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What Happens if America Goes Broke?
Pajamas MEdia ^ | November 9 | Frank J. Fleming

Posted on 11/10/2009 7:36:35 AM PST by AJKauf

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To: thulldud

“Ignorance is curable, but stupid is permanent.”

You speak as if you have personal experience. LOL


41 posted on 11/10/2009 8:23:25 AM PST by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: MNDude

I’m somewhat agree with you and Rush. I do believe Obama is destroying the country on purpose but is also dumb to believe in doing so it will lead to a perfect state.

I have a liberal friend( more like frienemy) who thinks Obama should do everything he’s doing and more. She thinks spending us to an oblivion is the answer. She says it’s common sense and we conservatives don’t have a clue. Nevermind this frienemy and her husband spent their own money into oblivion and just filed for bankruptcy. They are getting bailed out but she fails to see no one will bail us out or that we could go bankrupt!

Talk about no common sense!!


42 posted on 11/10/2009 8:25:49 AM PST by Halls (Jesus is my Lord and Savior)
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To: US_MilitaryRules

“You are delusional?”

No need in posting personal insults...

I have my opinion and you have yours...

You can wave the “white flag” if you so desire but on the 234th Birthday of my United States Marine Corps, I will continue to fight.

Good day.


43 posted on 11/10/2009 8:26:02 AM PST by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: AJKauf

This was amusing, but I would like to see an honest assessment of what the high deficit means to the average American. I know that it would mean that credit would be much more difficult to get. Foreign goods and raw materials would be expensive.


44 posted on 11/10/2009 8:29:09 AM PST by mbynack (Retired USAF SMSgt)
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To: AJKauf

If?


45 posted on 11/10/2009 8:30:04 AM PST by MortMan (Stubbing one's toes is a valid (if painful) way of locating furniture in the dark.)
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To: VanShuyten

Good advice, have been living in SW Texas for a few years now and can speak it pretty good.


46 posted on 11/10/2009 8:37:06 AM PST by sniper63 (Silent and stealthy - one shot - one kill)
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To: AJKauf

He’s really smart — much smarter than even a border collie,I question that!.


47 posted on 11/10/2009 9:04:52 AM PST by Vaduz
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To: thulldud

“Ignorance is curable, but stupid is permanent...
eight years of Slick?”

“Under the Newt-designed contract, the Republicans pledged to give the average American family major tax relief, cut taxes substantially for investors, make wholesale changes in the welfare system and balance the budget. Less than six weeks later, the American voters, enraged by Clintonomics (plus his big push for gays in the military), handed the Democrats a historic defeat.

The Republicans not only captured the Senate, but won a majority in the House for the first time in 40 years, enthroning Gingrich as speaker. Thus, the Clinton effort to socialize a huge chunk of America had been seriously blunted. Clinton’s economic policy, as pursued from 1992 through 1994, was over. How, then, can Clinton be given credit for an economic program that was largely thwarted? The simple answer: He can’t.

Aware that his first two years had been a disaster (even though he inherited an expanding economy, according to his own Office of Management and Budget), a panicky Clinton brought in Dick Morris to rescue his presidency. Morris instructed Clinton, as described in Morris’s Behind the Oval Office, to “[W]ork to eliminate the deficit, require work for welfare, cut taxes and reduce the federal bureaucracy.” That is, govern conservatively.

Clinton Tacks Right

Clinton, though kicking and screaming all the way, eventually embraced Morris’s advice. By the spring of 1995, the President had abandoned Hillarycare for good and was proposing balanced budgets. Then he declared at an October 17 fundraiser in Houston, Texas, that “I think I raised them [taxes] too much, too.”

But Clinton’s rhetorical surrender to the center and the right was not yet complete. In his 1996 State of the Union address, he made the grand pronouncement that “the era of Big Government is over.” Clinton then acquiesced in a series of important Republican initiatives, putting some substance behind the oratory.

In election year 1996, he signed, reluctantly and with liberals raging in opposition, a historic GOP welfare reform program, eliminating scores of federal welfare regulations and transferring critical spending authority to the states. The initial results — which Clinton hailed at the Democratic Convention in 2000 — were spectacular, with caseloads’ falling like stones within just a couple of years.

Clearly, Republicans had gotten this area of public policy right and Clinton was quietly tipping his hat to them while loudly seizing credit for the program’s stunning success.

More Clinton concessions were to come. The President in August of 1997 signed into law a bipartisan balanced-budget measure that not only restrained spending, but also included several critical Republican tax-relief items, including a solid, middle-class tax cut, a pledge the President had crawfished on after his ’92 election.

The GOP-sponsored cut came in the form of a $500-per-child tax credit — courtesy mainly of the lobbying of pro-family activist Gary Bauer — which would amount to about $75 billion over a five-year period and prove a godsend to millions of American families.

The measure also contained substantial tax relief elsewhere: a nearly 30% cut in the capital gains tax burden, a serious decrease in estate taxes, repeal of the alternative minimum tax on small business and a new retirement savings account, known as the Roth IRA. Clinton had now gotten around to embracing many of the very same proposals promised in the “Contract” and served up by the first Gingrich Congress in 1995. In the meantime, Fed Chairman Alan Greenspan had been keeping interest rates relatively low, thus giving another boost to the country’s economic success.

