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CBO: US likely to fall off 'fiscal cliff' if Bush-era tax cuts allowed to expire

Discussion in 'Sports and News' started by YankeeFan, May 23, 2012.

Page 3 of 13
  1. LongTimeListener

    LongTimeListener Well-Known Member

    No, but I don't think we were as "on the brink" as was being speculated. We actually went over the brink. And got downgraded. And yet U.S. debt was still considered a pretty safe place to be, and the stock market made gains, and the economy continued to recover.

    In this case, it's something that will involve a lot of bluster for the time being and then an extension of what we're doing now. As always.
     
    LongTimeListener, May 23, 2012
    #25
  2. Magic In The Night

    Magic In The Night Active Member

    His appearance on Maher a few weeks ago was hilarious. He was totally out of his comfort zone without the softball questions he usually gets on Fox.
     
    Magic In The Night, May 23, 2012
    #26
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    There is no "kick the can down the road." It's deal with it or put off dealing with it and then deal with a bigger problem somewhere down the line.

    Our economy is in bad shape. It's the result of too much spending and monetary policy that has shit all over our currency. More of the same is not a prescription for anything but worse problems than we already have.

    I apologize in advance if that is my "usual" anything.
     
    The Big Ragu, May 23, 2012
    #27
  4. LongTimeListener

    LongTimeListener Well-Known Member

    I just want to know which is the generation that's going to take it in the shorts for 50 years so everything will be OK when they're gone.
     
    LongTimeListener, May 23, 2012
    #28
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    Perhaps none. Let's say we just keep our heads in the sand, allow our politicians to play their same reindeer games past the point of no return. Eventually the cost of our debt swallows us up. We default on it. The dollar loses its status as the world currency for trade. But we get to start fresh. It wouldn't be a salve. Our country would suffer and our economy would not do well through a default. But it would eradicate our debt.

    I know it sounds unbelievable to people on here, who have been raised to think the U.S. is THE world economic power. But the spend and then tell your creditors to fuck off tale is a time told story. It's basically the recurring history of the world.
     
    The Big Ragu, May 23, 2012
    #29
  6. novelist_wannabe

    novelist_wannabe Well-Known Member

    There will be a lot of action on this. In November and December. Until then, there will be a whole lot of thumb-twiddling.
     
    novelist_wannabe, May 23, 2012
    #30
  7. Starman

    Starman Well-Known Member

    Everybody born between 1955 and 1975, basically.
     
    Starman, May 23, 2012
    #31
  8. Stitch

    Stitch Active Member

    Default or inflate it away in one full swoop are the only options that would likely work. Politicians of all stripes aren't going to advocate policies to eliminate the debt with 30 years or so o with solid debt management strategies.
     
    Stitch, May 23, 2012
    #32
  9. deskslave

    deskslave Active Member

    I for one enjoy the fact that in a number of states, legislators who sign Norquist's stupid pledge are actually in violation of their state constitution. I'd enjoy it a lot more if anyone ever did anything about it.

    But basically what's going to happen is that the Republicans are going to hold their breath until the Democrats give them everything they want, then they're going to say it's not enough and hold their breath again. And when it's all finished, we'll get a bunch of bleating about how both sides are equally to blame.
     
    deskslave, May 24, 2012
    #33
  10. trifectarich

    trifectarich Well-Known Member

    I'm sure Congress will act accordingly by doing what it does best — nothing except bitch and moan about how the other party is to blame.
     
    trifectarich, May 24, 2012
    #34
  11. Baron Scicluna

    Baron Scicluna Well-Known Member

    The thing I find funny about the Nordquist pledge is that the signers promise NEVER to raise taxes.

    Well, what if, in a far-fetched nightmare scenario, we ended up getting attacked by, let's say, China, and we needed to raise money quickly for the military. It'd put the signers in a pretty nasty conundrum. Country or Nordquist?
     
    Baron Scicluna, May 24, 2012
    #35
  12. dixiehack

    dixiehack Well-Known Member

    Even better, they pledge to never raise taxes, but sign it again each election cycle.
     
    dixiehack, May 24, 2012
    #36
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