Debt Ceiling question

Discussion in 'The Guru's Pub' started by J.B.west, Oct 18, 2013.

  1. J.B.west

    J.B.west Banned

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    Doesnt raising it just get us more into trouble and debt??
    Im not trying to make it a political thread, Im just curious as to why its always made a huge deal?? All presidents raise it and TBH I dont think there is a ceiling
     
  2. CronoGraal

    CronoGraal Ancient Guru

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    why not just wipe the debt and have countries deal with it? :)
     
  3. sykozis

    sykozis Ancient Guru

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    Not every President has raised it. In the last 30 years, it's only been raised by 2 administrations, both occurring over the last 12 years (G.W. Bush and Obama).

    Yes, increasing the imaginary "debt ceiling" does just get the US into more financial trouble.

    Because the US is $16.7 Trillion dollars in debt and defaulting (or filing bankruptcy) would both destroy the US economy, as well as damaging the economies of the countries we owe money to (Japan and China being the largest lenders).
     
  4. nhlkoho

    nhlkoho Ancient Guru

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    Raising the debt ceiling only allows Congress to pay the bills for the money they already spent. Which they approved to spend by the way.
     

  5. Chillin

    Chillin Ancient Guru

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    Welcome to the aftermath of the Vietnam war and the OPEC embargo. Blame Nixon for pushing the U.S. to Neo-Liberalism and taking off the gold.
     
  6. sykozis

    sykozis Ancient Guru

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    Our economy was perfectly stable and the national debt was well under control until our government decided to start it's "war on terrorism".... When Clinton left office we had a balanced budget (no deficit) and our debt was actually being paid down. That all got reversed during G.W. Bush's first term.
     
  7. Chillin

    Chillin Ancient Guru

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    In which universe was this? Clinton came in riding high on the tail end of a recession. That's not to say his economic policies were worse than many other presidents; to the contrary, they made him look amazing in comparison.

    [​IMG]

    You also had the Dot-Com bubble burst around the time of the "War on Terror"; not as if spending nearly $6 Trillion dollars helps.

    Then you have the wonderful taxation breakdowns:
    [​IMG]
     
  8. Brasky

    Brasky Ancient Guru

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    lol, yep, raising the debt ceiling doesn't increase the national debt... and 2+2=5:stewpid:
     
  9. nhlkoho

    nhlkoho Ancient Guru

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    It wouldn't if Congress could pass a balanced budget that didn't allow them to spend more than we had. You obviously have no idea how it works.
     
    Last edited: Oct 18, 2013
  10. sykozis

    sykozis Ancient Guru

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    When Clinton was in office, and administrations prior to, the US Gov't was essentially borrowing from US citizens by selling Treasury bonds, not borrowing from other countries. The Clinton administration, at one point, was actually working on a debt buy-back program (buying back those treasury bonds).

    There's a big difference between owing money to citizens, and owing money to foreign countries. Internal debt (money owed to tax payers) is more easily sustainable long-term than external debt (money owed to other countries) where monthly or yearly payments are mandated. A 30-year Treasury bond gives the Gov't 30 years before they have to pay out on the bond....

    Passing a balanced budget doesn't necessarily reduce debt, nor does it guarantee that debt won't increase. The gov't is still free to spend outside of the set budget.
     
    Last edited: Oct 18, 2013

  11. Brasky

    Brasky Ancient Guru

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    obviously. http://www.youtube.com/watch?v=fqPEJIQPWN0
     
  12. WindtalkerCS

    WindtalkerCS Master Guru

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    It's certainly better than passing a budget that relies on borrowing though.
     
  13. Brasky

    Brasky Ancient Guru

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  14. mmicrosysm

    mmicrosysm Master Guru

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  15. Dude111

    Dude111 Member Guru

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    Thats a good idea but sadly not part of the agenda :(
     

  16. DSparil

    DSparil Ancient Guru

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    Obama is the biggest spender America has ever had in office. He's almost like a little kid, spending all of his allowance and asking his parents for more, while emptying the piggy banks. I am almost embarrassed to be an American anymore with our current governments state of complete dysfunction.
     
  17. airbud7

    airbud7 Ancient Guru

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    Shh..be quiet^ , The liberals might hear you.......They think we can borrow our way out of debt...$17 trillion and counting. :bang:
     
  18. EspHack

    EspHack Ancient Guru

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    oh.. 17 trillon dollars, are they going to pay that? really? seems like china & japan are screwed imho
     
  19. airbud7

    airbud7 Ancient Guru

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    6 years ago it was half that^.......2 years from now it will be 20 trillon....Mark my word 10/21/2013....
     
  20. Brasky

    Brasky Ancient Guru

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    if they were smart they would have cut us off quicker than they are thinking of... but it guess since they are in for a penny they are in for a pound.
     

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