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Will a US default on our obligations hurt us?

 
 
Reply Thu 14 Jul, 2011 08:26 pm
There seems to be some mixed messages out there in media-land. Some are talking about a doomsday scenario while others are saying that the US currency is the only game in town.

What's your take on this issue? Will the deadline of August 2 really have any meaning for the US economy? Will there be any impact to the world economy?

If yes, why?
If no, why not?
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Type: Question • Score: 1 • Views: 810 • Replies: 7
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cicerone imposter
 
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Reply Thu 14 Jul, 2011 09:27 pm
@cicerone imposter,
Another issue facing the US credit rating; both Moody and S&P are looking at downgrading the US credit worthiness. If and when that happens, what happens to bonds and bank interest rates?
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cicerone imposter
 
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Reply Thu 14 Jul, 2011 09:29 pm
This is a tsunami with plenty of warnings, but the GOP will not negotiate to increase the debt ceiling. How will this end up when the tsunami hits our country?

Will most drown?
farmerman
 
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Reply Thu 14 Jul, 2011 09:38 pm
@cicerone imposter,
The :big deal" was turned down by GOP with the insistance of the TEabaggers caucus. If all goes to ****, I predict the demise of the teabaggers. All their opponents will remind voters that their declines in their 401 K interests seem to be a favorite ploy of the grand ole party.

Id use it . were I running for something.
Ceili
 
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Reply Thu 14 Jul, 2011 09:56 pm
Yup, you're going to sink and bring the rest of the world with you.

I've heard ones of the plans is to tax the foreign investors and land owners. The very people and businesses that have brought some respite to the US economy. Instead of risking potential political suicide in the very self absorbed world of two party politics and raising taxes at home, your government is playing russian roulette.
Tax breaks to the rich, IOU's for pensioners, unemployment, bankruptcies, foreclosures at staggering rates, an abysmal health care system, and the continued refusal to raise taxes. Unless your government learns to work together and find some common ground, you've doomed us all.
Look no further than Europe now. If the weak are falling after the last blast of unbelievably bad money management messing with the world's economy. Imagine what will happen when inflation rises and the US can't compete at the same global level it enjoys now.
It's going to get very ugly, c.i., unless you all learn to work together.
farmerman
 
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Reply Thu 14 Jul, 2011 10:03 pm
@Ceili,
Its funny but a recent poll of the truly wealthy was overwhelmingly in favor of closing tax loopholes and raising rates. They know that perception rules the investor markets, not reality.
We are providing the big creditors (China, Japan, Great Britain, and the OPEC countries) with reasons to reassess their positions of the monitized debt they hold.
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oolongteasup
 
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Reply Thu 14 Jul, 2011 10:06 pm
@cicerone imposter,
ask rupert
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cicerone imposter
 
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Reply Thu 14 Jul, 2011 10:18 pm
@farmerman,
I know about the GOP turn-down of any areas of negotiation if any tax is added.

What I'm enjoying is the simple fact that most Americans get it!~ They see the GOP as the party that is unwilling to work out any compromise, and that's the majority of voters including conservatives and independents.

If the GOP holds the line on no compromise or negotiation, most Americans will feel the pain. That pain is going to translate into votes for the democrats in future elections.

We should do away with members of congress who are unwilling to compromise or negotiate; they only hinder the work that's needed to help our country - and the world. Our economy will dramatically impact the world economy when our GDP sinks to new lows. That's because even small economies like Greece can sink most of Europe's economy; that's the reason they are giving loans to Greece - out of desperation - knowing that Greece is unable to pay back the loans.

Nobody is that connected to the US economy - to give us loans when our credit rating sinks.

The GOP, the party who's "no new taxes" since GW Bush's 2001-2002 tax cuts hasn't produced in jobs still wants to follow with more tax cuts for the wealthy. They don't need more tax cuts; they don't know what to do with all the money they've gained for three decades. Even Gates and Buffett says they can pay more in taxes than can the middle class and the poor.

Who are the GOP advocating for? They are leading blindly with their misguided goals into decimating this country, and they might succeed.

The irony is that many conservatives are going to suffer the pain too! They act as though it'll only impact the liberals.



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