Increased Debt- WE WIN??

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2nd August 2011, 06:11 AM
Spectrism

Increased Debt- WE WIN??

So, the republicrats are happy in this raising of the debt ceiling bill.... why? Because there are no tax increases. Really?

http://www.christianpost.com/news/bo...ng-bill-53196/
The Christian Post > Politics |Mon, Aug. 01 2011 08:02 PM EDT

Quote:

The compromise bill provides for an immediate increase of $400 billion dollars and allows President Obama to request another $500 billion in the next several months.
However, Congress would stop the second installment by a veto proof two-thirds margin. A further increase of $1.2 and $1.5 trillion would be available after a special committee, also known as a “super committee,” of twelve members identifies matching levels of spending cuts. The committee must complete its work by Thanksgiving of 2012 and Congress must hold an up or down vote on the recommendations by December 23 of the same year.

Huh?

So a "super committee" of select commies will be our watchdogs and gateway to another $2.7trillion debt increase on top of the $900billion just approved. Oh, I feel safe with that. Not.

Let's do some stupid numbers. Let's figure there are 230 million Amerikans over 18. Of those let's be generous and figure there are 150million paying any taxes (federal income). If we are adding, in this fine bill, another $3.6trillion of debt (400b + 500b + 1.2t + 1.5t) that works out to be $24,000 additional debt per working person.

Eric Cantor said he was happy that there were no new taxes. How does he arrive at that? Inflation is the insidious tax that steals from savers.

Boneher said he got 99% of what he wanted in this bill. Huh? Can someone splain that to me?

There are many long range repercussions to this. I am sure the minds here will come up with a few.
2nd August 2011, 06:26 AM
Cebu_4_2

[QUOTE]

Quote:

Originally Posted by Spectrism

Boneher said he got 99% of what he wanted in this bill. Huh? Can someone splain that to me?

Free booze for the next ~2 years?
2nd August 2011, 07:56 AM
muffin

The 900BN isn't going to last until November 12, so this is all either complete BS or just buying a few months to set up the backdrop for the next play scene. The 900 will be gone on debt rollovers before the end of 11. Unless, of course, the FED has some backdoor QEx ongoing to print money by stealth.
2nd August 2011, 08:27 AM
Libertytree

This debt load is unsustainable, the ponzi scheme is reaching its anticipated failure point and the dollar is worthless, it's only a short matter of time before the intentional collapse occurs. The Fed will print and print until it can print no more, then the super congress will seek out the benevolent help of the IMF or some such to restore economic prosperity to the US and the worlds economies. Yeah, it's a WAG, but then again truth is stranger than fiction.
2nd August 2011, 09:58 AM
Joe King

Quote:

If we are adding, in this fine bill, another $3.6trillion of debt (400b + 500b + 1.2t + 1.5t) that works out to be $24,000additionaldebt per working person.

Eric Cantor said he was happy that there were no new taxes. How does he arrive at that? Inflation is the insidious tax that steals from savers

It's called extending the payments over a longer term to sell out two generations for the price of one. lol
ie extend and pretend.
2nd August 2011, 10:24 AM
Hatha Sunahara

[QUOTE=Cebu_4_2;441240]

Quote:

Free booze for the next ~2 years?

Yes! It's like a drunk drinking more booze to get sober.

Hatha
2nd August 2011, 11:27 AM
mick silver

were can i sign up for some of that free paper ? is anyone allow to get it for nothing . ps i need a case of jim
2nd August 2011, 11:55 AM
Sparky

Quote:

Originally Posted by muffin

The 900BN isn't going to last until November 12, so this is all either complete BS or just buying a few months to set up the backdrop for the next play scene.
...

Sure it is. We have to pay back $300B to the Federal pension fund that we've been robbing since May. That leaves $600B. We borrow $4B per day, so that allows for an additional 150 days, which takes us just about to the end of the calendar year, which allows plenty of time for the super committee recommendations, and the subsequent Congressional vote. Then, the next debt ceiling hike kicks in and takes them through the 2012 election. They've calculated these numbers very carefully for political reasons, not financial ones.
2nd August 2011, 12:08 PM
osoab

Quote:

Originally Posted by Sparky

Sure it is. We have to pay back $300B to the Federal pension fund that we've been robbing since May. That leaves $600B. We borrow $4B per day, so that allows for an additional 150 days, which takes us just about to the end of the calendar year, which allows plenty of time for the super committee recommendations, and the subsequent Congressional vote. Then, the next debt ceiling hike kicks in and takes them through the 2012 election. They've calculated these numbers very carefully for political reasons, not financial ones.

I thought that we still had to is a non-negotiable note S.S. to the tune of 90 billion for the 1st half of 2011. We also have 500 billion rolling over this month.

It could be cut very close imho.
2nd August 2011, 12:34 PM
madfranks

Quote:

Originally Posted by Sparky

Sure it is. We have to pay back $300B to the Federal pension fund that we've been robbing since May. That leaves $600B. We borrow $4B per day, so that allows for an additional 150 days, which takes us just about to the end of the calendar year, which allows plenty of time for the super committee recommendations, and the subsequent Congressional vote. Then, the next debt ceiling hike kicks in and takes them through the 2012 election. They've calculated these numbers very carefully for political reasons, not financial ones.