Equally important, the Republicans weren’t imposing on the country — or even threatening to impose — the kind of dangerous domestic spending and regulatory programs that can wreak economic havoc. “What proved critical,” says former Congressional Budget Office Director, June O’Neill, “was the absence of legislation that meddled with the economy or that had major, long-run spending consequences on the budget.”

The result of all this? The economy bloomed. Money flowed into the U.S. Treasury, largely because people were becoming wealthier. Revenues from income and capital gains taxes were soaring, not because rates were being raised but because rates were being lowered. Spending was restrained, GDP was rising at a healthy 4% clip and the Dow average had more than tripled by the time Clinton left office — and has managed to maintain these stratospheric heights, largely because of the Bush tax cuts.

The Ronald Reagan peace dividend, with an assist from George H.W. Bush, also proved crucial in generating the surpluses the Democrats keep bragging about. Even Clinton’s Defense team has acknowledged this truth.

According to John Shalikashvili, the chairman of the Joint Chiefs under Clinton, and Clinton Defense Secretary William J. Perry (Washington Post, Aug. 10, 2000): “This ‘peace dividend,’ amounting to about $100 billion a year, has been a major contributor to the balanced budget that our economy now enjoys.”

In other words, the economy that Bill Clinton and the Democrats take credit for had soared due to conservative Republican economic principles and a Reagan-engineered peace dividend. But Bill and the Democrats keep pretending that they invented this “Goldilocks” economy. The truth, of course, is different.”

http://www.humanevents.com/article.php?id=28661

“Four years of Jimmah?

Four years of “Jimmah” was the best thing to happen to the GOP because it gave us 8 years of Ronald Reagan.


48 posted on 11/10/2009 9:20:03 AM PST by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: AJKauf
I could support one new tax to balance the budget. A 50% tax on all political contributions, paid by the recipient and another 50% paid by the donor.

If the contributions fail to balance the budget, the loss of political payoffs should have an ameliorative effect.

49 posted on 11/10/2009 9:26:02 AM PST by CharacterCounts (November 4, 2008 - the day America drank the Kool-Aid)
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To: kellynla

The dimocrats will never go away. 50 percent of the people in America pay no income tax. The dims have created electoral perfection. Those 50 percent have just enough intelligence to figure out that the dims give them the handouts. George Soros then funds the dimocrats to keep America enslaved. We are on the road to fascism and/or civil war. The world today looks frighteningly similar to 1914 in that cataclysmic change is coming and not the change for which dim Americans voted.


50 posted on 11/10/2009 9:29:55 AM PST by sako shooter (cib&eib)
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To: Halls
I have a liberal friend( more like frienemy) who thinks Obama should do everything he’s doing and more. She thinks spending us to an oblivion is the answer. She says it’s common sense and we conservatives don’t have a clue. Nevermind this frienemy and her husband spent their own money into oblivion and just filed for bankruptcy. \

LOL. Priceless.

51 posted on 11/10/2009 9:34:07 AM PST by matt1234
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To: ClearCase_guy

Well said! You articulated my opinion in this post perfectly.


52 posted on 11/10/2009 9:36:32 AM PST by Darth Gill
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To: sako shooter

You make some good points BUT the majority of the clowns who make up that 50% who depend on the gov’t for their livelihood are too lazy to get up off the couch and vote...the GOP Congress & Clinton got “workfare” passed and balanced the Budget in the 90’s; we just need to “take out the trash” in D.C. and around the country, secure the borders and deport ALL foreign muzzies & illegal aliens including the incarcerated!


53 posted on 11/10/2009 9:47:18 AM PST by kellynla (Freedom of speech makes it easier to spot the idiots! Semper Fi!)
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To: AJKauf

We would have to pull back our military, cut benefits to all government employees, default on much of our debt, probably raise taxes (if so, hopefully on consumption to encourage savings), etc. I’m guessing by then the dollar would be gone, but if not we would still need a restructuring of our monetary system. My vote would be for much harder currency and the abolition of legal tender laws. We would lose world reserve currency status for sure. It wouldn’t be pretty, but the long term effects would probably be very beneficial, assuming we survived the short term.


54 posted on 11/10/2009 9:53:59 AM PST by djsherin (Government is essentially the negation of liberty.)
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To: kellynla
If you check, you will find that my comment was directed to your opinion that al-Husseini will bring about the demise of the Democratic Party as a viable force.

I made no comment on the opportunities that Jimmah and Slick afforded to the Republicans.

55 posted on 11/10/2009 5:44:57 PM PST by thulldud (It HAS happened here!)
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To: thulldud; kellynla
Btw, that bit about "stupid is permanent" was a reference to those voters who will still vote Dem even after four years of the Zero. Much as they did after Jimmah and Slickster.

Maybe that was not completely unambiguous.

56 posted on 11/10/2009 5:48:39 PM PST by thulldud (It HAS happened here!)
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