Geithner Admits Spending in Obama‘s Budget is ’Unsustainable’
- Posted on February 17, 2011 at 4:20pm by
Meredith Jessup
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In testifying before the Senate Budget Committee Thursday, Treasury Secretary Timothy Geithner made a candid admission, characterizing President Barack Obama’s own budget plan as “unsustainable” with interest payments and obligations that are “excessively high”:
A graphic from the committee’s GOP majority illustrates the threat of growing debt as interest payments exceed total budget spending for 15 federal agencies:
Geithner also urged caution in the ongoing debt limit fight. “I would caution everybody against taking any risk that Congress does not act to increase the limit in the time frame we need,” Geithner told the committee.
“We cannot afford to let the markets lose any confidence that ultimately the Congress will act well in advance of any time that we’re going to hit the limit,” he added, “because that would be catastrophic, and cause grave damage to the expansion underway.”
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Comments (168)
hucksqr
Posted on February 17, 2011 at 5:03pmGlenn warned the Republican party after the elections. He told them if they do not get this right, and do not listen to the mandate of We the People, they would be finished as a political party. He also warned the independants such as myself would cease to support them. Well he was right. Unless the Republican party steps up, and begins to confine itself within the bounds of the Constitution, and begins real reform and spending cuts, then people like me will simply find others to vote for. To be honest, I would much rather vote for a Democrat over a RINO in the White House, because at least then they will spend several years fighting back and forth with each other, and will be too busy to take more of my liberty away. I’m sick of the government, I’m sick of both parties, and have decided that maybe it’s time to just “opt out” of being ruled by them instead of continuing down the same path.
Report Post »Both parties better wake up, they are both heading rapidly towards being made inconsequential by their very actions. Make the tough decisions, and cut everything! Entitlements, Foreign aid, social security, all the departments that are not Constitutionally mandated, defense, all of it. Go back to the type of budget George Washington had, that would make me giddy. I don’t need the government to take care of me or my family, we can do that just fine.
RightPolitically
Posted on February 17, 2011 at 7:30pmYou make some great points. I do believe that if the Republicans “punt” as it seems they might do, they are signing their own POLITICAL DEATH WARRANTS! The Tea Parties will then go “official party” status and the Republicans will be LEFT IN THE DUST!
Report Post »Showtime
Posted on February 17, 2011 at 8:17pmI think that the Republicans are trying to avoid riots here in America. Dry up the hind teat, and you have a LOT of UNION people in the streetrs, not to mention the rest of them.
Report Post »TEXPATRIOT
Posted on February 17, 2011 at 8:49pmI believe the Republicans have one more chance to do what we elected them to do. If they don’t then it is time for the Tea Party to become an official party.
Report Post »Smoke Ranch
Posted on February 17, 2011 at 5:01pmAnd this is from a dude who doesn’t pay his taxes and is in charge of us paying ours. Talk about the fox being in charge of the hen house. But at least he did say a few honest things and that was something scary.
Report Post »Non-sequitur
Posted on February 17, 2011 at 4:58pmWouldn’t liquidating our assets mean that, among other things, we’d have to fire the American people if we follow your allegory? That might actually solve a few problems, maybe we can get 300 million well-educated and hardworking people from India to replace them.
But seriously, governments aren‘t supposed to run at a profit because they’re not companies and shouldn’t be. It’s a comparison of apples and oranges.
Report Post »DashRipRock
Posted on February 17, 2011 at 5:39pmChina has debt…..its about 60% of their GDP
Report Post »Abby Normal
Posted on February 17, 2011 at 4:55pmlol, Tiny tax cheat Tim, you leftist/progressives have ruined our country. I am really angry watching things unfold here in America, but you will not win the war you wage! You cry foul about the Tea Party, Sarah Palin, etc, yet you draw targets on your Governor, you spew hate, you are the hypocrits for the ages. You progressive pukes have bankrupted our country and for that you will have to pay a price!
Report Post »SMOKIN
Posted on February 17, 2011 at 4:55pmWe are drowning in debt, unsustainable debt, and Wisconsin state employees are demonstrating just how the entitlement mentality works. I don’t use this word often, but, DUDE, we’re screwed.
Report Post »wildjnet
Posted on February 17, 2011 at 4:53pmI stopped using credit cards to avoid interest and I have spend the last 2 years trying to pay all my dept off…why cant the govt do what I do.