What about debt rollovers?
2nd August 2011, 11:24 PM
keehah

Quote:

Originally Posted by Spectrism

Boneher said he got 99% of what he wanted in this bill. Huh? Can someone splain that to me?

He is a sociopath not a psychopath. Only 1% regrets-not met means unusually low expectations. Probably on some sort of antidepressant and/or early dementia or talking in 'dumbed down' lingo for the public.
3rd August 2011, 05:34 PM
osoab

Gross US Debt Surges By $240 Billion Overnight, US Debt To GDP Hits Post World War II High 97.2%, Official Debt Ceiling Increase Only $400 Billion

Quote:

Two things happened when the Senate voted in the "Bipartisan" plan into law yesterday: i) deferred debt on the Treasury's balance sheet finally caught up with reality, and ii) as a result of i) America's Debt/GDP just hit a post World War 2 High of 97.2%. Becasue as the Daily Treasury Statement as of last night indicates, total US marketable debt surged by $124.6 billion, while debt in intragovernmental holdings (Social Security, Government Retirement Accounts, etc), soared by $113.6 billion, for a combined one day change of $238.2 billion, the single biggest one day increase of US debt in history. Obviously this is a result of massive underfunding and disinvestment in the various government retirement accounts as well as due to deferred debt which was to be booked since the debt was breached on May 16. However, how marketable debt could increase by a whopping $125 billion without any actual auction settlement is slightly confusing. Just as confusing is that according to the endnote in the debt subject to limit calculation, the new ceiling is not the $900 billion increase as requested, but only $400 billion more than the $14.294 billion previous, or at $14.694 billion. We hope this is some Treasury type or misunderstanding as this new ceiling will be breached in a month. And the last thing we need is this whole debt ceiling drama back again in September. One thing there is no confusion about, however, is that based on the latest gross debt number of $14.581 trillion, and the just reported Q2 GDP of $15.003 billion, total US debt to GDP is now a post World War II high of 97.2% (and that excludes the GSE off balance sheet debt).
8th August 2011, 05:43 PM
osoab

Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling

Quote:

Ok, someone please explain this one to us because we must be a little slow. Wasn't the whole thing with the debt ceiling hike such that no more Congressional melodramas would have to be inflicted upon the population until after Obama [won|lost] the 2012 elections? Because according to the one again exponentially increasing debt balance of the US Treasury (there is another $51 billion in debt/cash coming in next week), the total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling no later than the end of September. As the latest DTS statement indicates, the debt ceiling now is $14.694 trillion: a number which Tim Geithner will hit in about a month. So if this is due to a planned expansion as part of the two step plan, we would like to understand how it works, because the $400 billion additional ceiling is barely sufficient to cover the catch up in funding for the SSN and the various governmental trust funds. And the far bigger concern is that tax receipts are about to plunge courtesy of the imminent double dip. So we wonder just based on what assumptions does the Treasury believe that its issuance needs will be met by this paltry debt ceiling.

So do we get new debt drama shortly?
8th August 2011, 06:48 PM
Spectrism

Yes- I think we will be getting more drama than all the Broadway shows put together. It will start on the political stage in Washington DC and spread throughout the country in many forms: violence, theft, murder, mayhem, hunger. In less than 9 months from today, we will see the birthing of one ugly drama queen of a situation.
8th August 2011, 06:50 PM
midnight rambler

Quote:

Originally Posted by Spectrism

Yes- I think we will be getting more drama than all the Broadway shows put together. It will start on the political stage in Washington DC and spread throughout the country in many forms: violence, theft, murder, mayhem, hunger. In less than 9 months from today, we will see the birthing of one ugly drama queen of a situation.

IMO it's difficult to put a specific timeline on it, but it's going to get fugly for sure - absolutely no doubt about it. (and fwiw I called it [first two weeks of August '11], however one doesn't need a crystal ball to see what's bearing down on us all)
8th August 2011, 06:58 PM
Spectrism

Quote:

Originally Posted by midnight rambler

IMO it's difficult to put a specific timeline on it, but it's going to get fugly for sure.

I am looking at some astronomical events which, I think, could herald the end of the world by the fall season of 2015. If we are within 3.5 years of that time, we are about to see things get real bad real fast. We should begin to see an increase in the signs already started, if that is the case, before May 2012. Maybe I am being too optimistic and it will be the fall of 2014, in which case next week will be fuglier than this week.
8th August 2011, 07:14 PM
madfranks

Quote:

Eric Cantor said he was happy that there were no new taxes. How does he arrive at that? Inflation is the insidious tax that steals from savers.

In the words of Ed Griffin, "not one man in a million" will be able to figure this out. The majority of Americans are completely ignorant when it comes to fiscal and monetary matters. To them, inflation is just one of those normal parts of life, just one of those uncomfortable elements of life we don't know what causes it but we all have to deal with it.