The Debt Ceiling is Scarier This Time

[Olsonist]

I don’t think there’s any way Santos loses his job short of death or resignation. He can be rotting in a jail in São Paulo and still get a Critter’s paycheck. He has no reason to give that up. I’m not sure anyone could give him a reason. So I don’t think there’s a deal here.

 

[Ishmael]

I don’t think there’s any way Santos loses his job short of death or resignation. He can be rotting in a jail in São Paulo and still get a Critter’s paycheck. He has no reason to give that up. I’m not sure anyone could give him a reason. So I don’t think there’s a deal here.

I'm talking assassination. Fuck the parking tickets.

 

[Steam Flyer]

Even if he manages to stay in office, no way he wins in 2024. Who the fuck is gonna re-elect him?

That's what you said about Margie 3toes and Miss Truckstop.

 

[Bus Driver]

Even if he can't participate (don't they have proxies?), he occupies a seat that would probably go Dem if he was kicked out. GOP ain't giving that up unless they have to.

I do believe Speaker McCarthy ended that.

 

[Bus Driver]

That's what you said about Margie 3toes and Miss Truckstop.

While I may have said that about Rep. Boebert, I don't believe I ever said that about Rep. MTG.

 

[Ishmael]

 

[pusslicker]

Easing Concerns Over the Debt Ceiling

I've spent a lot of time in the last few weeks talking to investors trying to ease concerns over the debt ceiling and default. This piece will provide a brief description of how I view all of this, the potential scenarios and why I think you shouldn't panic over the debt ceiling politics.

disciplinefunds.com

 

[billy backstay]

Easing Concerns Over the Debt Ceiling

I've spent a lot of time in the last few weeks talking to investors trying to ease concerns over the debt ceiling and default. This piece will provide a brief description of how I view all of this, the potential scenarios and why I think you shouldn't panic over the debt ceiling politics.

disciplinefunds.com

The lame stream media downplays this opinion, as panicking the public grabs more eyeballs and sells more adverts than telling a less scary story.....

 

[billy backstay]

What Americans think about the debt ceiling fight​

William A. Galston Monday, May 15, 2023


For most Americans, the debt ceiling is something abstract and technical that officials in Washington fight about. They have a hard time understanding the impact that this issue could have on their daily lives, and they do not appear to be listening to the warnings that policy experts are issuing with increasing urgency. The following contradictory and ambiguous poll findings illustrate the problem.

Most Americans do believe that the federal government spends too much and has accumulated too much debt, but they are not sure what to do about these problems. According to some polls, the debt ceiling should be raised only in return for spending cuts; according to others, these issues should not be linked. A recent Harvard/Harris survey found that 64% of voters think that Republicans should agree to raise the debt ceiling only if Democrats agree to spending restraints. But the most recent Washington Post/ABC survey found the reverse: only 28% of respondents want President Biden to agree to spending cuts in return for Republicans allowing the federal government to pay its debts, compared to 59% who want spending cuts and the debt ceiling to be addressed as separate rather than linked issues.

One possible interpretation: many people don’t yet understand the link between the debt ceiling and debt default. A recent CBS News poll informed voters that “the debt ceiling is the legal limit the federal government can borrow to pay its current debts” and then asked whether Congress should raise the ceiling. Forty-six percent said that Congress should do so; more (54%) said that it should not. But when informed failing to raise the ceiling could result in the U.S. defaulting on its current debt, only 30% continued to say that the ceiling should not be increased.
Elected officials typically care who will be blamed more if something goes wrong. During the debt ceiling fight of 2011, 42% of voters said that they would blame the Republicans for failing to raise the ceiling, compared to 33% who would blame then-president Obama. This time, the crystal ball is more clouded: 40% say they will blame the Republicans, but nearly as many (37%) would blame President Biden.

