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Gloom deepens as America’s debt piles up(way over McCain and Obama's head)
Times of London ^ | 09/14/08 | Irwin Stelzer

Posted on 09/13/2008 7:16:08 PM PDT by TigerLikesRooster

Gloom deepens as America’s debt piles up

Irwin Stelzer: American Account

The great clunking fist has struck again, or almost. This time it was aimed at the chin of John McCain, who just might be the next president of America. Fortunately, McCain has proved he can take such a blow, so his staff confined its reaction to polite enquiries of Britain’s ambassador, Sir Nigel Sheinwald, asking: “What the devil is the British prime minister doing endorsing the economic programme of Barack Obama?”

Not that it much matters. The McCain team knows that Brown is largely responsible for the mess in which the British economy finds itself. That makes his support for Obama’s economic plans about as useful as feathers on a fish, to borrow a phrase coined by congressman John Dingell in another connection.

The differences between Obama-Brown and McCain are far from trivial. Obama wants to raise taxes on families earning more than $250,000 a year, and on their dividends and capital gains, to support a redistributionist cheque of $1,000 to each of the 95% of Americans not in the top bracket. He would take the tax rate on high earners to about the UK level of 40%. Brown naturally leans more towards Obama than a tax-cutter like McCain.

Otherwise, it is difficult to understand the attractiveness of Obama’s economic programme to the prime minister, with the possible exception of the Illinois senator’s proposal — since withdrawn — to provide relief for some hard-pressed homeowners. Brown famously stole the Tories’ clothes by proposing reductions in inheritance tax; Obama proposes to raise it. Brown believes union members should be protected from their leaders by being entitled to a secret ballot; Obama favours stripping America’s union members of that protection.

(Excerpt) Read more at business.timesonline.co.uk ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: debt; economicpolicy; economy; fanniemae; freddiemac; genx; govwatch; maccain; obama
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To: Hattie

I’m sure he will talk about it, but I bet it will be the opposing parties’ spending. That’s what happens, and that’s why it never works...at least not on a scale that really matters.


21 posted on 09/13/2008 8:07:42 PM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: ari-freedom

Some of us have been fighting this spending MADNESS for many years.

Unfortunately, not many others felt it was – or would become – a serious problem.

Trust me, it is NOW A SERIOUS PROBLEM, one the feds may not be able to print their way out of.

What saddens me most is that Newt either squandered or let slip HIS chance to get a grip on it. And, no, I’m NOT picking on Newt. WE’RE ALL GUILTY!!

In this 2 minute clip, he seems to be trying to tell us that he took a shot at it:

http://www.youtube.com/watch?v=lIo8FJJMps8


22 posted on 09/13/2008 8:18:47 PM PDT by Dick Bachert
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To: TigerLikesRooster

McCain will supersize the economy with his tax cuts. He will cut the annual increases in spending to below inflation after GOP retakes congress in 2010. The nation will rally. Growth will breed growth. A series of cooler years will pop the global warming bubble. Energy prices will tumble as new technologies augment increased drilling. Democrat doom and gloom will give way to a bright, sunny new day for America.


23 posted on 09/13/2008 8:34:12 PM PDT by Combat_Liberalism
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To: ari-freedom; TigerLikesRooster; Dick Bachert; Combat_Liberalism; roamer_1
Reasonable economic growth.

What is "reasonable"? Is it defined like the folks on Capitol Hill define the word "fair"?

And are we talking about real growth or nominal growth?

And how much of this "growth" will be on paper rather than in the actual real world?

The "linear thinking" displayed by our political class today—sorta like the misguided notion that housing prices would keep increasing and increasing, forever—is extraordinarily dangerous.

Comprehensive spending controls.
Bi-partisanship in budget efforts.
In the long-term, the only way to keep the budget balanced is successful reform...

Why is it that every time I hear McCain or someone linked with him say the words comprehensive, bi-partisan, and reform in the same thought bubble, I shudder?

When you hear those words uttered by a RINO like McCain, you know he's going to cross the aisle and betray conservatives to liberal Democrats like Ted Kennedy and company.

(And whether Palin will fight him on this is a big question mark, since she will want to keep her job, right?)

McCain will dance and fiddle to special interests as Washington burns. (The only major difference between Obama and him, economically speaking, is that McCain might choose a better tune to play.) After all, he is in the pocket of special interests: pro-illegal groups are just one of many. And then, once Titanic has slipped beneath the waters, he and the others will sit quietly in the lifeboats as the taxpayers (in particular, the younger generation of taxpayers) drown to death in debt.

Anyone who thinks otherwise is just fooling himself or herself.

24 posted on 09/13/2008 9:07:16 PM PDT by rabscuttle385
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To: stuartcr

I say we have a giant depression, then abolish the federal reserve system, then return ourselves to the gold standard, then bar the government from ever borrowing anything from anybody, then pass a constitutional ammendment requiring balanced budgets. That’s the solution.


