Quotes of the day

posted at 10:51 pm on January 15, 2013 by Allahpundit

The United States could lose its top credit rating for the second time from a leading credit agency if there’s a delay in raising the country’s debt ceiling, Fitch Ratings warned Tuesday…

“The pressure on the U.S. rating, if anything, is increasing,” David Riley, managing director of Fitch Ratings’ global sovereigns division said at a London conference. “We thought the 2011 crisis was a one-off event …. if we have a repeat we will place the U.S. rating under review.”…

Riley warned that the different arms of the U.S. government still have a number of issues to address. As well as increasing the debt ceiling, they have to agree to spending cuts that were delayed as part of the ‘fiscal cliff’ agreement and back measures to avoid a government shutdown, potentially in March.

***

For the first time since Social Security’s cash crisis in 1983, the program can’t afford to pay full benefits for its youngest crop of new retirees through life expectancy, government data show.

The hastening of the Social Security Trust Fund’s demise to 2033 means that workers just becoming eligible for Social Security at age 62 face steep future benefit cuts if they live to the average life expectancy, now about 84.

Those abrupt benefit cuts of about 25% a year for today’s 62 year olds and workers nearing the early retirement age would come at an especially bad time — late in life when savings have dwindled and health care bills are on the rise.

***

What’s more, according to AARP, health care costs are rising faster than wages. One study, done in conjunction with the Urban Institute predicts that the average retirement income will fall from the current 80 percent of average earnings, to 73 percent of earnings. When health care costs are figured in, it’s even worse. The study says that retirees will have to live on a budget that is just over half of what they made when they were working.

The study also predicted that middle-income retirees will rely on social security for about half of their retirement income. For low-income earners, social security will make of 69 percent of their retirement money. The average social security payment today is just over $13,000 a year.

***

Rejecting GOP ultimatums, Rep. Steny Hoyer (D-Md.) said Tuesday that new revenues must accompany spending cuts as Congress prepares to jump headfirst into a series of high-stakes budget debates…

Hoyer, the Democratic whip, said it’s “categorically not true” that the last deal takes new revenues off the table in the coming talks.

“I certainly reject it out of hand,” Hoyer said during his weekly Capitol press briefing. “You cannot get to where we need to get — to get our country on a fiscally sustainable path — without additional revenues.”

***

To avoid a crisis, taxes would need to start rising sharply in the middle part of this decade. The U.S. can support 3% budget deficits without a disastrous increase in debt, since the economy will potentially grow at that rate. So by the mid-2020s, we’d need to have a system in place that collects an extra 3 points of GDP in revenues. That’s the 25.5% spending rate, minus around 22.5%, approximately representing the 19.6% share of revenues plus the 3% deficit.

How big is that number? By 2028, it would total around $1 trillion. Raising an extra $1 trillion would require a 37% rise in income taxes. Hiking tax rates on anyone, high-earners or the middle class, won’t remotely collect that kind of money. Once again, the 19.6% of GDP is about the limit of what the current tax system can provide, given that marginal tax rates far higher than today’s have seldom collected more than that share…

If Washington gridlock persists, the big new tax is a virtual certainty. The most probable choice will be a VAT. Since the VAT is assessed on things people buy, not their incomes, it falls heavily on the middle class. Suddenly, the issue is sneaking into the fiscal debate. A January 7th editorial in the New York Times called for a VAT. The same week, in a piece criticizing the nomination of Jack Lew for Treasury Secretary, the Wall Street Journal editorial page groused that President Obama’s spending plans will saddle America with a VAT by default.

This isn’t what the middle class was promised. But the numbers, even assuming good days ahead for the economy, point inexorably in that direction. We don’t know what crisis will enable the phantom to take charge. But every day of inaction brings that crisis nearer.

***

[A]t a more elemental level, we need significant attitudinal change. Governments and legislators, for example, have to cease viewing public finances as a vote-attracting tool.

I’m afraid, however, that the bigger challenge may well be for ordinary Americans. To put it bluntly, we need to accept that our participation in democracy cannot degenerate into voting for whoever promises us the most stuff.

In short, if we’re unwilling to use our democratic freedoms responsibly, America seriously risks degenerating into what one German academic described in 2009 as the situation prevailing throughout much of Western Europe: “fiscal kleptocracy.” Citizens vote for those politicians who use state power to give their supporters what they want at other peoples’ expense.

