Ring out the new, ring in the old.
No, hang on, that should be the other way around, shouldn’t it? Not as far as 2011 was concerned. The year began with a tea-powered Republican caucus taking control of the House of Representatives and pledging to rein in spendaholic government. It ended with President Obama making a pro forma request for a mere $1.2 trillion increase in the debt ceiling. This will raise government debt to $16.4 trillion — a new world record! If only until he demands the next debt-ceiling increase in three months’ time.
[…]
Greece owes a few rinky-dink billions; America owes more money than anyone has ever owed anybody ever.
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At the deepest levels within our governing structures, we are committed to living beyond our means on a scale no civilization has ever done.
It is a problem, but this is old news. This is the deal that was sruck 3 months ago. And the next increase is part of that deal.
The Dems and the GOP want to rumble. Neither side is willing to accept or accede to the authority of the other until after this election. The dems cling to the fact that they control the exec and the the senate and the GOP to the fact that they are ascendant and in corntol of the House.
Both sides, particularly Obama, are doubling down. If there is any result other than a clean sweep by the GOP then there will be no resolution. Obama wins if he doesnt lose EVERTHING.
Thats just the way the game is being played by the Dems.
ALmost any observer and investor recognizes that no decisions will be made until the election and only after the election results are clear will there be any actions taken. Until such time, money is pulled off the table, all bets by private sector are relatively small and defensive.
The speed with which whoever is elected in November will have to move is almost unimaginable.
The question is will it all hold till this time next year? Or will there be an event that pushes the U.S. over the cliff prior to a new regime being put in place. The choices will be ugly, and Obama will defer ALL of them till after the election….President Present indeed.
Yeah had a chat yesterday with this gal I chat with from time to time….
She has a ready smile and a sunny disposition, and hails from Transylvania.
For a change, the subject turned to politics….the transformation in her would make a lefty’s blood run cold….my life experience shielded me….I’ve known a few Romanians.
I can easily recognize the formula which so abruptly ended communist rule in Romania….
She wondered why Obama still breathes and how the occupy thingy lasted for even a day.
We really need more Romanian immigrants.
Do you not rmember the big kerfuffle about raising the debt cieling before?
this is just 2.0 and like it is stated either mid year or in a few more months the request will again rear it’s ugly head becasue the people who are demnading it have no clue how to actually say …NO!! they are no different than the entitlment generation occupy people except they are dress like professionals , and have alot more control over our lives.
All i can say it we are toast , if the next candidate does not have enough balls to stand up and say out loud what everyone already knows left center or right we are all screwed this is not going to go away .
And here OBAMA just a few weeks ago was talking about not spending our grandchildren into forced slavery,and a few weeks later he want’s to raise the debt cieling,two point’s here.
a)the american people voted for the govornment that they wanted and deserve.
b)What you sow is what you reap america . Americans have no one else to blame except themselves. They voted nanci pelosi,obmama,clinton,bush,ried,barny frank,and the likes, same with all of the uber liberal judges. they all get voted into there positions, the mayors,govornors,police chiefs,you name it right down to a county level the people voted for all of this .so you made your bed now lay in it.
.
sasquatch
“We really need more Romanian immigrants.”
yuppers, us’n gypsys can be like that, it’s like you filp a switch, we change
OTH, this fiscal problem will NOT go away by just electing a GOP president, it did not start with the election of Ouseless, he just sped things up a little. Back in the 70T’s this over spending/to big a government was discussed in my IE class, and is playing out accordingly. The electorate needs to change their expectations and demand their reps respect their wishes, rather than politics as usual, just so’s they will be re-elected
Mark Steyn is a brilliant writer, a younger Thomas Sowell, if only politicians would read some of these excerpts, why is it so hard for lefties to not see the outcome of stupid decisions. But on the bright side of finances, one could get a paid by the hour delivery job for the government and demand to drive an electric car to,” save the planet”. Governments like in BC and ON have become so infiltrated with “Suzukites” they would happily hire my “green” delivery service, and since it would take a week at least to get papers from place to place I would be rich!
In response to the prescient Mr. Steyn, the Phantom sez: “Its good that Harper’s building up the army.”
This heightens the need to streamline our immigration system to handle the massive influx of economic refugees that will be coming from the US.
I recently read that if the US taxed its citizens at the same rate as Canada, it would eliminate its deficit. We think they have a spending problem?