Report Post »2gether
Posted on February 17, 2011 at 4:52pmHow bizzar is this conversation? “Yes, that’s right senator, even if (like the GOP would) we voted on this, it is unsustainable.” Am I missing something? In other words, we either really don’t have a clue or we simply refuse to lead. Let the GOP do it and let them not be re-elected. I think that is a great plan. Sit back, veto everything and then Americans can decide for themselves how utterly irresponsible and assinine this administration truly is. It makes me want to puke. I am disgusted with this whole friggin political scene!
Report Post »nzkiwi
Posted on February 18, 2011 at 7:15amYes, that exchange struck me as a bit surreal also. It makes you wonder how much these people are being piad. And for what.
Report Post »clinicalminded
Posted on February 17, 2011 at 4:50pmJust in case you missed my analysis, water is wet and the sun is bright.
Report Post »2gether
Posted on February 17, 2011 at 4:54pmhahahahahahahahahahaha!!!!! I needed that! But now I must have a stiff drink and order my 6 month food storage plan!
Report Post »Sinista Mace
Posted on February 17, 2011 at 4:46pmAbolish the Non-Federal Reserve for the sake of America and your progeny. Get rid of Feddy Tim and never ever let anyone who ever worked near the Federal Reserve come anywhere near our finances for the rest of eternity.
95% of the country’s problems, solved.
Otherwise, the shareholders of the private bank has the “full faith and credit of the United States Treasury” that the IRS will tax you into oblivion to pay down the exhorbitant debt (which can never be repaid when you’re paying off a debt with a loan).
Report Post »DashRipRock
Posted on February 17, 2011 at 5:14pmAAAAAAAAAAAAAHAHAHAHAHA
SINISTA MACE
Thinks Geithner works at the FED
Report Post »DashRipRock
Posted on February 17, 2011 at 5:22pmSINISTA hates banks
Just like KARL MARX
Report Post »Sinista Mace
Posted on February 17, 2011 at 5:28pm***TROLL ALERT***
***TROLL ALERT***
***STRAWMAN DETECTED***
***ANNIHILATE STRAWMAN***
***ANNIHILATE TROLL***
First of all, FastTripFlop, I never said Tim Geithner works at the Fed. I called him Feddy Tim because he was at the NY Fed while Bernie Madoff was…making off.
***STRAWMAN OBLITERATED***
Second of all…you’re still laughing at yourself?
I thought I explained to you that laughing at yourself is a sign of low self esteem and general attention seeking…
Wow, you have a lot of growing up to do.
***TROLL DSTROYED***
DashRipRock
Posted on February 17, 2011 at 5:37pmI dont get raped
I at least KNOW WHAT THE FEDERAL RESERVE IS
I also know
THAT OIL AND COPPER ARE NOT TRADED ON THE
NYSE
AAAAAAAAAAAAAAAAAAHAHAHAHAHAHAHAHA
Report Post »Sinista Mace
Posted on February 17, 2011 at 6:09pmYou know what the Federal Reserve is, gigglepuss?
Tell me then, which branch of United States Government is the Federal Reserve under?
Executive, Legislative, or Judicial?
And then tell me, how is the Federal Reserve a part of US Government, when they describe themselves as INDEPENDENT of the United States Government, while INSIDE it?
That would make them, by definition, a parasite.
The lie of the Federal Reserve:
Who owns the Federal Reserve?
“The Federal Reserve System is not ”owned” by anyone and is not a private, profit-making institution.”
Straight up lie.
“Instead, it is an INDEPENDENT ENTITY within the government, having both public purposes and private aspects.”
That’s the truth. They are a parasite within the government.
The “public purpose” is to lend us our “own” money (really, private shareholder’s money), at interest.
The “private aspects” is who those shareholders are.
More from their own website:
” It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government,…”
Which means it doesn’t answer to the President, or Congress.
http://www.save-a-patriot.org/files/view/frcourt.html
They’re a parasite. Like you. A privately owned bank sucking America dry.
You can stop with your “oil and gold isn’t traded in the stock market” retardedness.
Have you ever heard of Exchange Traded Funds?
ProgessiveFail
Posted on February 17, 2011 at 7:26pmSinista Mace
Posted on February 17, 2011 at 5:28pm
***TROLL ALERT***
***TROLL ALERT***
***STRAWMAN DETECTED***
***ANNIHILATE STRAWMAN***
***ANNIHILATE TROLL***
___________________________________________________________________________________
LOL
Report Post »Showtime
Posted on February 17, 2011 at 7:51pm@Sinista Mace
You seem to have sex on your mind more than the story we’re trying to discuss.
