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Congress warned about debt; U.S. advised to gain control [of its debt or become a "banana republic"]
The Washington Times ^ | 2009-01-16

Posted on 01/16/2009 7:39:03 AM PST by rabscuttle385

BY DAVID M. DICKSON

The United States will "look like a banana republic" unless it gains control over its budget deficit and federal debt, economist Allen Sinai warned Congress on Thursday.

"The deficit and debt prospects under almost any scenario are daunting," Mr. Sinai, chief global economist for Decision Economics Inc., told the Senate Budget Committee. "This territory is uncharted, with no real historical analogue to this kind of financial situation for a major global economic power."

Asked by committee Chairman Kent Conrad, North Dakota Democrat, whether the U.S. government's creditworthiness is at risk, Mr. Sinai replied, "Unequivocally yes."

. . . . .

Over the next 10 years, debt will be rising faster than GDP, burdening future generations with interest costs and debt repayment that almost certainly will lead to much-diminished U.S. economic growth and a reduced standard of living, Mr. Sinai warned.

"A step down the line of diminished economic power and wealth has been taken," he said.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: deathofthewest; debt; govwatch; sovereigndebt; ustreasury
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1 posted on 01/16/2009 7:39:03 AM PST by rabscuttle385
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To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
*Ping!*
2 posted on 01/16/2009 7:40:16 AM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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The future of the United States:

The Money, Banking, and Financial Markets Ping List.

"Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson

FR Keywords: moneylist, bankinglist, financelist

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

Ping list jointly pinged by rabscuttle385 and TigerLikesRooster.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  moneylist.
(Stop getting pings by sending the subject line drop moneylist.)


3 posted on 01/16/2009 7:41:00 AM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: rabscuttle385

We will have to cut spending. There is really no alternative. We can’t tax ourselves into prosperity, particularly with our irresponsible Congress spending the money.


4 posted on 01/16/2009 7:41:27 AM PST by popdonnelly (Don't lose sight of your conservative principles.)
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To: rabscuttle385

“A step down the line of diminished economic power and wealth has been taken,” he said.

and the radical left thinks this is .... bad news?

I don’t think so! This is exactly the commeuppance and “change” these America haters have pledged to bring the world. Thanks! to the 62 million idiots who were hypnotized by the Bamster. I just hope they all freeze and starve before I do.


5 posted on 01/16/2009 7:42:31 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: rabscuttle385
Someone please close the gate, the horse is out!
6 posted on 01/16/2009 7:44:44 AM PST by Road Warrior ‘04 (I'll miss President Bush greatly! Palin in 2012!)
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To: silverleaf

Yup...don’t take a rocket scientist to know that this is The Left’s Plan to seize all power and control of the US....they have to bankrupt us first...then easy pickings for the elitists.


7 posted on 01/16/2009 7:45:23 AM PST by RSmithOpt (Liberalism: Highway to Hell)
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To: popdonnelly

Exactly right. The deficit is a symptom of the real disease and it is a distraction to focus exclusively on the symptom.

The great question of our time is do we grow the government or shrink it. Should citizens have more freedom or less? How can you find a compromise in that question?

There is no major party on the shrink side of the question.


8 posted on 01/16/2009 7:47:01 AM PST by DManA
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To: rabscuttle385

It is and has been the goal of the left to turn this nation into a “banana republic.” Government takeovers of banking and major business operations, the theft of assets, confiscation of wealth. Leftists/Marxists have dreamed of this for decades.


9 posted on 01/16/2009 7:47:50 AM PST by Oldpuppymax (AGENDA OF THE LEFT EXPOSED)
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To: popdonnelly; rabscuttle385
We will have to cut spending.

The problem is most of the budget is on cruise control. The govt has created an entitlement system that has eaten up all the resources.

10 posted on 01/16/2009 7:50:22 AM PST by wmfights (If you want change support SenateConservatives.com)
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To: Oldpuppymax

And yet, many of these nationalizations have occurred under Bush.

P.S. For my current take on the situation, see my tagline.


