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09-29-2021, 08:20 AM
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#16
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Chasing a Cowgirl
Join Date: Oct 19, 2013
Location: West Kansas
Posts: 31,428
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Correct Rex,
Taxes are a component
of inflation.
Vita,
We're not talking isolationism. We're talking not paying to have folks kiss the usa ass.
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Quote
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09-29-2021, 12:27 PM
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#17
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Lifetime Premium Access
Join Date: Mar 4, 2010
Location: Texas
Posts: 8,899
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Quote:
Originally Posted by eccieuser9500
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This is never going to happen because both parties are addicted to debt. It would be interesting though to see what would happen if the debt ceiling were not raised. As long as the government kept making its interest payments and convinced people that was its first priority, I don't buy the doom and gloom. It would be like having a balanced budget amendment -- the government would be forced to live within its means. Or taking a credit card away from your 16 year old who went wild with it.
That said, people who know more about economics than I do could probably shoot to hell what I'm saying here. And I imagine in the event of a recession or periods of high inflation like we're having right now, they'd be right.
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| 1 user liked this post
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09-29-2021, 12:36 PM
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#18
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Account Frozen
Join Date: Aug 8, 2020
Location: Ding Dong
Posts: 3,593
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I've no idea wtf is goin on
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Quote
| 1 user liked this post
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09-29-2021, 12:40 PM
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#19
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Chasing a Cowgirl
Join Date: Oct 19, 2013
Location: West Kansas
Posts: 31,428
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Quote:
Originally Posted by Strokey_McDingDong
I've no idea wtf is goin on
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Bankruptcy
Financial and moral
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Quote
| 1 user liked this post
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09-29-2021, 07:06 PM
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#20
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Valued Poster
Join Date: Sep 29, 2021
Location: New Orleans
Posts: 599
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Quote:
Originally Posted by Tiny
This is never going to happen because both parties are addicted to debt. It would be interesting though to see what would happen if the debt ceiling were not raised. As long as the government kept making its interest payments and convinced people that was its first priority, I don't buy the doom and gloom. It would be like having a balanced budget amendment -- the government would be forced to live within its means. Or taking a credit card away from your 16 year old who went wild with it.
That said, people who know more about economics than I do could probably shoot to hell what I'm saying here. And I imagine in the event of a recession or periods of high inflation like we're having right now, they'd be right.
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That sounds like a terrible risk. We’ve never defaulted and the basis of our currency as well as our ability to be the major currency of the world is predicated on our never defaulting. There’s no guarantee that we could pay even the service on our debt much less obligations like SS and Medicare.
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Quote
| 1 user liked this post
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09-29-2021, 07:12 PM
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#21
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Account Frozen
Join Date: Aug 8, 2020
Location: Ding Dong
Posts: 3,593
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Skid Row
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Quote
| 1 user liked this post
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09-29-2021, 07:15 PM
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#22
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Valued Poster
Join Date: Mar 31, 2010
Location: Houston
Posts: 15,054
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Do any of you really believe that the “average” American gives a shit about the deficit or the national debt.
It’s just some huge number that means absolutely nothing in peopl s everyday lives.
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09-29-2021, 08:21 PM
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#23
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Valued Poster
Join Date: Sep 29, 2021
Location: New Orleans
Posts: 599
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Quote:
Originally Posted by Jackie S
Do any of you really believe that the “average” American gives a shit about the deficit or the national debt.
It’s just some huge number that means absolutely nothing in peopl s everyday lives.
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No they don’t.
It means plenty to their everyday lives, they just don’t understand how.
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09-29-2021, 08:25 PM
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#24
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Valued Poster
Join Date: May 20, 2017
Location: Kansas City
Posts: 5,453
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Quote:
Originally Posted by VitaMan
That is the isolationist ideology that had a strong following prior to WW2, and kept the United States out of the war for so long. America first is what I think their slogan was. Maybe we should have stayed out of WW2.
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I say...ever hear of Pearl Harbor?
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| 2 users liked this post
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09-29-2021, 09:18 PM
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#25
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Lifetime Premium Access
Join Date: Mar 4, 2010
Location: Texas
Posts: 8,899
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Quote:
Originally Posted by NoirMan
That sounds like a terrible risk. We’ve never defaulted and the basis of our currency as well as our ability to be the major currency of the world is predicated on our never defaulting. There’s no guarantee that we could pay even the service on our debt much less obligations like SS and Medicare.
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I don't think I explained that very well. We wouldn't default in the scenario I described. We'd continue to pay on our debt. Instead we'd cut other expenditures -- military, corporate and farm subsidies, and a whole lot more. If you don't raise the debt ceiling, it's the same as having a balanced budget. When times are good, when the economy is growing and there are lots of jobs out there, like now, that might make sense. Although admittedly it would be difficult to engineer overnight. And like I said, it's a moot point, both parties are addicted to debt.
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09-30-2021, 06:21 AM
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#26
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Valued Poster
Join Date: Sep 29, 2021
Location: New Orleans
Posts: 599
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To be honest I’ve never really understood the whole debt ceiling idea. It seems like it should just be built into the spending bill on the revenue side. Makes little sense to pass a bill allowing spending then a year or two later deciding how that spending will be paid for. Why they were decoupled never made sense to me.
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09-30-2021, 06:40 AM
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#27
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Account Frozen
Join Date: Aug 8, 2020
Location: Ding Dong
Posts: 3,593
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Quote:
Originally Posted by the_real_Barleycorn
I say...ever hear of Pearl Harbor?
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I know, right? Wtf is he saying? The lights are on but no one's home
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09-30-2021, 07:39 AM
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#28
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Premium Access
Join Date: Feb 27, 2010
Location: houston
Posts: 10,344
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Study history and you will understand
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09-30-2021, 12:11 PM
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#29
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Valued Poster
Join Date: Oct 1, 2013
Location: Dallas TX
Posts: 12,555
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A perfect storm is a making,,, in the economy ( remember to big to fail ) apparently no one does
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09-30-2021, 08:39 PM
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#30
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Valued Poster
Join Date: Jan 9, 2010
Location: Nuclear Wasteland BBS, New Orleans, LA, USA
Posts: 31,921
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Quote:
Originally Posted by rexdutchman
A perfect storm is a making,,, in the economy ( remember to big to fail ) apparently no one does
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they know, they just don't care.
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