Fiscally, that translates into tax increases, no substantial spending cuts, and a colossal debt-burden for our children.

***

Economist Herbert Stein observed that something that can’t go on forever, won’t. The United States can’t go on forever increasing its debt by 60% every four years. Therefore, it won’t. The only question is how things will stop — smoothly or catastrophically.

As we head into the next debt-ceiling debate, it’s worth considering these words from a patriotic senator concerned with America’s future:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. . . . It is a sign that the U.S. government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

The senator? Sen. Barack Obama, in 2006.

I wish that guy was President now.

***

Some conservatives are convinced that this is the full emergence of Obama’s democratic socialism. This explanation is not required. Obama probably still views himself as a pragmatist. He may comfort himself that he will take incremental action on Medicare in due time. But at this moment three factors overlap: his liberal policy instincts, a political opportunity to break his opponents, and the massively inflated self-confidence produced by reelection. So, force the GOP to surrender on the debt limit, with nothing in return. Require Republicans to accept new taxes in exchange for any real spending reductions. If they agree, their caucus is fractured (again). And if they refuse (which they are likely to do), paint them as obstructionists and extremists who are willing to destroy the economy/the nation’s credit rating/the military for their own ideological purposes.

There is one main downside to this approach. It delays any serious action on long-term debt for at least another two (and probably four) years. It is the path of a government that moves from fiscal crisis to crisis, gradually undermining global confidence that it can manage its own affairs. An economy in which uncertainty, slow growth and high unemployment become norms. A federal budget increasingly devoted to entitlements at the expense of other purposes, including defense — eventually undercutting our international influence in the same way that Europe has become depleted, insular and toothless.

Obama’s short-term political calculations are understandable. It is the cost to posterity that is unreasonable.

***

Via Mediaite.

***

Click the image to watch.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2 3 5

Scrumpy!!!

KCB on January 15, 2013 at 10:52 PM

…he can stick that finger in his pie hole!

KOOLAID2 on January 15, 2013 at 10:52 PM

Default

KCB on January 15, 2013 at 10:53 PM

?…jackie!!!

KOOLAID2 on January 15, 2013 at 10:53 PM

Hi KOOL.

KCB on January 15, 2013 at 10:53 PM

GG!!

KCB on January 15, 2013 at 10:54 PM

…whose Default?…Alt?…Oh!…you’re not doing a ladies run tonight?

KOOLAID2 on January 15, 2013 at 10:54 PM

RWM!

KCB on January 15, 2013 at 10:54 PM

B9

KOOLAID2 on January 15, 2013 at 10:54 PM

A picture of Obama to the children…
And the parents…
tomorrow…

Electrongod on January 15, 2013 at 10:54 PM

Budgets? We don’t need no stinking Budgets!

sandee on January 15, 2013 at 10:54 PM

Twerp!

KCB on January 15, 2013 at 10:55 PM

Hi KCB!

KOOLAID2 on January 15, 2013 at 10:55 PM

Hi EG.

KCB on January 15, 2013 at 10:55 PM

I’m here, KCB!

annoyinglittletwerp on January 15, 2013 at 10:55 PM

Americans are easier to control when they are unarmed and dependent.

These are scary times, my friends.

Corporal Tunnel on January 15, 2013 at 10:56 PM

Hi EG.

KCB on January 15, 2013 at 10:55 PM

*clink*

Electrongod on January 15, 2013 at 10:56 PM

annoyinglittletwerp on January 15, 2013 at 10:55 PM

;-)

KCB on January 15, 2013 at 10:57 PM

Twerp, you really should call me Ken.

KCB on January 15, 2013 at 10:57 PM

The imbecilic rank and file democrats voted for this evil @#$%tard to manage the decline of the USA. I hate every last one of them.

tom daschle concerned on January 15, 2013 at 10:57 PM

The United States could lose its top credit rating for the second time from a leading credit agency if there’s a delay in raising the country’s debt ceiling, Fitch Ratings warned Tuesday…

What? I thought you lost your credit rating when you were over your head in debt?

JPeterman on January 15, 2013 at 10:58 PM

Twerp, you really should call me Ken.

