerryO
on
Wed 11/24/10 08:14 PM
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Last time I looked, 41% of our national budget went to pay interest on the national debt. The number will go up dramatically. Historically, nations like Brazil, Mexico, Greece, etc., have run up huge defecits until no one wants to lend them money anymore. Someone (mostly us) eventually bailed them out. We are too big to bail out. Currently, China and Japan hold huge amounts of US debt (among others) and are thinking that maybe they are holding too much. There will come a day soon where countries like China say no to more treasury bills at their tiny interest rate and, instantly, interest rates will increase dramatically. The percentage of the national budget paid to interest will skyrocket or we will not sell government bonds. I read about a possible scenario as follows: Since the world's monetary system is so closely linked to the US, the world's system will fail. Each country will mostly be independent until a new system can be arranged that will not happen quickly based on the Chinese and European currencies. Some of that is going on now. The US will become a third world country overnight with no products to sell to countries overseas, mountains of genetically engineered corn and wheat that the rest of the world doesn't want and the inability to feed itself due to loss of imports of the food we actually eat. Another scenario is that the liberals are pushed aside in congress in time for the US to make hard choices (like the current debt reduction committee options). The US eliminates many of the social giveaways, foreign aid, reduces benefits, and starts the hard road back to being responsible. Fourteen trillion dollars is a long hill to climb. There is still some noise from the liberals that we should just make the debt bigger. Nancy Pelosi spoke out against the possible reductions. Afghanistan sold mineral and mining rights to China recently. Think about it. Was Reagan a liberal when he tripled the national debt from 900 Billion to 2.7 trillion in his 8 years in office? Was Bush a liberal when he doubled the national debt in his 8? What was Dick Cheney thinking when he said "Deficits don't matter"? All the above facts can be checked-- as to what spin is put on them lies in the eye of the spinner, but if you want to damn Pelosi, she has a LOT of conservative company. I also question the source of the figure of 41% of the budget being used for interest payments. Source? Most of the time, Donald Trump is just shooting off his incredible ego, but he DID have one helluva point when he said this: If you owe the bank $100,000, the bank owns you. If you the bank a $100,000,000, you own the bank. China and Japan may indeed own a lot of our debt, but they DO NOT own enough of it yet to be the tail that wags the dog. If you look at Japan's own government debt, it's over 200% of their GDP, while ours, even in these bad times has not exceeded $100 annual GDP. Japan, really, is still going through their Lost Decade. And China, despite being an emerging economic power, dares not to be the virus that kills its host. I'm NOT saying there is nothing to worry about-- I'm saying it's not doomsday yet. Most likely, someone is going to have to step up to the plate and raise taxes or make cuts that gore the sacred ox. I think it will happen-- there is every reason to believe that if we made it through WWII, we can make it through this and emerge a stronger nation. It will take some sacrifice, but we've been there before. And I really suspect that conservative commentators who spin these disaster scenarios have forgotten recent history and are doing this only for political gain. -Kerry O. |
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Another scenario is that the liberals are pushed aside in congress in time for the US to make hard choices (like the current debt reduction committee options). The US eliminates many of the social giveaways, foreign aid, reduces benefits, and starts the hard road back to being responsible. Fourteen trillion dollars is a long hill to climb. Reducing those liberal influences might be a necessary condition, but its not a sufficient condition. From what I've seen in the last 20 years, many conservatives are not truly committed to debt reduction. This is just one of the tactics they use to get support, since by comparison they look better than the liberals. |
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IMF/EU are demanding the budget and austerity from Ireland as a condition on the bailout When is our austerity program coming and what will it entail? One good thing about about Europe's financial troubles is it weakens their dollar which in turn makes it cheaper for Americans to buy and travel over there.I recently read the Euro was trading at around 133 to our dollar!That is pretty amazing considering the American dollar was usually worth half of what the Euro was.If we could strengthen our dollar we could probably make a even trade to the Euro which would bring our economy back to life.Not only could we import fine items such as chocolate,coffee,clothes,and other items.We would be buying them for basically half off the price they were just a year or two ago and still charging a normal or discounted price here. |
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