And, you seem to get a thrill up your leg at calling the people here names.
I’m going to report you if you cannot bring your temper under control.
Report Post »Sinista Mace
Posted on February 17, 2011 at 9:14pmROTFLMFAO @ trolls helping each other.
How cute.
“I don’t get raped”
AHhahaha
“I’m going to report you if you cannot bring your temper under control.”
AHAHAHAHAAAAHAHHA!
Go ahead.
You report, we decide.
nzkiwi
Posted on February 18, 2011 at 7:12amThat‘s the first time I’ve enjoyed a Sinista Mace exchange. Still don’t agree with him, though.
Report Post »tower7femacamp
Posted on February 18, 2011 at 10:59amFollowing the unconstitutional Federal Reserve Act of 1913 which installed European banks as overseers of America’s monetary system, the Independent Treasury Act of 1920 abolished the US Independent Treasury once and for all.
Since then, the independence of the US Treasury Department has been usurped by foreign bankers with their so-called, Federal Reserve Bank. For there is nothing ‘federal’ about this privately-owned foreign bank, nor has it any ‘reserves.’
A consortium of banks, with the Rothschilds at the head, are the real owners of the Federal Reserve System. Indeed, it is a system of perfidy by which foreigners charge American taxpayers interest on all monies, (book entries made out of thin air), loaned to the US government.
Report Post »suzpenn
Posted on February 17, 2011 at 4:46pmWhat a tool.
Report Post »Gonzo
Posted on February 17, 2011 at 4:44pmGiethner should be doing tax returns at H& R Block.
Report Post »Showtime
Posted on February 17, 2011 at 8:13pm@Gonzo
Posted on February 17, 2011 at 4:44pm
Giethner should be doing tax returns at H& R Block.
= = = = = = = = = = = = = = = = = = = = = = = = =
Oh, no!
Report Post »Didn‘t he do Chris Dodd’s and Charlie Rangel’s tax returns?
Mil Mom
Posted on February 17, 2011 at 11:59pm@gonzo,
Report Post »Giethner should be doing tax returns at H& R Block
**************
But then H & R Block would have to file bankruptcy, WHO WOULD EVER TRUST HIM TO DO THEIR TAXES, WHEN HE COULDN’T FIGURE OUT TURBO TAX?
2gether
Posted on February 17, 2011 at 4:44pmI would think not raising the debt ceiling would give the market more confidence that we are finally being responsible you moron, you!
Report Post »545 vs 300,000,000+
Posted on February 17, 2011 at 4:42pmMaybe he can get the people at turbotax help him get the rest of Oboneheads budget straight.
Report Post »eat-more-bacon-USA
Posted on February 17, 2011 at 4:40pmTurbo Tax Timmy testifying before the Senate – Meanwhile, obama is en route to San Francisco (at taxpayer expense) to have an elegant and luxurious dinner meeting (at taxpayer expense) with Steve Jobs and Mark Zuckerberg this evening to discuss his 2012 re-election attempt….
Report Post »rreksNEOFREEDOM
Posted on February 17, 2011 at 4:39pmC’mon TIMMY say it please say it , “IT‘S BUSH’S FAULT.”
Report Post »getperks
Posted on February 17, 2011 at 5:00pmThat’s freakin funny!!! LOL
Report Post »BelieveMe
Posted on February 17, 2011 at 4:37pmI have said all along that if we are going to BORROW MONEY, WHY DON’T WE BUY THE ENTIRE WORLD! Then we file BANKRUPTCY! At least then, our military will have a REAL JOB TO DO.
Report Post »Ronmu
Posted on February 17, 2011 at 4:34pmGeithner has my vote for “village idiot!”
Report Post »Mil Mom
Posted on February 17, 2011 at 11:52pmRonmu
Posted on February 17, 2011 at 4:34pm
Geithner has my vote for “village idiot!”
************
Report Post »Problem is the Administration has so many of them we’re running out of villages!
Steve Martin
Posted on February 17, 2011 at 4:32pmNever elect another Democrat. They are a bunch of idiots.
Report Post »tinydd
Posted on February 17, 2011 at 4:32pmIs Timmy sure about this? Questioning Obama‘s use of America’s credit card is unforgivable isn’t it?
Report Post »DashRipRock
Posted on February 17, 2011 at 4:31pmOh crap
here come the Paulers
Report Post »roxee
Posted on February 17, 2011 at 4:30pmIf Obama wants to spend money, he can use the money in his bank account,and NOT the Peoples’. He can write another Nobel winner,stay out of our wallets!