Gus I would love to see that article because I’ve researched moving to the US a few times and my taxes would have gone up. In fact take home pay wise it was a wash really.
bartinky, had a great New Years with my long term friends last night and as usual she wanted to discuss politics. She is a die-hard lefty, always votes Liberal and defends McGuinty’s record and is convinced he will reduce Ontario’s debts even when I point out he has destroyed our economy and never stopped spending in 8 years so why would he change now. Her response, “He just will!”. I changed the topic as there is no point in continuing this fruitless discussion.
Toronto is filled with left-wing people like my friend who always brings up the slightest personal thing Rob Ford does. Usually they are public employees like my friend.
As we have discussed on SDA many times lefties are all emotion, facts mean nothing. As Steyn aptly points out their mindset moves us closer to the abyss but they simply don’t care.
james, I can not exactly recall the source. My apologies. I believe that they referred to the taxation level as a percentage of GDP. I would expect that there could be a lot of variance in any individual case since it would include state, real estate and sales taxes in addition to federal income tax. My main point is that if the US has a spending problem, then Canada and especially the EU have bigger problems.
Obamassiah . . the greatest economist of all times . .
http://tinyurl.com/75n7338
The US doesn’t have a spending or a revenue problem it has a corruption problem. It starts at the top and permeates all the way to the bottom. The best the American people can do is to put in some strict anti corruption measures. For example they need to jail politicians that make money from political office above their office stipend. They need to do a Jean Chretien and eliminate political funding by corporations and unions and limit individual donations to $1000.00 per year.
read it all
No thanks. It’s too damn depressing. New Year, same crap.
It’s like watching a disaster unfold in slow motion, and no one is doing a thing to stop it. Sigh.
joe, Canadian and international unions are big contributors to campaigns here, in money and particularly in organization, office equipment, mailouts, phone lists, and manpower. Unions provide the groundwork for the NDP.
Some considerations as to why nobody seems to want to tackle the problem.
1. US government expenditures are now a greater part of GDP than during WW2.
2. Reducing government expenditures will crater revenues and increase debt initially.
3. Some estimates put the level of cuts needed to overcome the loss of revenue at 43%. (exactly Bachmann’s number)
4. Without massive corporate investment triggering massive increases in GDP … there is no way out without triggering deep recession.
5. Debt can be monetized to some degree; but that comes with long term dire consequences.
5. The Euro-zone faces the identical problem but with far less of a chance of increasing GDP and no mechanism to monetize debt.
Happy New Year in Progressia 🙂
Fred
“Obamassiah . . the greatest economist of all times . .
http://tinyurl.com/75n7338“
I agree…self praise is no recommendation.
That Austrian corporal thought himself a military genius of a new flavour…..the General staff disagreed…discretely……
Maybe I’m missing an enormous clue but why refer to liberals, ect as “progressive”? I don’t see how being in the poorhouse is progressive. We should stop letting liberals frame the argument, particularly by choosing the words of that argument.
Sorry, just a quibble.
GYM
Try not to confuse Romanians with Romany’s(travellors).
Romany’s originated somewhere in India and for over a millenia have been migrating west….hardly any in Romania or eastern europe….western europe…France, Spain, Britain….yeah.
“They need to do a Jean Chretien and eliminate political funding by corporations and unions and limit individual donations to $1000.00 per year.”
The US is sadly in need of election finace reform and voter ID. The US already has too many corrupt politicos…without importing canada’s worst.
@ cjunk
4. Without massive corporate investment triggering massive increases in GDP … there is no way out without triggering deep recession
There have been massive corporate investments. Just in the wrong countries. Chinas GDP is still very healthy.
Canadian and international unions are big contributors to campaigns here, in money and particularly in organization, office equipment, mailouts, phone lists, and manpower. Unions provide the groundwork for the NDP.
True at the provincial level, not the federal. Can’t contribute either cash or “in kind” gifts of offices, equipment, mailings, etc. People can, and do, volunteer, but stats show that people with money and university educations tend to contribute both more money and more time than people with high school degrees.
And at the provincial level, in Ontario at least, the unions seem to support the Liberals more than the Dippers. Massive TV campaigns by the elementary teachers (who love Dulltone) and by “Working Families” (a union front), ably assisted by Tim Who-dat’s “deer in the headlights” campaign, delivered the Liberal victory, small as it was.
Welcome to the 40,000 new regulations for 2012.
http://www.msnbc.msn.com/id/45819570/ns/us_news-life/#.Tv-fd1bURn8
KevinB: I stand corrected. Thanks. The rules changed in 2007.
“harshing the electorate’s mellow”
Had to look this phrase up. I find it to be very clever now knowing what it means.