KCB on January 15, 2013 at 10:57 PM

Cool. I’m Barb

annoyinglittletwerp on January 15, 2013 at 11:00 PM

That impending credit downgrade is as inevitable as the VAT tax.

can_con on January 15, 2013 at 11:01 PM

Cool. I’m Barb

annoyinglittletwerp on January 15, 2013 at 11:00 PM

Btw: My first name is fairly common knowledge here. *grin*

annoyinglittletwerp on January 15, 2013 at 11:01 PM

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. . . .

The senator? Sen. Barack Obama, in 2006.

I wish that guy was President now.

He is….

Wake up and smell the coffee…

Electrongod on January 15, 2013 at 11:02 PM

Good evening, everyone. Yesterday’s presser was the worst thing I’ve seen in recent memory. USA definitely in jeopardy.

Jackalope on January 15, 2013 at 11:02 PM

What’s more, according to AARP, health care costs are rising faster than wages.

Would that be the same socialist-loving “corporation” that makes the bulk of its money selling insurance…..and fully endorsed ObamaCare?

Tim_CA on January 15, 2013 at 11:03 PM

Step one disarm the populous.

meci on January 15, 2013 at 11:03 PM

Greetings!! To Ken K2 EG ALT TDC CT and everyone who is still on the outside looking in!!

Scrumpy on January 15, 2013 at 11:03 PM

I mean…

WTF???

Does any Low Info Voter know who is Prez?

Electrongod on January 15, 2013 at 11:03 PM

Greetings!! To Ken K2 EG ALT TDC CT and everyone who is still on the outside looking in!!

Scrumpy on January 15, 2013 at 11:03 PM

Can I close the blinds…

I like the view out here…:)

Electrongod on January 15, 2013 at 11:04 PM

When can we start printing our own money melt gold into coins?

Scrumpy on January 15, 2013 at 11:04 PM

Electrongod on January 15, 2013 at 11:04 PM
You can, but come into the Glade where we play!! ;-)

Scrumpy on January 15, 2013 at 11:05 PM

I mean…

WTF???

Does any Low Info Voter know who is Prez?

Electrongod on January 15, 2013 at 11:03 PM

He’s saying that he wishes that the 2006 Obama, who allegedly cared about debt and deficits, was president now instead of the 2013 Obama, who could care less about either.

Resist We Much on January 15, 2013 at 11:05 PM

Tomorrow I receive word if the great state of TEXAS is going to allow me to move on to the next state in the CHL process. I’m not especially worried.

annoyinglittletwerp on January 15, 2013 at 11:05 PM

Twerp, you really should call me Ken.

KCB on January 15, 2013 at 10:57 PM

Cool. I’m Barb

annoyinglittletwerp on January 15, 2013 at 11:00 PM

Evening Ken!

My real name starts with a K.
a present for u. The rest is top secret. :)

bazil9 on January 15, 2013 at 11:06 PM

Olly olly oxen free

Bmore on January 15, 2013 at 11:07 PM

“The only question is how things will stop — smoothly or catastrophically”.

My $ (pun intended)
is on cato.

bazil9 on January 15, 2013 at 11:07 PM

http://www.youtube.com/watch?v=WCkOmcIl79s

It’s all about the Money Money Money!!

Where my sugar daddy at ;-)

Scrumpy on January 15, 2013 at 11:07 PM

I Never knew that!

KCB on January 15, 2013 at 11:07 PM

He’s saying that he wishes that the 2006 Obama, who allegedly cared about debt and deficits, was president now instead of the 2013 Obama, who could care less about either.

Resist We Much on January 15, 2013 at 11:05 PM

Oh….

Did they both eat dog?
:)

I know…

Electrongod on January 15, 2013 at 11:07 PM

The United States could lose its top credit rating for the second time from a leading credit agency if there’s a delay in raising the country’s debt ceiling, Fitch Ratings warned Tuesday…

LOL. Just the opposite of reality. The US debt rating should be degraded if the US moves quickly to raise the debt ceiling.

I liked how some idiot tried to explain the debt ceiling to voters by saying, “It’s like someone who has maxed out their credit cards trying to help their credit by not being able to charge anymore” [paraphrased, but that was the gist of the idiocy]. As if someone who’s maxed out their cards is a better risk if they are allowed to take on even more credit to pay for their everyday lives …

We stepped through the looking glass in Nov 2008 and now we are residing in the world of the truly bizarre and imbecilic. It seems as if idiocy is the contemporary currency in Washington, though that makes sense as idiocy is clearly the most valuable commodity in the American Socialist Superstate.

