Replies

1 posted on 07/15/2011 9:33:37 AM PDT by JohnRLott

2 posted on 07/15/2011 9:40:43 AM PDT by frogjerk (Liberalism: The ideology of envy.)

One thing that this whole process proves is that SS taxes collected from the public needs to be taken out of the general fund. When you collect, approx, $50 Billion in SS taxes and only pay out, approx, $29 Billion but can’t meet SS payments........something is totally wrong and the people are being lied to.

3 posted on 07/15/2011 9:42:39 AM PDT by RC2

Great article, as always!

5 posted on 07/15/2011 9:46:09 AM PDT by chrisser (Starve the Monkeys!)

6 posted on 07/15/2011 9:47:02 AM PDT by FrankR ("If you can't make them see the light, let them feel the heat." - R. Reagan)

How’s that hopey changey working out, huh?

7 posted on 07/15/2011 9:50:33 AM PDT by bgill

The revenue discussion is a good one. I'm not sure I buy the mortgage argument, since a downgrade in our credit rating, even if we don't default, will result in interest rate hikes, and the dollar rise seems counterintuitive because fears will, at least in the short term, trump long term tax considerations, but we definitely have enough not to default on our interest obligations.

8 posted on 07/15/2011 9:52:11 AM PDT by americanophile ("this absurd theology of an immoral Bedouin, is a rotting corpse which poisons our lives" - Ataturk)

Men of Honor

Thomas Jefferson

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I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.

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9 posted on 07/15/2011 9:59:03 AM PDT by DJ MacWoW (America! The wolves are at your door! How will you answer the knock?)

10 posted on 07/15/2011 10:06:14 AM PDT by FrankR ("If you can't make them see the light, let them feel the heat." - R. Reagan)

Obama’s refusal to cut spending should backfire on his plans to blame the Republicans for any fallo9ut if raising the debt ceiling does not occur. Congress has been working diligently to come to a solution, all of which is being completely ignored by our illustrious Saul Alinsky follower President, as well as his mainstream media.

12 posted on 07/15/2011 10:26:31 AM PDT by Paperdoll (NO MORE BUSHS!)

Does anyone know whether federal retirees will get their checks absent a deal? Yesterday Karl Rove had a column in the WSJ saying they would not.

We can survive for a while without our check but a lot of people cant.

14 posted on 07/15/2011 10:54:24 AM PDT by freespirited (Stupid people are ruining America. --Herman Cain)

Federal budget for 2011 - just one year:

Revenue: $2,173.7 billion

Expense: $3,818.8 billion

Loss: $1,645.1 billion

The Federal government is projected to owe well over $15,500 billion, or $15.5 trillion, in total at the end of 2011.

The entire U.S. economy is only around $14 trillion in created goods and services per year.

The debt ceiling increases will enable the debt to go higher to the point where the Treasury debt becomes junk paper, much the same as Greece.

If the debt ceiling is not increased, the short term looks painful for holders of Treasury debt, like the major banks, investment houses and pension funds, as they worry that interest payments might be delayed in order to pay people on the government dole. The long term, however, would look very rosy, as it will show a real commitment towards being able to always make interest payments. The higher the debt ceiling goes, the more painful the bursting of the government gravy train bubble will be (i.e., all the Federal employees and contractors who must be laid off).

15 posted on 07/15/2011 12:53:07 PM PDT by PieterCasparzen (We need to fix things ourselves)

Americans oppose increasing the debt ceiling, by a 69 to 24 percent margin...

3) Obama doesn’t know if there is money to send off Social Security checks on August 3.

16 posted on 07/23/2011 6:34:50 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)

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