Report Post »getperks
Posted on February 17, 2011 at 4:26pmHe is on the “Punt Team”. The conservatives will have to take point on this that much is clear.
Report Post »J.C. McGlynn
Posted on February 17, 2011 at 4:35pmMaybe the republicans should use this revelation to pound this abomination of a budget straight to HELL!!!???
Report Post »getperks
Posted on February 17, 2011 at 4:56pmI cant even saddle my democratic friends with the level of stupidity these progressives demonstrate. It’s possible to be for some social programming and still be financially conservative. Too bad we overspent for the last few decades and now we really cant afford to spend on more worthy programs responsibly. It is our own Gov. Dem and Repub alike that have brought us here. How great would it be to actually be able to pay as we go? I pray for enlightenment on both sides of the aisle.
Report Post »hawt_n_secksie
Posted on February 17, 2011 at 4:25pmI am amazed at this man’s intelligence. I wonder how he got to be so smart. He is a beacon of hope for me, and I am indebted to him.
Report Post »SLAPTHELEFT
Posted on February 17, 2011 at 4:31pmI love his hair. He is always so dapper in his appearance. Bet he looks ravishing in a turtleneck with gold chains hanging out.
Report Post »highcarry
Posted on February 17, 2011 at 4:59pmwow you are a real idiot. how about prison stripes. now that makes sense.
Report Post »dcwu
Posted on February 17, 2011 at 5:41pmYou are indebted BY him TO Red China.
Report Post »GeorgieJo
Posted on February 17, 2011 at 5:47pmTimmy reminds me of Eddie Haskell not too bright yet carrys a TurboTax book with him everywhere
Report Post »TSUNAMI-22
Posted on February 17, 2011 at 4:24pmPretty soon more and more of Obama’s minion will be going into “cover my asss” mode. The party is over and nobody wants to get stuck with the check.
Report Post »IM_UR_HUCKLEBERRY
Posted on February 18, 2011 at 3:03pmThe sad and horrifying truth is this:
There is no way out of this mess without a HUGE amount of pain by everyone.
Taxes WILL go higher, Govt. “entitlements” (social security, medicare, farm subsidies, etc), will be cut WAY WAY back, debt + inflation will suck all our wealth dry, and that is just for starters.
We will either make the hard choices now and hope we can get this problem under control within the next 20 years, OR we just keep on doing what the Progressives, (dems and repubs), want to do and the Nation will eventually go bankrupt and we’ll end up like any run-of-the-mill banana republic.
That is the Sad and Horrifying truth.
Report Post »Hard times are comin folks. Better buckle your seat belts. The road gets mighty rough from here.
UlyssesP
Posted on February 17, 2011 at 4:24pmWhen will he admit he (Giethner or Obama?) is a useless lying puppet?
Report Post »SLAPTHELEFT
Posted on February 17, 2011 at 4:29pmThanks Tim. Now apologize to Glenn, Rush, and Sean. and while you’re at it just resign. I’ve seen a more competent operation at a Taco bell. It’s like amateur night.
Report Post »leftiesaredangerous
Posted on February 17, 2011 at 4:32pmWe are in serious trouble and neither party seems to be truly getting it. I’m honestly frightened for this country, for my children and their children.
We are in serious trouble people.
Report Post »J.C. McGlynn
Posted on February 17, 2011 at 4:33pmThey won’t. They believe that they are two of the most important people on the planet. They don’t want to admit they are puppets to their master “the Great and Almighty George!
Report Post »cheezwhiz
Posted on February 17, 2011 at 4:33pmWhen will he admit he (Giethner or Obama?) is a useless lying puppet?
Report Post »————————
They are not lying. Their goals and motives are not what OUR goals and motives are for our country.
Snowleopard {gallery of cat folks}
Posted on February 17, 2011 at 4:33pm@Ulyssesp
He is admitting that both are useless and out of control political mostrosities who cannot admit to the people what they are attempting to do; destruction of the country and of the republic that we have in our hands at this time, their plans are so far in moving forward they now feel no need to attempt to cover up their ‘truth’ anymore.
They do not understand that as they reach further away from the support they have, the whole of their own structure is ready to crumble unless we the people of the nation just give in to them, and hand over the freedoms so cherrished in the nation.
Report Post »Polwatcher
Posted on February 17, 2011 at 4:35pmLiars figure but figures don’t lie.
