Where is the US economy headed?

@Cycloptichorn,

Cycloptichorn wrote:

Let me ask you, oh economic genius: why do you think S&P put that warning out yesterday? Explain in detail.
2nd question: do you know what the last time they issued a similar warning, re: gov't bond rating downgrades?Cycloptichorn

I do not know to question number 1, but I believe it is mostly because they believe the situation is dire.

2nd question, I heard it was December 1941 when the Japanese attacked Pearl harbor.

By the way, we should not need this debt warning to know we are in big trouble.

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@MontereyJack,

He probably gets his news from NewsMax which almost makes Fox look both literate and objective.

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The real problem with the economy is that no one has the courage to say in public that oil production has peaked.

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Here is one way to help the debt situation

Quote:

Former Federal Reserve Chairman Alan Greenspan said tax cuts put in place by former U.S. President George W. Bush should be allowed to expire and the U.S. should return to tax rates that were in effect under former President Bill Clinton to help address the budget deficit.

We should “allow the Bush tax cuts to expire,” Greenspan said on NBC’s “Meet the Press” today, calling the economic crisis “imminent and dire.” We should “put the rates back to where they were during the Clinton administration,” he said.

But then I suppose Greenspan is a damn communist these days.

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@parados,

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@plainoldme,

plainoldme wrote:

The real problem with the economy is that no one has the courage to say in public that oil production has peaked.

Plenty of people talk about the dire situation of declining oil production and the need to drill and develop our own resources, mostly all conservatives, including women like Sarah Palin. But Democrats and Obama hate oil, so what do you expect, pom?

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@okie,

pom actually mentioned something very pertinent, that being peak oil. Here are interesting graphs about peak oil, including the original Hubbert projection, then a graph with more current ones.
http://en.wikipedia.org/wiki/Peak_oil

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Insolvency Cliff

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Credit Rating Wake-Up Call

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LISTEN & LEARN

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@H2O MAN,

H2O MAN wrote:

LISTEN & LEARN

GREAT LINK, H2OMAN. I listened and agree 100%!!!!!!!!!!!!!!!!!!!! Great point about the difference between tax rates and tax revenues. It is unbelievable how impervious to this concept are liberals, including right here on this forum.

GO FAIR TAX !!!!!!!!!!!!!!!!!!!!!!!!!!!!

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@okie,

okie wrote:

Cycloptichorn wrote:
Let me ask you, oh economic genius: why do you think S&P put that warning out yesterday? Explain in detail.
2nd question: do you know what the last time they issued a similar warning, re: gov't bond rating downgrades?Cycloptichorn
I do not know to question number 1, but I believe it is mostly because they believe the situation is dire.

Incorrect. It's because they believe the Republicans are going to play games with the debt ceiling.

None of this should surprise you. After all, it's your side that likes to talk about 'uncertainty' and how it harms business. Right? Well, threatening to make the US default on their debt is the ultimate uncertainty. It is terribly destructive to our business to be making threats like that, and it's idiotic anyway, not even regarding that.

Quote:

2nd question, I heard it was December 1941 when the Japanese attacked Pearl harbor.

Wrong. The last time was in 1996 - when the Republicans, under Gingrich in the House, were threatening to not vote to raise the debt limit.

Quote:

By the way, we should not need this debt warning to know we are in big trouble.

Yes - and that's why we should raise taxes immediately. Not just on the rich, on everyone. Returning to Clinton-era tax rates would reduce the deficit by 75% within 5 years - without a single spending cut. If we raise taxes AND cut spending modestly, the budget can be balanced in 5 years.

If you really think we are in 'big trouble,' this is the plan we should get behind. If you think taxes shouldn't be raised - you don't really think we are in trouble and are unserious abou the topic.

Cycloptichorn

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@Cycloptichorn,

Cyclops, listen to entire link provided by H2OMAN in the above.

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@Cycloptichorn,

"No tax increase" is cemented into their brains; they have no other solution for the growing deficit.

What is unfortunate is that the GOP threat works. It makes Obama bend into a president nobody knows. Even the political pundits aren't sure who Obama is after two years in office.

Where and how much he'll bend is the question everybody is asking.

How about we go back and talk about closing Gitmo?

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@okie,

Thanks.

I don't care what political party you support you really need to listen to what these guys have to say.

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@okie,

okie wrote:

Cyclops, listen to entire link provided by H2OMAN in the above.

To Art Laffer? Pull the other one! He's the guy who came up with the bullshit theory that you use to justify your greed. Why would I want to listen to him? The man has no clue how economics work at all, and exists merely to tell Conservatives that they are RIGHT to be greedy.

Are you serious about us being in 'big trouble,' or not? If so, you'll agree that taxes need to be raised.

Cycloptichorn

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@cicerone imposter,

Closing Gitmo?
I remember that. Isn't that something Obama said he would do within one year of taking office?
Yet it is still open now
Why is that?

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@mysteryman,

mysteryman wrote:

Closing Gitmo?
I remember that. Isn't that something Obama said he would do within one year of taking office?
Yet it is still open now
Why is that?

Because the Republicans successfully demonized the issue to the point where it was politically impossible to do so. Where have you been all this time, that you don't know that answer?

Cycloptichorn

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@mysteryman,

Because we really don't know who Obama is! He can say something, but I wouldn't bet my house on it that he'll keep his word.

He's a bender.

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@cicerone imposter,

cicerone imposter wrote:

Because we really don't know who Obama is! He can say something, but I wouldn't bet my house on it that he'll keep his word.

He's a bender.

Is "bender" code for LIAR?

1 Reply

Where is the US economy headed?

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