11 posted on 01/16/2009 7:51:18 AM PST by coloradan (The US has become a banana republic, except without the bananas - or the republic.)
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To: Oldpuppymax
maybe Al Franken can be our "dear leader" once we become a banana republic. Image Hosted by ImageShack.us

12 posted on 01/16/2009 7:51:50 AM PST by WOBBLY BOB (ACORN:American Corruption for Obama Right Now)
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To: rabscuttle385

No wealth,= no nation


13 posted on 01/16/2009 7:53:28 AM PST by devistate one four (Impatiently waiting for the next tea party! Tet '68)
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To: rabscuttle385
A banana republic is in fact a democracy.. not a republic..
A Democracy is rule by MOB Rule.. i.e. a "mafia"..
Socialism is a protection racket.. protecting voters from themselves in the MOB..
An insidious political scam.. bunko..

Rule by a central government, not States or Provinces..
A Banana republic is NOT a republic at all..

In a republic the central government is "the/a client" and subservient..
NOT the seat of public political power..

America has become a democracy.. the republic has been penerated.. and OVERTHROWN..

When?.. How?.. by Whom?.. to what extent?..
Now thats the elephant in the room..

14 posted on 01/16/2009 7:59:17 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: devistate one four

In case you haven’t noticed..the stars are already being replaced by banana’s state by state. Now if the incoming President and Congress try to prosecute the out going President..so more will turn.
Congress will not cut spending because they are buying votes. They will borrow as much as they can..until the world says no to more debt. Then they will start the presses and inflate.


15 posted on 01/16/2009 8:00:31 AM PST by Oldexpat (Drill Here, Drill There..we must drill everywhere.)
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To: rabscuttle385
The USA has become a modern Babylon, She has whored herself out to all of those who have courted her. Our elected representatives have feasted in this orgy. Like addicts they lie and deceive. They spend like drunken sailors with no regard of consequences. They prey on our collective ignorance. They pray to the god of money and power.

I weep for my nation.

16 posted on 01/16/2009 8:02:03 AM PST by PJammers (I can't help it... It's my idiom!)
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To: RSmithOpt

Piven Cloward-

free and fair election system breached - check

majority of Americans convinced capitalism, free markets, financial system, schools, organized religions, and health care systems are “broken” - check

cabinet secretaries, agency heads and hired (not elected)bureaucrats given power to levy fees by regulatory fiat and spend US tax revenues and private citizen wealth they confiscate, without accountability or control- check

US mass media rendered untrustworthy in eyes of public- check

US Congress discredited as leaderhsip body in eyes of public- check

political and philosphical opponents of concentrated central authoritian collectivist state rule rendered “selfish” , “racist”, “obstructionist” or otherwise morally inferior in eyes of majority of voters- check

US military about to be demoralized by premature withdawal from Iraq, new feel-good humanitarian missions to Africa crafted by chickenhawk academics, reinstatement of draft, forced admissions of unqualified low skilled unmotivated authorityhating people, and required indoctrination to accept flamboyant gays - check

US Constitution down the toilet by unchallenged installation to presidency of unqualified man- check

US Supreme Court discredited as defender of US Constitution-check

http://www.discoverthenetworks.org/groupProfile.asp?grpid=6967


17 posted on 01/16/2009 8:02:59 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: popdonnelly

>> We will have to cut spending. There is really no alternative.

A 10% (low end salaries) to 30% (high end salaries, elected officials) across the board pay cut for every federal employee* would be a fine way to start.

Isn’t that what’s happening in private enterprise all across this great land? Cut payrolls 20%?

*with the possible exception of active duty military


18 posted on 01/16/2009 8:03:35 AM PST by Nervous Tick (I've left Cynical City... bound for Jaded.)
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To: rabscuttle385
The writing is on the wall, for those who can read.


19 posted on 01/16/2009 8:04:38 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: popdonnelly

Surely you jest! Reducing America to Banana Republic status is exactly what the demrats want. We’re, afterall, too strong. We scare people. And its not fair that through hard work and a captialist system this nation remains so economically dominant.

No, noting meaningful will be done under this Marxist regime to fix the mess we’re in.


20 posted on 01/16/2009 8:05:07 AM PST by dools007
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