Report Post »Lantern
Posted on February 17, 2011 at 4:37pmMaybe if Geithner and the others in Obama’s administartion pay their taxes it would help. Do any Democrats think we should CUT spending? Do they have ANY sense of personal responsibility? Do they act that way in their personal life or just with OTHER people’s money? I am probably answering my own questions.
Report Post »Max jones
Posted on February 17, 2011 at 4:38pmObama is not trying to solve any problems, he is making trouble for we the people. What he wants is people in the streets acting out in mob fashion. This administration is fomenting an uprising against itself. There is no reasonable explanation, except anarchy and martial law. We have been betrayed by our own govt. I don’t know what to do. Except pray, and pray I do, continually.
Report Post »DisillusionedDaily
Posted on February 17, 2011 at 4:43pmThe cat is out of the bag! The Republicans now have the proof to back up what they have been saying about government spending all along. I sincerely hope the GOP leadership takes a hard line and forces budget reform. It can be done. Look at Wisconsin to see how the Dems act when a really hard issue faces them.
Report Post »CatB
Posted on February 17, 2011 at 4:53pmWe passed “unsustainable” a while ago ….. idiots .. or they think we are.
Report Post »BMartin1776
Posted on February 17, 2011 at 4:55pmOh so now its unsustainable but when everyone was saying it like Glenn that was just crazy talk. Glenn is an alarmist, but now Timmy says its unsustainable and he is legit… how about an apology to Beck AGAIN!
When those who were in denial or lying now start admitting things they were in denial or lying about I think its safe to say things are a lot worse than we all know. Especially for those like Timmy who have access to the printing press! He knows a heck of a lot more than anyone here, Beck, Hannity, Levin this ship is going down and I gotta say at this point ppl like Timmy, Benny and Barry shouldnt be allowed in the lifeboats. Let them find their own!
http://www.savingtherepublic.com
Report Post »Dale
Posted on February 17, 2011 at 5:01pmSLAPTHELEFT ;
Taco Bell deals in BEEF – timmy and barry deal in PORK.
Report Post »abc
Posted on February 17, 2011 at 5:01pmPartisan barbs are fun to throw but highly unproductive. The reality is that no one in either party has proposed a solution that is workable yet. To close a structural deficit of at least 7% of GDP, you need to start focusing on the big four areas: Medicare, Medicaid, SS and Defense. You also need to let the Bush tax cuts repeal. You probably should close the corporate tax loopholes while lowering the overall rate somewhat. There is no other way. I’m still waiting for someone to prove me wrong. Nick Gillespie at Reason Magazine (reason.com) claims that you can balance the budget without a tax hike (see http://reason.com/archives/2010/12/05/how-to-balance-the-budget-with), and while he is one of the smarter right-wing commentators out there, his piece is woefully short on good numbers. So I continue to wait for a serious discussion to commence…
Report Post »Dale
Posted on February 17, 2011 at 5:06pmabc;
You won’t find one in Washington (DC).
Report Post »IM_UR_HUCKLEBERRY
Posted on February 17, 2011 at 5:36pmSooooo, When did we need this “elf” to admit what EVERYONE has known since day ONE?
Report Post »pajamash
Posted on February 17, 2011 at 5:38pm“There is no other way.” – Sure there is ABC. We do like they are doing in England and drastically cut. I am not for raising taxes when history shows that all the politicians do with the tax increase is spend the additional money rather than putting it toward paying down the debt.
Politician put legislation into place, like medicare, medicaid, social security, etc. The programs should have had money building up for many years but what did the politicians do? They spend the money that was collected for other programs.
Then the politicians were on such a spending spree that the money brought in from the above programs was not enough. At the same time they spent the money coming in from the above programs they spent money they don’t even have and borrowed.
When the politicians show me they are serious about reducing the debt by cutting the budget and starting to pay down the debt then I will be willing to talk about it but not until then. All you have been doing since you started posting on here is typing double-speak.
Report Post »My Two Cents
Posted on February 17, 2011 at 5:47pmHoly cow Geithner finally figured it out. What is he? A rocket scientist?
Report Post »avenger
Posted on February 17, 2011 at 5:53pmwow…what a fkng genius…
Report Post »My Two Cents
Posted on February 17, 2011 at 5:55pmABC: Wisconsin got off to a good start today but they ran into some snags. If they can bring the Democrats back from the resort in Illinois and clear some of the union protestors out of the way they can finish the job.
Report Post »solaveritas
Posted on February 17, 2011 at 6:07pmGeithner has the nerve to challenge the Senate and House TO HAVE THE POLITICAL WILL TO OFFER AN ALTERNATIVE.