But there is a key difference between 2011 and today — the rate of inflation, which has soared to the top of voters’ concerns. According to veteran Republican pollster David Winston, large majorities of Americans now believe that inflation is linked to high levels of federal spending and debt, which makes them more open to fiscal restraint as part of a package of changes that includes raising the debt ceiling. But unlike some other surveys, Winston’s poll finds 57% of voters fearing that the consequences of failing to raise the debt ceiling could be “catastrophic”.

Looming over these contradictory statistics is a basic fact about American politics: since the 1932 election, voters have held the president responsible for overall economic conditions. If not raising the debt ceiling brings about the catastrophe that many experts fear, Joe Biden is likely to pay a price, even if his Republican challenger advocated an inflexible position that contributed to the default. Although the president and his advisors seem confident that they have the upper hand in this fight, a debt default could propel the Republican presidential candidate to victory in 2024."

What Americans think about the debt ceiling fight

Americans are conflicted about how to handle the debt ceiling.

www.brookings.edu

 

[BeSafe]

It's not that complicated.

"government spends too much and has accumulated too much debt, but they are not sure what to do about these problems."

Raise taxes and/or cut spending. If you get fired, tough shit. That's your job.

 

[Steam Flyer]

It's not that complicated.

"government spends too much and has accumulated too much debt, but they are not sure what to do about these problems."

Raise taxes and/or cut spending. If you get fired, tough shit. That's your job.

USAnians are mostly fat and spoiled. Translate this to budgeting: undisciplined spending, lax about income. On a household scale this is difficult, on a national scale it's a slow-motion disaster.

The news wants to blame "both sides" but the fiscal reality is a thing. It's a group of hard facts.

It's also a fact that, regardless of whether you agree or disagree with their fiscal priorities, the Democratic Party has a better record with the nation's economy. This is not a one-time thing, it's not a recent or short-term trend. It's the last 50+ years.

 

[billy backstay]

It's not that complicated.

"government spends too much and has accumulated too much debt, but they are not sure what to do about these problems."

Raise taxes and/or cut spending. If you get fired, tough shit. That's your job.

 

[spankoka]

It's not a good look for the US in Hiroshima this week.

 

[Sol Rosenberg]

Will the Best Americans benefit or suffer from a default?

The answer to that question will determine whether we default.

 

[Sol Rosenberg]

 

[Bus Driver]

Pushing for cuts in debt-ceiling fight, Republican Clay Higgins gets millions for his district​

In Washington, Republican U.S. Representative Clay Higgins has been a vocal advocate for spending cuts. Back home in Louisiana, it's a different story.

 

[billy backstay]

Pushing for cuts in debt-ceiling fight, Republican Clay Higgins gets millions for his district​

In Washington, Republican U.S. Representative Clay Higgins has been a vocal advocate for spending cuts. Back home in Louisiana, it's a different story.

"The cowboy-hat wearing conservative regularly highlights federal funding for hospitals, bridges and ports in his district, while voting against the spending bills that include them as "unsustainable" and "socialist garbage."


Socialism is okay for Louisiana, but not for the rest of the country???

 

[Bus Driver]

"The cowboy-hat wearing conservative regularly highlights federal funding for hospitals, bridges and ports in his district, while voting against the spending bills that include them as "unsustainable" and "socialist garbage."


Socialism is okay for Louisiana, but not for the rest of the country???

Republicans are not alone in the "Do as I say, not as I do" bullshit.

But, they are shameless in doing so.

 

[billy backstay]

The GQP MAGA Republicans feel they "have winning hand", so that makes it okay to crash the economy by not raising the debt ceiling. This is unbridled, irresponsible madness....

Quote from Heather Cox Richardson, cross posted with Desatis-Disney thread....

"Also today, the far-right House Freedom Caucus has called for an end to any discussions of raising the debt ceiling until the Senate passes its bill calling for extreme budget cuts. Forcing the nation into default will cause a global economic panic and, asked if they should compromise with the White House, Representative Bob Good (R-VA) said: “Why would we? We have a winning hand.”

 

[Steam Flyer]

They do have a winning hand.

Remember, for them, "WINNING" is about destroying the USA.