ThePrimordialOrderedPair on January 15, 2013 at 11:08 PM

a present for u. The rest is top secret. :)

bazil9 on January 15, 2013 at 11:06 PM

We start a new game ;-).

KCB on January 15, 2013 at 11:08 PM

Greetings!! To Ken K2 EG ALT TDC CT and everyone who is still on the outside looking in!!

Scrumpy on January 15, 2013 at 11:03 PM

Hi Scrumpy!

JPeterman on January 15, 2013 at 11:08 PM

mmmmmmm shcnauzer.

Tim_CA on January 15, 2013 at 11:09 PM

I might have to check out of following the daily news… I can’t take it anymore. My country is circling the drain, like a giant turd too big to go down whole, and nobody in elected office will even make a forceful argument, let alone fight to save it…

I got a terrible pod in the Matrix…

PointnClick on January 15, 2013 at 11:09 PM

Or this one lol…

http://www.youtube.com/watch?v=JkhX5W7JoWI

Pink Floyd

Scrumpy on January 15, 2013 at 11:09 PM

Hi Scrumpy!

JPeterman on January 15, 2013 at 11:08 PM

Hiya Scrumpy!
Hiya JPeterman!

annoyinglittletwerp on January 15, 2013 at 11:09 PM

Love Scrumpy!

KCB on January 15, 2013 at 11:09 PM

Hi JP!!

Scrumpy on January 15, 2013 at 11:09 PM

Tim_CA on January 15, 2013 at 11:03 PM

Why, yes it would!

bazil9 on January 15, 2013 at 11:09 PM

Hiya Scrumpy!
Hiya JPeterman!

annoyinglittletwerp on January 15, 2013 at 11:09 PM

You may call me Petr.

JPeterman on January 15, 2013 at 11:11 PM

I feel like it’s the Walton’s here. lol

bazil9 on January 15, 2013 at 11:12 PM

What’s more, according to AARP, health care costs are rising faster than wages.

Would that be the same socialist-loving “corporation” that makes the bulk of its money selling insurance…..and fully endorsed ObamaCare?

Tim_CA on January 15, 2013 at 11:03 PM

…and they still have members?…not me!…I told them I would send them a picture of my member if they kept asking me to be A member!

KOOLAID2 on January 15, 2013 at 11:12 PM

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

More Floyd!!

Ok and you can call me Chrissy!! :-)

Scrumpy on January 15, 2013 at 11:13 PM

I feel like it’s the Walton’s here. lol

bazil9 on January 15, 2013 at 11:12 PM

Second story..
First door on the left…

I called it..

Electrongod on January 15, 2013 at 11:13 PM

Disaster.
=========

True Dat AllahP,……………”FAILURE”, me thinks!
(sarc)

canopfor on January 15, 2013 at 11:13 PM

KCB on January 15, 2013 at 11:08 PM

U can call me K9-just u. ;)
Oh and Mr B-cause..he is Mr B.

bazil9 on January 15, 2013 at 11:13 PM

I called it..

Electrongod on January 15, 2013 at 11:13 PM

Isn’t that Mary Ellen’s room?

KCB on January 15, 2013 at 11:13 PM

Scrumpy on January 15, 2013 at 11:13 PM
Beautiful scenery on that song… enjoy

Scrumpy on January 15, 2013 at 11:14 PM

You may call me Petr.

JPeterman on January 15, 2013 at 11:11 PM

…how come I just laughed like he11 just now?

KOOLAID2 on January 15, 2013 at 11:14 PM

“This isn’t what the middle class was promised.”

O_o

Seven Percent Solution on January 15, 2013 at 11:15 PM

Rejecting GOP ultimatums, Rep. Steny Hoyer (D-Md.) said Tuesday that new revenues must accompany spending cuts

http://youtu.be/Adz1aWRsDw8

little advice for our congress critters.

