If I recall correctly, the "last time" Argentina had to settle up, their bond holders had to take a 50% hair cut. Could have been worse, I guess... but that's the kind of thing which lurks in our future unless somebody kicks Obama and Congress in the BALLS so they wake up.
Extended jobless benefits going for yet another vote, $34 Billion needed!
- Thread starter S2007S
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If I recall correctly, the "last time" Argentina had to settle up, their bond holders had to take a 50% hair cut. Could have been worse, I guess... but that's the kind of thing which lurks in our future unless somebody kicks Obama and Congress in the BALLS so they wake up.
Quote from riggz:
in reference to trader666's chart above with the yearly budget deficits:
repeal the bush tax cuts, draw down the wars in iraq and afghanistan, as the chart shows, the federal budget deficit will be cut by 75% or more by 2020.
How much will higher taxes (repeal Bush cuts) reduce future revenue. That needs to be figured into the equasion.
How much of the war spending is actually stimulus. That money goes to build weapons, airplanes and military salary. What happens when you lose that spending in this economy.
Your chart is from the Center on Budget and Policy Priorities and they want to raise taxes and cut defense spending so there's more wealth to redistribute. Oh... I meant to reduce the deficit.
I'm skeptical of any organization that, from their website, was founded to:
"analyze federal budget priorities, with particular emphasis on the impact of various budget choices on low-income Americans."
And I don't trust any organization that Biden thinks this highly of:
âThe invaluable Center on Budget and Policy Priorities ⦠[has] been the go-to resource for consistently reliable analysis on matters of budgets and fiscal policy at every level of government.â
- Vice President Biden
Here's a better idea. Let's reform entitlements:
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2900754>
I'm skeptical of any organization that, from their website, was founded to:
"analyze federal budget priorities, with particular emphasis on the impact of various budget choices on low-income Americans."
And I don't trust any organization that Biden thinks this highly of:
âThe invaluable Center on Budget and Policy Priorities ⦠[has] been the go-to resource for consistently reliable analysis on matters of budgets and fiscal policy at every level of government.â
- Vice President Biden
Here's a better idea. Let's reform entitlements:
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2900754>
Quote from riggz:
50 YEARS BEFORE FISCAL STABILITY? ARE YOU SERIAL. The bondholders won't take that! Depression is upon us!
That would be just for THIS round of extensions... what about the prior ones? And what about later ones? (You don't think do you that even if this one passes... it will be the last?)
If we dont give they might riot, its better to just give them
Probably true. We may develop a culture of "permanently unemployed, but receiving monthly benefits"... until age 65-70 where Social Security can kick in? Can we afford that?