The 'debt ceiling'

[KissMeDeadly]

Alright, I'm going to go ahead and say I do not fully grasp what is happening with the whole thing.

As I understand it, we are at the point that we can no longer borrow any more money. We can raise the debt ceiling and fall into financial ruin, or we can go into default and fall into financial ruin.

So I figured I'd start a thread for us all to put our two cents in, and hope that I learn something from it.

Does anybody know what's going on? My extensive two minute google-research hasn't given me much in way of practical knowledge.

[AshleyO]

Basically, democrats want an increase on taxes to the most wealthy americans (makes sense) while possibly cutting spending on defense and not putting any cuts on domestic programs that protect and help the lower classes, maybe even increasing the domestic spending a bit (it's probably needed).

Republicans want to NOT increase taxation on the wealthiest americans and impose a flat tax rate. Kinda like the idea of EVERYONE in the country only paying 10% of their income to taxes. They also want harsher cuts to domestic spending such as student PELL grants, foodstamps, welfare, and other programs of that same vein. Medicare is a huge target for them. But they don't want to cut any of the defense budget. In fact, they probably want to increase it.

Neither party wants to compromise and the tea party is just being completely insane with their small government/no taxation at all ideology.

It seems like a compromise has been met. It also seems like the Republicans got their way for the most part. This is because it's clear that we are not facing a political party that's interested in the welfare of this nation, but a political party that's WILLING to crash the car so to speak in order to get their way. You can expect this kind of behavior from now on, I'm more than certain. Under Republican rule, they'll pretty much be running the show as they see fit. Under Democrat rule, they're willing to sabotage the nation in order to saddle the blame of that destruction on the democrats. It is clear that the Republican party has lost their way in regards to the will of the people. Popular vote be DAMNED.

Am I missing anything, guys?

[CptSternn]

That's pretty much it.

[Ben Lahnger]

There's a joke going around that a debt ceiling compromise looked dead in the water until someone got the brilliant idea to nickname it the debt "roof", and then almost everyone in the House was eager to raise it.

ha. ha ha.

Anyway, if you want a pretty objective overview of the debate between the two sides on deficit reduction and raising the debt ceiling, I give you this article from the usually conservative Economist magazine, which calls the Republicans out.

Shame On Them

"America’s tax take is at its lowest level for decades: even Ronald Reagan raised taxes when he needed to do so."

[ape descendant]

We're still fighting two wars of aggression, we've been at war for a decade... we need to end our wars, and actually tax the upper crust, they've got most of the wealth anyway, and the kids at the bottom can barely put food on the table.

Our people in office need to quit kissing corporate ass and get this shit together before China owns us.

[Despanan]

Originally Posted by ape descendant

We're still fighting two wars of aggression, we've been at war for a decade... we need to end our wars, and actually tax the upper crust, they've got most of the wealth anyway, and the kids at the bottom can barely put food on the table.

The upper crust is making money off of those wars.

[CptSternn]

I'm just wondering what the tipping point will be and when it will be reached. Before I moved almost a decade ago now, I knew friends and family who had to make decisions like which bills to pay this month and if they could afford to turn on the heating and still buy food for dinner.

This hasn't changed. In fact, it has gotten progressively worse and more and more people are now finding themselves in similar situations.

When do people cop and and realise they are being screwed by the top 1% who view them as nothing more than cattle?

[Angelic Dissonance2]

Let me ask this:

Do you all expect the dollar to fail within the decade? What if it did? Can it...?

[AshleyO]

I'd say that it's highly unlikely. A decade is a huge chunk of time and anything can happen in a decade.

[Ben Lahnger]

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"BREAKING NEWS:

Moody's Downgrades US From Fucked to Totally Fucked Up the Ass."

-- Andy Borowitz

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"Economy will be hurt by Standard & Poor downgrade. Luckily we have the subprime mortgages they upgraded to tide us over."

-- Frank Conniff

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