Fred

jrsrigmvr on January 15, 2013 at 11:15 PM

Results for #debtceiling

https://twitter.com/search/%23debtceiling
=========================================

ABC News ‏@ABC

Two GOP Senators Appear Okay With Raising #DebtCeiling http://abcn.ws/W4Wq4f

canopfor on January 15, 2013 at 11:16 PM

The United States could lose its top credit rating for the second time from a leading credit agency if there’s a delay in raising the country’s debt ceiling

What kind of incompetent credit rating agency is this? If I spent all my money, maxed out my credit card, couldn’t pay my bills and called my credit card company demanding they raise my credit limit to pay my bills, my credit rating should drop through the floor. This credit agency is either insane or corrupt! Take your pick, but unless it turns out it actually is an asylum, which I doubt, my pick is the second option.

It’s no wonder these incompetent credit ratings agencies missed the massive credit bubble forming all those years until after the ’08 crash! Talk about useless.

Credit ratings agencies have one standard for we, the common man, and a different standard for their cronies at the top.

FloatingRock on January 15, 2013 at 11:16 PM

Got my W2 this week and seeing the section filled out with the cost of my health care plan made me cry.

My country is falling apart brick by brick.

gophergirl on January 15, 2013 at 11:16 PM

Jackalope on January 15, 2013 at 11:02 PM

Indeed.
Just bitterly clinging here.

bazil9 on January 15, 2013 at 11:16 PM

Isn’t that Mary Ellen’s room?

KCB on January 15, 2013 at 11:13 PM

Shhhhh…

Electrongod on January 15, 2013 at 11:16 PM

It’s no wonder these incompetent credit ratings agencies missed the massive credit bubble forming all those years until after the ’08 crash! Talk about useless.

To correct myself, I don’t think they’re incompetent, nor insane, I think they’re corrupt.

FloatingRock on January 15, 2013 at 11:17 PM

Flirting with disaster.

Bmore on January 15, 2013 at 11:17 PM

KOOLAID2 on January 15, 2013 at 11:14 PM

hmmm…mind in the gutter? ;)

bazil9 on January 15, 2013 at 11:18 PM

Starlink on January 15, 2013 at 11:13 PM

Very poetically stated. Unfortunately, very correct.

The only solution that I can see anywhere around is in the form of a national divorce. Too much of this society is just lost. They are drowning in their own stupidity and will drag down anyone unlucky enough to be around them … or stupid enough to stay connected to them.

ThePrimordialOrderedPair on January 15, 2013 at 11:18 PM

…how come I just laughed like he11 just now?

KOOLAID2 on January 15, 2013 at 11:14 PM

I don’t know why did you??

JPeterman on January 15, 2013 at 11:18 PM

My country is falling apart brick by brick.

gophergirl on January 15, 2013 at 11:16 PM

Aftwards..

We have some stackin’ to do….

Rebuild..

The low info libs will be shocked…

I can dream…

Electrongod on January 15, 2013 at 11:19 PM

Electrongod on January 15, 2013 at 11:13 PM

Too bad-me and Sparky already unpacked.
Look in the closet.

bazil9 on January 15, 2013 at 11:19 PM

People Americans are easier to control when they are unarmed and dependent.

Corporal Tunnel on January 15, 2013 at 10:56 PM

It’s a pre-condition, actually.

wolfsDad on January 15, 2013 at 11:19 PM

I may have missed it, but were any leading Repubs (Rubio, Rand, et al) making the rounds calling Obama out for his asinine presser? I heard Pat Caddell say today that the Repubs couldn’t get out of a wet paper bag…and that sounds about right to me.

Jackalope on January 15, 2013 at 11:19 PM

Flirting with disaster.

Bmore on January 15, 2013 at 11:17 PM

Hatchet Job!

Better than a cup of coffee!

Tim_CA on January 15, 2013 at 11:19 PM

gophergirl on January 15, 2013 at 11:16 PM

You’re not being taxed on that section..yet. For 5 years all it’s going to be is ‘reported’.

annoyinglittletwerp on January 15, 2013 at 11:20 PM

hmmm…mind in the gutter? ;)

bazil9 on January 15, 2013 at 11:18 PM

…only 99% of the time!…no one can call me a 1%er!

