"Both parties are advocating default" - David Stockman

[joeydb]

You guys are not going to believe this interview - the video on the referenced page below. Watch now before it is removed.

http://www.zerohedge.com/article/dav...ing-us-default

[dellinger63]

Couldn’t agree more. Unlike AIG and General Motors no one will bail the U.S., it will be all up to us and will take both parties to accomplish.

Right now raising taxes or removing the Bush/Obama tax cut extension in an effort to pay down the debt would do nothing but drain personal savings as the money brought in would be spent before the checks cleared on things like wrecking used cars and giving billion dollar aid packages to foreign governments. Taxes, even new taxes are going to have to be a part of paying the debt down. But first some sort of yearly budget cap has to be decided on and then when taxes are raised, 100% of that money would be solely used for paying off the debt. We also have enormous untapped oil reserves on land (not deep in the gulf) that can be harvested and leases could be another painless source of revenue that again 100% would be assigned to paying off the debt. Not to mention the ceasing of economic aid to less than friendly countries who are despicable in their treatment of women, a win-win!

Medicare is a sneak preview of the feature 'Obamacare' and right now the country can't afford it without some safeguards in place like a maximum amount for subsidies, say $5 billion. We need to get economically stable before we start throwing more huge government programs/slices of the budget pie, into the mix.

Simply put, like a sinking ship, we need to plug all the holes before we begin bailing. Obama & Co.'s budget plan of spending to prevent bankruptcy is equivalent to bailing seawater into the ship so it won't come in through the holes. Doesn't work very well, in fact doesn't work at all.

[Riot]

Originally Posted by dellinger63

Right now raising taxes or removing the Bush/Obama tax cut extension in an effort to pay down the debt would do nothing but drain personal savings

No. It would cut our debt by about 1/3 to 1/2 within 10 years.

The position of demanding we correct out financial situation and debt without increasing our income is ludicrous and simply physically impossible. Thinking we can "cut our spending" to being debt free simply can't be done. It's simplistic idealogical demagoguery and unsupported by any objective fact whatsoever.

David Stockman has admitted the policies of Reaganomics were an utter failure, too, when you catch him in an unguarded moment. History certainly objectively shows that. Thanks, Stockman, for starting us into this mess with your absurd financial policies. We dreaded the result at the time, and years later, it's come true.

[dellinger63]

Originally Posted by Riot

No. It would cut our debt by about 1/3 to 1/2 within 10 years..

No it has the potential to but under this administration would be burned.

Now just imagine if the taxes cutting the debt by about 1/3 to 1/2 in ten years were matched by an equal cut in spending. In 10 years, we'd have 2/3's to all of the debt paid instead of increasing it. Both parties are going to have to want to dance.

They don't have the nerve. Pass it on to the next empty suit that takes their place.

Most of them are tyrants.

[Riot]

Originally Posted by dellinger63

No it has the potential to but under this administration would be burned.

That's your imagination and ODS talking.

Now just imagine if the taxes cutting the debt by about 1/3 to 1/2 in ten years were matched by an equal cut in spending.

Yeah, but that's not gonna happen, because we don't want to go back to putting old people on the street to die without medical care.

Oh, wait, no, that's not true - that is exactly the Republican budget plan for Medicare

Your ideas are noble, but like Rand and Ron Paul, completely unworkable in real life.

As an aside, do you read any political history books? Any objective histories of the different administrations? Perhaps you would find them interesting. A good current one is, "Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves" by Andrew Ross Sorkin. It's pretty inexpensive on Amazon.

We want to keep old people alive with our tax dollars. In rest homes, on life support, etc.

We're bleeding heart idiots. No personal responsibility whatsoever.