Where is HIS political will? Where is OBAMA’S political will?
THEY are the ones required by law to offer a budget and LEAD. Those COWARDS think they have fulfilled their duty by ABDICATING their responsibility?
America WAS TOLD that Obama didn’t have the experience and ability to lead.
“We told you so” is quickly being followed by “Oh nooooooooooo!”
Report Post »kb1200cc
Posted on February 17, 2011 at 6:12pmWE? NOW! The press? NEVER!
Report Post »abc
Posted on February 17, 2011 at 6:16pmMash,
Thanks for proving my point. The UK has higher taxes (look at tax revenue as a percentage of GDP across nations, including the US and UK, at: http://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_as_percentage_of_GDP), so they can make less severe cuts and still balance their budgets. But we have lower taxes, not to mention a larger military, and we do not have price controls on our heath care spending that the UK has. Upshot? We have to cut way, way more than they do, which I continue to maintain no conservative has found a way to do. So either you show that the US is willing to suffer twice the cuts as the UK, or you’ll have to accept that tax rates have to go up even more than where they were under Clinton, in order to end up in the same fiscal situation as the UK.
Two cents, we’ll see…
Report Post »LOOK_IT_UP
Posted on February 17, 2011 at 6:16pm@ABC
Report Post »Ok very thoughtful and provoking work there. Nicely done…. However i dont belive a word you say. Anybody can play the budget puzzle from the NY Times, copy and expound on your “findings”. The fact that noone has come up with a plan does not negate the fact that SOMEONE HAS TO COME UP WITH A PLAN!!!!! Your snide remarks and elitest rhetoric serve no purpose here, why cant you understand that? Thank you for your input but NO THANKS.
Sinista Mace
Posted on February 17, 2011 at 6:22pmFrom http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#1
Why did Congress want the Federal Reserve to be relatively independent?
“The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy.”
That basically means, it was designed to keep you, the people, from having any authority whatsoever in monetary policy, by proxy of your congressional and senatorial representatives.
“The System is independent of other branches and agencies of government.”
Answerable to none.
“It is self-financed and therefore is not subject to the congressional budgetary process.”
This is a lie. If the Federal Reserve is self-financed, then why are we “borrowing” money from China?
Why would we ever have to? IT’S SUPPOSED TO BE SELF FINANCED. Print some money!
Oh that’s right, they can’t just print money, they have to LEND it to you, at INTEREST.
You cannot pay off a loan with another loan.
Therefor, our debt increases forever.
This is NOT capitalism.
This is a ponzi scheme.
pajamash
Posted on February 17, 2011 at 6:28pm“which I continue to maintain no conservative has found a way to do.”
You have proved my point as well. You come on this site and type in a manner that makes you look like someone that is middle of the road, “no-one from either side, yada, yada, yada”, yet you show your true colors when you write that only higher taxation is the answer.
You then prove the point that you are extemely liberal even more by pointing out that England has higher taxes. Yet they are still in a bind! That proves the point I made. If taxes are raised, fools like you, will demand that the government spend more money and they will. Grow up! We need to stop spending the outrageous amount of money!
Since you obviously don’t have a clue. Let me help you out. Her is what a trillion dollars looks like…
http://www.pagetutor.com/trillion/index.html
Now times that by this…
http://www.brillig.com/debt_clock/
I asked you the other day how you made your money. You didn’t answer….WHY?
Report Post »pajamash
Posted on February 17, 2011 at 6:31pmOh, and ABC my name is Patrick. How bout you use that instead of twisting my screen name like other petty liberals that have posted here in the past have done.
Report Post »DashRipRock
Posted on February 17, 2011 at 6:31pmWRONG SINISTA MACE
When the FED was first put in place it was a part of the Treasury Dept.
and elected officials had a say so in
INTEREST RATES
WHICH IS WHAT THE ….F.O.M.C. ….DOES
THEY SET INTEREST RATES
In 1947 they seperated the Fed from the Treasury
why?????
BECAUSE YOU DONT WANT ELECTED OFFICIALS
DECIDING INTEREST RATES!!!!!!!!!!!!!!!!!!!!!!
JUST LIKE YOU DONT WANT ELECTED OFFICIALS DECIDING
HEALTHCARE
Report Post »DashRipRock
Posted on February 17, 2011 at 6:34pmSINISTA
I will prove how stupid you are on this subject with one two part question
Who is the Chairman of the FOMC ??????
and
Who else sits on the FOMC?????
