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The Basement
2011 U.S. Budget Cut in Perspective
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<blockquote data-quote="John Roberts" data-source="post: 33852" data-attributes="member: 126"><p>Re: 2011 U.S. Budget Cut in Perspective</p><p></p><p>I don't consider Langston's post as trolling because it actually presents the national debt in a fashion that is accessible to the many who haven't bothered to do the math. In fact after all the political posturing the current change is more like a rounding error (the debt rating agencies wanted to see about $3T reduction), while they have put a process in place that promises to do more, "promises" are cheap in D.C. Simpson-Boles already laid out a bi-partisan roadmap that has been roundly ignored. <a href="http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf" target="_blank">http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf</a> </p><p></p><p>One could argue that the politicians who elevated this debt limit discussion to a gloom and doom "end of the world as we know it" death-match are the trolls but they are just doing what politicians do to gain and hold the spot light. Regrettably, threatening to not increase the debt limit at the 11th hour is tantamount to arguing about the restaurant bill after you've already finished eating the meal, but I've come to expect that and less from the political class. </p><p></p><p>Even Hammer's question while couched as a joke is serious. Europe is in the middle of a sovereign debt crisis melt down, far worse than ours (a common currency but independent borrowing). Italy just promised EU lenders to bring their budget into balance within a year or two, and their legislature is cutting their normal euro length vacation short this year to work on the details. The big difference between us and a few Euro zone countries is that we are worried about where we could end up, and they are worried about Monday morning. </p><p></p><p>I appreciate that some may see my words as partisan but i am not parroting anybody else's words or thoughts than my own. I hold both parties responsible for our ugly situation and even the Libertarians (and or Tea Party) seem unrealistic about providing practical solutions. Of course intent does not excuse the perception I have created. I consider this an important topic that needs more awareness and for people to understand the consequences of not rigorously investigating and IMO changing our trajectory. </p><p></p><p>They say in a card game if you can't tell who the patsy is, "YOU ARE THE PATSY". I guess if I can't tell who the asshole is I am the asshole. <img src="https://cdn.jsdelivr.net/joypixels/assets/8.0/png/unicode/64/1f642.png" class="smilie smilie--emoji" loading="lazy" width="64" height="64" alt=":-)" title="Smile :-)" data-smilie="1"data-shortname=":-)" /></p><p></p><p>JR</p></blockquote><p></p>
[QUOTE="John Roberts, post: 33852, member: 126"] Re: 2011 U.S. Budget Cut in Perspective I don't consider Langston's post as trolling because it actually presents the national debt in a fashion that is accessible to the many who haven't bothered to do the math. In fact after all the political posturing the current change is more like a rounding error (the debt rating agencies wanted to see about $3T reduction), while they have put a process in place that promises to do more, "promises" are cheap in D.C. Simpson-Boles already laid out a bi-partisan roadmap that has been roundly ignored. [url]http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf[/url] One could argue that the politicians who elevated this debt limit discussion to a gloom and doom "end of the world as we know it" death-match are the trolls but they are just doing what politicians do to gain and hold the spot light. Regrettably, threatening to not increase the debt limit at the 11th hour is tantamount to arguing about the restaurant bill after you've already finished eating the meal, but I've come to expect that and less from the political class. Even Hammer's question while couched as a joke is serious. Europe is in the middle of a sovereign debt crisis melt down, far worse than ours (a common currency but independent borrowing). Italy just promised EU lenders to bring their budget into balance within a year or two, and their legislature is cutting their normal euro length vacation short this year to work on the details. The big difference between us and a few Euro zone countries is that we are worried about where we could end up, and they are worried about Monday morning. I appreciate that some may see my words as partisan but i am not parroting anybody else's words or thoughts than my own. I hold both parties responsible for our ugly situation and even the Libertarians (and or Tea Party) seem unrealistic about providing practical solutions. Of course intent does not excuse the perception I have created. I consider this an important topic that needs more awareness and for people to understand the consequences of not rigorously investigating and IMO changing our trajectory. They say in a card game if you can't tell who the patsy is, "YOU ARE THE PATSY". I guess if I can't tell who the asshole is I am the asshole. :-) JR [/QUOTE]
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