It boggles my mind that any person, business, society, or government can think that endlessly borrowing more and more money is ever going to end well. The fiscal cliff exists as a circuit breaker of last resort. If the government can't willingly CUT spending, it's better that we create a disaster now than an apocalypse later.
If Obama was at all serious about America's fiscal integrity, he would be focusing way beyond the immediate disaster of the fiscal cliff instead of simply kicking the can down the road as has always been done. Instead, he wants to just keep taxing, spending, and borrowing, and making sure that that annoying debt ceiling doesn't ever interfere with his plans again. All of this is exactly the opposite of what any president should be doing. With that attitude, I don't see how we're not going over the cliff, but better that now than a sovereign default later.
Can you even imagine what will happen to America if just China alone decides that enough is enough, and refuses to lend us any more money? Can you imagine how it will be for those dependent on government when the payments just suddenly stop, not because the programs were cut, but because the money simply does not exist?
fluffy (rep: 2.2k) posted Nov 30, 2012
We're in such debt right now that spending cuts alone won't do the job. I'm very conservative and I hate the idea of tax increases but I just don't see a way that we can possibly get this under control in the short term, which will affect the long term, without paying this down dramatically right away.
The rub? There aren't many true fiscal conservatives in Washington anymore. So any tax increase that we see will likely find pet projects and earmarks for increased spending. What NEEDS to happen is fiscal restraint in spending (spending cuts) including serious welfare reform and foreign aid reform followed by responsible and equitable taxation (on rich, middle class and poor alike) through a much less complicated tax code. Big proponent of a flat tax here.
Without starting with spending cuts, our fed...republican and democrat alike will view new taxes like a 15 year old would view a credit card with no limit at an Apple store. Money to burn.
My prediction is that the cycle we are in will continue until something financially tragic happens. No set of numbers that can be crunched right now ends with us not in financial crisis. I'll bet you that in the next 10 years, the debt will increase and the only possible relief will come after we hit double digit inflation (or worse) for several year, which will devalue the dollar to the point that the 50k+ for every man woman and child in the US that the government owes is worth far less. At that point the fed will jus tprint the worthless money and hand it over to our debtors.
Gloomy prediction, but its coming folks. Unless we have a near 100% turnover of elected officials who are competent...this is our future.
nthsll (rep: 12.4k) posted Nov 30, 2012
Please include the source where you received this info from, next time. And to answer- it is for good reason the GOP rejected his proposal. And, in any case, they are still going to be the ones to be blamed for his failure in passing a budget.
So, you see where I am going with this?
MdavidK30 (rep: 3.6k) posted Nov 30, 2012
They all need to stop acting like little babies and start doing the job they were put in office to do, if any one of us acted like that at work we would all be fired!! If they are all so worried about the budget maybe they should take a 50% paycut since they aren't worth the $174k we pay them a year now!!
krmills1 (rep: 14.2k) posted Nov 30, 2012
I kind of think they ARE doing the job they were put in office to do. It's just that half are diametrically opposed to the other half in just about every possible way. It doesn't leave any middle ground for both sides to stand on, so the best they can do is sandbag each other.
fluffy (rep: 2.2k) posted Nov 30, 2012
Obama is increasing the debt faster than ever. He already demoted America's credit rating. I wish people were more informed. Then they would not have voted for a person who had everything handed to them as opposed to someone familiar with economic growth. You will all see honest companies making cuts and hiding for the next four years.
mrbob (rep: 204) posted Nov 30, 2012
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