KOOLAID2 on January 15, 2013 at 11:20 PM

The patRIOTic ‏@a_politikill

In 2006 @BarackObama called raising the debt limit “a sign of leadership failures.” #debtceiling #tcot #tlot #theAudacityOfHypocrisy #change

canopfor on January 15, 2013 at 11:20 PM

gophergirl on January 15, 2013 at 11:16 PM

You’re not being taxed on that section..yet. For 5 years all it’s going to be is ‘reported’.

annoyinglittletwerp on January 15, 2013 at 11:20 PM

The fact that it is there at all makes me sad.

gophergirl on January 15, 2013 at 11:21 PM

Scrumpy on January 15, 2013 at 11:13 PM

Oh my a sweet lady after my heart.

Her’s one for you.
Think 4 July,1776

http://www.youtube.com/watch?v=7HmC-RgTECE&feature=related

Fred

jrsrigmvr on January 15, 2013 at 11:21 PM

Sorry if I am distracted..

Listening to some Texas ZZ Top…

Live…

Electrongod on January 15, 2013 at 11:22 PM

Electrongod on January 15, 2013 at 11:19 PM

It’s my dream too.

gophergirl on January 15, 2013 at 11:22 PM

Rebuild..

The low info libs will be shocked…

Electrongod on January 15, 2013 at 11:19 PM

Doubtful.

Think Habitat for Humanity….They EXPECT it….and they expect it to be free.

Tim_CA on January 15, 2013 at 11:22 PM

Scrumpy on January 15, 2013 at 11:13 PM

Are you making that up?

KCB on January 15, 2013 at 11:22 PM

My country is falling apart brick by brick.

gophergirl on January 15, 2013 at 11:16 PM

It’s heartbreaking. Every day it’s some new atrocity while the wussypants GOP just stands on the sidelines with their collective heads up their wazoos. Except for the few decent ones still left (which includes newly elected Senator Cruz)

When I cast my first vote at 19 for Reagan in the ’76 primary, I never thought I’d be spending the last half of my life watching the country implode.

TxAnn56 on January 15, 2013 at 11:23 PM

Now I’m depressed. Going to take a long hot shower and going to bed.

Tomorrow our President breaks his oath of office – AGAIN!

Night all.

gophergirl on January 15, 2013 at 11:23 PM

bazil9 on January 15, 2013 at 11:18 PM

…only 99% of the time!…no one can call me a 1%er!

KOOLAID2 on January 15, 2013 at 11:20 PM

lol
nice to see u btw.

bazil9 on January 15, 2013 at 11:23 PM

Doubtful.

Think Habitat for Humanity….They EXPECT it….and they expect it to be free.

Tim_CA on January 15, 2013 at 11:22 PM

I am afraid you’re right….

But can they overcome us?

Electrongod on January 15, 2013 at 11:24 PM

Dreams *poof*

Bmore on January 15, 2013 at 11:24 PM

Night all.

gophergirl on January 15, 2013 at 11:23 PM

Later friend…

Electrongod on January 15, 2013 at 11:25 PM

jrsrigmvr on January 15, 2013 at 11:21 PM

Floyd is my all time fav band! I am serious… :-)
.
.
.
Not making it up Ken :-)

Scrumpy on January 15, 2013 at 11:25 PM

I don’t know why did you??

JPeterman on January 15, 2013 at 11:18 PM

…just that after Alt and Ken were carrying on…I didn’t expect that out of the blue…from JP !

KOOLAID2 on January 15, 2013 at 11:26 PM

Tomorrow our President breaks his oath of office – AGAIN!

gophergirl on January 15, 2013 at 11:23 PM

When is enough…
Enough…..

Don’t need to answer…

Yet…

Electrongod on January 15, 2013 at 11:26 PM

And the most interesting aspect of the annual deficit/debt ceiling (that no one bothers talking about) is the laughable facts:

Annual deficit spending more than 8% of GDP, in order to crow about
Annual “growth” of LESS THAN 2% of GDP!!

We borrow and spend over $1 trillion in the economy in order to claim that the economy has “grown” by $300 billion!! It’s funny, really. What’s that money multiplier on feral government spending, again? 0.30? Okey doke … Spend an extra dollar from the feral government and record 30 cents in new revenue! WINNING!!

ThePrimordialOrderedPair on January 15, 2013 at 11:26 PM

Electrongod on January 15, 2013 at 11:24 PM

lol…pretty sure that’s one of the reasons we’re seeing record gun sales…alot of people are wondering exactly that.

Tim_CA on January 15, 2013 at 11:26 PM

Comment pages: 1 2 3 5