Report Post »machine03
Posted on February 17, 2011 at 6:36pmThat player p!$$!$ ME OFF!!!You can’t justify injustice!!!!
Report Post »abc
Posted on February 17, 2011 at 6:55pmPatrick, thanks for the heads-up on your name. I clip the monikers on here, since they aren‘t people’s real names and cutting them short didn’t seem offensive to me. Sorry if that was the wrong assumption. I do think that you are putting words in my mouth falsely. I never said that raising taxes was the only answer. I said that cutting spending and raising taxes were both required as the only answer. There is a big difference.
Look-it-up:
“Ok very thoughtful and provoking work there. Nicely done…. ”
Thanks.
“However i dont belive a word you say. Anybody can play the budget puzzle from the NY Times, copy and expound on your “findings”.”
That’s not what I did. I stated the problem and noted the required dollars involved to reach a solution. No one on either side, relying on just cuts or tax hikes can get close to the required dollars. That is not cutting and pasting. It’s called doing basic arithmetic and looking at the real accounting.
“The fact that noone has come up with a plan does not negate the fact that SOMEONE HAS TO COME UP WITH A PLAN!!!!!”
I agree. That is why I continue to wait for someone to offer one that is credible. Until then, I shoot down the fake ones that are designed to fool the voter, but which do not solve the problem.
“Your snide remarks and elitest rhetoric serve no purpose here, why cant you understand that? Thank you for your input but NO THANKS.”
Wow. I didn’t know that putting hard facts and numbers in front of folks and insisting strenuously, against the eloquent but misleading statements of politicians on both the right and left, that no one has proposed anything useful yet suddenly makes me snide or elitist. And what I have laid out is hardly rhetoric, since it relies not on the eloquence and beauty of prose, but on the undeniable correctness of the numbers involved. But I guess you are entitled to your opinion. I just hope that you are not one of those who prefers to hear what they want to hear even if it is factually and arithmetically wrong… You country needs voters who actually know these numbers.
Report Post »pajamash
Posted on February 17, 2011 at 6:58pmC‘mon ABC where’s your quipish rebuke of my post. Or have you left the site like the democrates in Wisconsin by leaving the state or the teachers in Wisconsin that have called in sick, when they weren’t sick, and went to protest.
Report Post »pajamash
Posted on February 17, 2011 at 7:07pmABC you are quoting the wrong poster. That was Look it up not me.
Report Post »pajamash
Posted on February 17, 2011 at 7:15pm“Wow. I didn’t know that putting hard facts and numbers in front of folks and insisting strenuously, against the eloquent but misleading statements of politicians on both the right and left, that no one has proposed anything useful yet suddenly makes me snide or elitist. And what I have laid out is hardly rhetoric, since it relies not on the eloquence and beauty of prose, but on the undeniable correctness of the numbers involved. But I guess you are entitled to your opinion. I just hope that you are not one of those who prefers to hear what they want to hear even if it is factually and arithmetically wrong… You country needs voters who actually know these numbers.”
I agree with Look_it_up you ooze elitism. Your posts are knitted with smarminess as evidenced with what you wrote above. Speaking of hearing what one wants to hear…many posters here have given great information and yet you blow them off just as you have blown off my question of how you made your money.
Report Post »Showtime
Posted on February 17, 2011 at 7:34pmABC,
What you say sounds very impressive. You are forgetting about the pensions of federal employees that are eating up tax dollars, too. We need to prohibit federal employees from joining a union.
Something else that would help is if Obama would take the cotton out of his big ears and stuff it in his mouth. ALL he wants to do is spend, spend, spend and borrow, borrow, and borrow for entitlements, entitlements, and entitlements.
Someone should get Obama a REAL economist. He was warned before he spent the first dime what his agenda would do, but his cult followers would hear nothing of what world-renowned economists tried to tell him. These acclaimed economists even put a full-page ad in major newspapers, but Mr. Know-It-All just ignored them.
In two years, Obama has done so much damage to America that we are in danger of losing our Republic unless the Progressives and cult followers get off the hind teat.
Spending more money is not going to solve the problem, but what is Obama proposing? SPENDING! If Congress cannot declare that Obama is not a legal president, at least they have grounds to declare him INCOMPETENT! Government cannot stimulate the economy by spending for one SIMPLE reason: The government does not produce a product. Free enterprise is what fuels the economy.
Report Post »Mister President
Posted on February 17, 2011 at 7:37pmBreaking News: Tim Geithner admits sky is blue.
