Posted on 10/03/2013 4:21:51 PM PDT by SkyPilot
President Barack Obama warned Thursday that as bad as the government shutdown is, a failure to raise the debt ceiling would be even more damaging to the U.S. economy, and called on congressional Republicans to end their irresponsibility on both issues.
As reckless as a government shutdown is an economic shutdown that results from default would be dramatically worse, Obama said on the morning of the third day of the government shutdown, at an event held at M. Luis Construction Company in the D.C. suburb of Rockville, Md.
The president had on Wednesday warned Wall Street that this times different, and that a default seems more likely than it has in past debt ceiling crises. On Thursday, he expanded his message to convey how a default would hit the entire economy.
(Also on POLITICO: Is a grand bargain only way out?)
In a government shutdown, Social Security checks still go out on time. In an economic shutdown, if we dont raise the debt ceiling, they dont go out on time, he said. In a government shutdown, disability benefits still arrive on time. In an economic shutdown, they dont.
In a government shutdown, millions of Americans not just federal workers everybody faces real economic hardship. In an economic shutdown, falling pensions and home values, and rising interest rates on things like mortgages and student loans, all those things risk putting us back into a bad recession, which will affect this company and those workers and all of you, he said.
Failing to raise the debt ceiling would be the height of irresponsibility, Obama said, rare anger coming through in his voice. And thats why Ive said this before, Im going to repeat it: there will be no negotiations over this."
(Excerpt) Read more at politico.com ...
Sorry - I genuinely don't know what you mean. If I used any offensive language or term, I didn't mean to. What are you referring to?
“Hardened Democrats.” I just love that.
Yeah, I wonder too. Did I just heap praise on a pejorative? I may need to take a shower or something....
Mark Levin tonight laid out ObeyMe's strategy on this. That illegitimate SOB is going to bypass Congress altogether and raise the debt ceiling, thereby allowing himself to be hailed as the savior of SS. You want to talk about Constitutional crisis? A president of the United States is going to usurp the power of the purse.
“Not exactly. Especially the older retirees; what they collect is far beyond their contributions.
—
My mother paid about $200.00 into SS and collected roughly $62,000 when she died at 91.
.
If Obama raises the debt ceiling on his own, the only recourse is to impeach him. Reid will never allow a real impeachment trial in the Senate even if the House voted for the articles (look what a joke of a “trial” BJ Clinton’s was). They refused to even hear the evidence!
Hussein Obama is very successful in doing what he was put in the White House for: He is destroying America $1 Trillion at a time.
The average American is smart enough to figure it out but they default to letting the press do all of their thinking for them.
And where does the press get their stories from? The government tells them what to print.
Who is Hussein Obama working for? He is obviously not working for us, he is working for them.
This default is exactly what obama and his handlers have been working for. The republicans are screwed. They should have fought this battle in 2011.
The nation changing law that is 100% Democrat?
That not even one Republican voted for?
The one passed in a dark night in late December?
Molan Lobe.
As a side note to this thread, please consider the following.
It just dawned on me how the Constitution-ignoring, Democrat-invented, Social Security Ponzi scheme is completly incompatible with Constitution-ignoring, Democrat-invented abortion. After all, you need a growing pool of people investing in Ponzi schemes like Social Security to make them work.
“Social Security is welfare just like the rest of it. And no, it isnt their money. Their money got spend the minute the government took it.”
So help me understand... You put your money in a bank for savings and somebody embezzles it, so the bank no longer owes you the money? What planet are you from?
Do it Bambi.
its my money....I also pay a nice chunk for the oldsters medicare....I’m just at the right age to get screwed by everybody....
That's not what Social Security is. Social Security is a tax on income and an entitlement program only. It has nothing at all to do with savings.
It stopped being your money the minute government took it. It's a tax just like the rest of the income tax. And yes, you are at the right age to get screwed. So am I. But it is simply a great big lie that somehow that money has been set aside for your savings.
> If government *takes* my money and promises that Ill get
> it back when I retire ... what is it about that you dont
> understand?
With enough interest at least to match inflation.
$100 in 1968 is probably $1000 now, if not more.
SS funds should have been invested. In fact, SS should just have morphed into a mandatory 401K, where the owner of the fund actually has some input into the kinds of investments that are made.
Gee! Look at all of those people at the “rally” who don’t seem to have to work for a living holding up signs within minutes of Obama’s announcement of his plans for Social Security to hold retirement checks.
I’ll bet those signs were made at least a month ago and simply stored by the thuggish Obama brigade to be used on this so-called “spontaneous” demonstration.
Joseph Goebbels should be absolutely amazed that the Obama propaganda machine simply put his into the dust.
Notice that most of them are under the age of 66.
Social Security is a tax on income and an entitlement program only. It has nothing at all to do with savings.
The money confiscated for the Social Security scheme directly impacts the life savings of every American citizen that is forced to pay into the system.
The return on investment if the money were saved in a bank or placed in work on investments would be far more in value that what the individual would get in return from the Social Security system in their remaining lifetime.
You bet your ass that it has something to do with savings...it ROBS citizens of their ability to save and invest because the “contribution” (it’s not call a tax for propaganda purposes) is ripped from their hands before they can save or invest it.
Consider a person making $10/hr begins at age 25 to work ten extra hours each week and puts that money into an investment with a 5% yield. He/she continues to do so until reaching the age 45, at which point they stop working the extra hours and no longer contribute a single dime to this investment fund. When that person turns 65, they will be handed a check for $485K. And if that same person happens to die, that money will be handed over to their kids and grandkids, thus breaking the cycle of poverty in future generations.
There is no greater factor in today'w world for exacerbating the cycle of poverty than the Social Security ponzi scheme.
I agree with you.
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