Uncontested Spending Bill Shows Debt Ceiling Sham

OntarioVanMan · Sep 14, 2012

The only thing that matters now is to be re elected....even the GOP and T party gave in....

Uncontested Spending Bill Shows Debt Ceiling Sham - Bloomberg

A year ago, Republicans cast the debt-ceiling fight as a principled economic response to unsustainable borrowing and the only way to avoid a Greek-like comeuppance at the hands of the bond market. In offering his budget in March, Representative Paul Ryan, now the party’s vice-presidential nominee, said government debt “continues to rise at a frightening pace, raising fears that a similar crisis may happen here.”

So can we assume that Republicans have now fixed the country’s debt problem? Not at all. In many ways, they did the opposite.

The debt-ceiling drama barely moved the long-term debt trajectory. Instead, it left the country standing at the edge of a fiscal cliff, at the bottom of which lies another recession. It also raised doubts about whether Congress and the White House can govern, and led the rest of the world to question the sanity of the U.S.

moose · Sep 14, 2012

& only 2 days ago, the Feds announced they will continue to feed the printing machine, by increasing the public debt @ a rate of 1.33333333 BILLION $ A DAY. !!!
more so they will spend that money "buying" privet debt. (more Gov. take overs).
(& that man in the photo collecting interest along the way)
Fed Unveils Bold, Open-Ended Steps to Aid Economy - DailyFinance
the #'s won't lie, the devalue is coming and so is the hyperinflation.
better get out of debt, especially on items that you wish to own, and buy stuff that will be in high demands when the crap hit the electric fence.

layoutshooter · Sep 14, 2012

It may have to just crash before it can get fixed. It will be VERY ugly but it is unlikely that our wonderful politicians will do ANYTHING to even START to fix things. They need to be arrested, ALL of them. Start at the top and work down.

bobwg · Sep 14, 2012

Just wondering how many are prepared for the collapse of the economy??? and the riots that will surely follow

moose · Sep 14, 2012

not me.
......

layoutshooter · Sep 14, 2012

bobwg said:
Just wondering how many are prepared for the collapse of the economy??? and the riots that will surely follow

Have LOTS of ammo. LOTS of fishing hooks and line, food and a water supply. IF we are home when it hits we are far enough out of the cities that we MAY be OK. At least I could go down with a fight. I am not a worried about the riots as what the government may try to do to hold on to their power.

OntarioVanMan · Sep 16, 2012

Q. Why does the United States owe so much more than Canada ($16 trillion dollars vs $587 billion)?

A. This is an unfair comparison when you consider that the U.S. economy is approximately 10 times larger than the Canadian economy.

It's a much fairer comparison to compare the "per capita" (per person) amount owed.

Each Canadian currently owes approximately $17,270.86 as their share of the Canadian national debt.

Each American currently owes approximately $52,812 as their share of the US national debt.

Canada's federal budget deficit shrank in the first two months of the 2012-13 fiscal year, with the government reporting a shortfall on Friday that was half the size of the one a year earlier. Helped by higher revenues, continued economic growth and ultra-low borrowing costs, Ottawa posted a deficit for April and May of $832 million, compared with a $2 billion deficit in the same period last year.

bobwg · Sep 16, 2012

OntarioVanMan said:
Q. Why does the United States owe so much more than Canada ($16 trillion dollars vs $587 billion)?

A. This is an unfair comparison when you consider that the U.S. economy is approximately 10 times larger than the Canadian economy.

It's a much fairer comparison to compare the "per capita" (per person) amount owed.

Each Canadian currently owes approximately $17,270.86 as their share of the Canadian national debt.

Each American currently owes approximately $52,812 as their share of the US national debt.

Canada's federal budget deficit shrank in the first two months of the 2012-13 fiscal year, with the government reporting a shortfall on Friday that was half the size of the one a year earlier. Helped by higher revenues, continued economic growth and ultra-low borrowing costs, Ottawa posted a deficit for April and May of $832 million, compared with a $2 billion deficit in the same period last year.

Canada seems to be doing things the correct way

aristotle · Sep 16, 2012

bobwg said:
Just wondering how many are prepared for the collapse of the economy??? and the riots that will surely follow

...not me. I suppose I could dwell in an abandoned coal mine in Appalachia. Until someone lights a match. BOOM!

OntarioVanMan · Sep 16, 2012

bobwg said:
Canada seems to be doing things the correct way

Canadian politics being different....The ruling party if they don't perform can/ will be voted out....there is no guaranteed 4 yr term to screw up.....
oh...and quite a few government functions are privatized....heck you can not even buy a stamp at the post office anymore....it is all private....

Humble2drive · Sep 16, 2012

layoutshooter said:
Have LOTS of ammo. LOTS of fishing hooks and line, food and a water supply. IF we are home when it hits we are far enough out of the cities that we MAY be OK. At least I could go down with a fight. I am not a worried about the riots as what the government may try to do to hold on to their power.

Actually sounds like a fun camping trip!

But what about your money? Gonna take cash with you? If your taking U.S. Currency it will be close to worthless when you return from the woods.

Best trade them for precious metals like gold and silver or trade them for stronger foreign currencies like the kroner or the Swiss Franc.