25 posted on 09/13/2008 9:08:39 PM PDT by Tublecane
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To: qam1

The boomer generation sticks GenX/GenY with massive debt ping.


26 posted on 09/13/2008 9:10:31 PM PDT by rabscuttle385
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To: Tublecane; stuartcr
That’s the solution.

The solution is for We the People to wake up, reign in the Government, and chain it again within its Constitutionally prescribed bounds. Then, the meaning of the saying that "eternal vigilance is the price of liberty" will become readily apparent.

27 posted on 09/13/2008 9:13:42 PM PDT by rabscuttle385
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To: TigerLikesRooster
Nobody can solve the current massive debt problem. Neither McCain nor Obama.

An ugly truth that few (if any) pro-McCain Freepers want to face.

28 posted on 09/13/2008 9:16:43 PM PDT by rabscuttle385
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To: stuartcr

“What other way is there for our govt to make money to pay it’s debts, other than raising taxes or borrowing against our future?”

The same way they have been doing it for over 60 years, print fiat money and create inflation!


29 posted on 09/13/2008 9:21:46 PM PDT by dalereed
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For the record, I’m about 300% better off than I was 8 years ago in my moderately-scientific estimation.


30 posted on 09/13/2008 9:36:50 PM PDT by WKL815 (If you want to vote for the perfect candidate, you'd better run yourself.)
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Oh, and Irwin Seltzer is a debbie downer doofus.


31 posted on 09/13/2008 9:37:46 PM PDT by WKL815 (If you want to vote for the perfect candidate, you'd better run yourself.)
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To: stuartcr
What other way is there for our govt to make money to pay it’s debts, other than raising taxes or borrowing against our future?

Massive inflation and devaluation of the dollar. E.g. just print the money and pay the bills. Don't need to raise taxes, as we will pay the tax indirectly via inflation and devaluation.

32 posted on 09/13/2008 9:43:24 PM PDT by monkeyshine
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To: rabscuttle385

“The solution is for We the People to wake up, reign in the Government, and chain it again within its Constitutionally prescribed bounds”

That’s probably gonna be hard, unless you have a lot of guns.


33 posted on 09/13/2008 9:48:14 PM PDT by Tublecane
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To: Hattie

I pray you are right. His pick (Palin) for Veep, I thought originally, was to help him win the base over (and not distraught women Clinton voters as the MSM claimed like fools for the first few days) and to help get out the GOP vote in PA, OH, MI, MO and VA. Now, I think (hope, pray) that it’s a signal that he knows all the tricks of the trade in DC, and he is grooming an outsider and together over 12 or 16 years they will clean up that rat-infested corrupted swamp we call our Capitol.

McCain said at his acceptance speech “you will know their names”. That line should have gotten the most cheers of all! I hope he does it.


34 posted on 09/13/2008 9:48:41 PM PDT by monkeyshine
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To: stuartcr

if the problem was that severe, the 10 year bond rate would not be 3.7%


35 posted on 09/13/2008 10:11:27 PM PDT by genghis
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To: rabscuttle385; qam1; ItsOurTimeNow; PresbyRev; Fraulein; StoneColdGOP; Clemenza; m18436572; ...
Xer Ping

Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.

Freep mail me to be added or dropped. See my home page for details and previous articles.  


36 posted on 09/13/2008 10:52:11 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: TigerLikesRooster

Where’s Andrew Jackson when you need him? The only President to pay off the debt...


37 posted on 09/13/2008 11:04:07 PM PDT by ovrtaxt (I <3 my PitBull. Sic em girl!!)
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To: Dick Bachert

Thanks for the Youtube link. While I was there, I checked out Jeff3erson’s thoughts on cities, and they seem to be a perfect explanation as to why Palin gets such a reaction from the elites. I’ve never read those particular thoughts from Jefferson, thanks for putting that up.


38 posted on 09/14/2008 12:09:33 AM PDT by ovrtaxt (I <3 my PitBull. Sic em girl!!)
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To: ovrtaxt

I know what you’re referring to, about people not meant to live in cities. He’s absolutely right, it’s totally unnatural. Look at the people who live in the most “cultured” city in the world NYC. Last I saw about 40% of them believe that at least in part 9/11 was an “inside job”, etc. That would make them the DUMBEST people in the world, not the smartest.


39 posted on 09/14/2008 12:12:23 AM PDT by word_warrior_bob (You can now see my amazing doggie and new puppy on my homepage!! Come say hello to Jake & Sonny)
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To: Hattie

I would like to see EVERY budget of every state and every town posted on the internet available for everyone to see. That’s OUR money, F these people, they get to take tens of thousands of our money every year. I want to see where every last PENNY of my money went.

Palin said they posted Alaska’s budget, if I was Prez that would be my first executive order. Full disclosure with the people’s money.


40 posted on 09/14/2008 12:18:48 AM PDT by word_warrior_bob (You can now see my amazing doggie and new puppy on my homepage!! Come say hello to Jake & Sonny)
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