Report Post »watchtheotherhand
Posted on February 17, 2011 at 9:28pm@ ABC….good comments I completely agree on the “big 4” you mentioned unless those are addressed we are simply tredin’ water. I would take issue on the tax thing though. Given the pressures from emerging economies like China and India and South America they are aggressively courting corporations by keep corporate tax rates very low. EU including England have had relatively stagnate economies that many blame on some of their tax laws and entitlements. I don’t think we can tax our way out because we would be stifling the very thing we need to grow our tax base. Jobs and higher taxes are considered by most respected economists as job killers. Just my 2 cents
Report Post »nzkiwi
Posted on February 17, 2011 at 10:27pm@ABC
Regarding your first post, that certainly gives food for thought as you make some cogent points.
However, raising taxes tends to inhibit productivity which is desperately needed. JFK lowered taxes with the result that overall federal income (in dollar terms) increased.
Also, I would be tremendously wary of cutting into defense, except for obvious waste, as I have the disconcerting feeling that the military resources of the western allies are about to be needed. I sincerely hope that I‘m wrong but what if I’m not.
Do I have a workable solution? If I did, I expect that I would be in a much higher income bracket than is currently the case.
Report Post »tower7femacamp
Posted on February 17, 2011 at 11:19pmmore zionist telling us how we screwed up.
Report Post »goldman sucks did their best to save us.
Mil Mom
Posted on February 17, 2011 at 11:22pm@CatB
We passed “unsustainable” a while ago ….. idiots .. or they think we are
Report Post »**************
People don’t get the REAL PICTURE, with the word “unsustainable”, it’s time we turned “Windows 95” on them:
((((( ANYONE WANT GRAPHICS? ))))) THE PYRAMID IS COMPLETELY INVERTED (UPSIDE DOWN IF YOU HAVE A PUBLIC SCHOOL EDUCATION!!!) ****NOW THE 10 PEOPLE ON THE BOTTOM HOLDING UP THE THOUSANDS ARE GETTING WEAK AND THE REST ARE ABOUT TO COME CRASHING DOWN!!!! * * * * * The US Government should apologize to Bernie Madoff, If he were a congressman, and his scheme were put into Legislation, they’d be building monuments to him in DC for being so savvy!
Mil Mom
Posted on February 17, 2011 at 11:33pm@pajamish:
Politician put legislation into place, like medicare, medicaid, social security, etc. The programs should have had money building up for many years but what did the politicians do? They spend the money that was collected for other programs.
***********
Report Post »Has anyone ever pointed out that their pyramid schemes would have survived a lot longer, if the Supreme Courts hadn’t “Legislated” the legalization of abortion, take all the American taxpayers who were aborted since this ruling, and figure what the average Social Security and Income tax take from them might have been and the pyramid might have been a solid building. 4 Square, but with all evils, taking the lives of these future taxpayers guarranteed that the population would shrink and that us “Baby Boomers” would all overload the system. Like Tipp O’Neal used to say, “The devil’s in the details.”
getalong
Posted on February 18, 2011 at 12:37amThis idiot seems to be almost giddy at the idea of America’s debt being unsustainable. I seriously think this man may be mentally ill. I mean look at his face. Does he think that America going broke is funny. When is Congress (Republicans) going to start getting tough. Geez, a bunch of little wussies. Where are they on what’s going on in the middle east, Wisconsin, the fact that the democrats have not shown up for the vote, and that Obama is involved in the Wisconsin protests. IMPEACH, IMPEACH!!!!. This is outrageous. Silence, dead silence from Republicans. Tea Party is looking better and better everyday.
Report Post »DaytonConserve
Posted on February 18, 2011 at 1:19amMissing a few Lucky Stars?
Report Post »tower7femacamp
Posted on February 18, 2011 at 7:40amhey Tiny Tim were is the 2.3 TRILLION dollars ?
Report Post »http://www.youtube.com/watch?v=_rRqeJcuK-A
tower7femacamp
Posted on February 18, 2011 at 10:53amhttp://www.youtube.com/watch?v=INmqvibv4UU
Report Post »UPSETVET
Posted on February 18, 2011 at 11:33amTHe financial mess the USA is presently in can not be improved as long as our conservative and capitalist country has a liberal, socialist, marxist and communist President like Barack Hussein Obama in charge. From the time of his childhood other people’s money has been used to finance his personal gain and political agenda. His degree from Harvard would not have been possible without the scholarships and free student programs of which he took full advantage. “Spread the money around” and “redistribution of the wealth” or slogans he became familiar with while rubbing shoulders with his communist friends in colleges getting a free education to use against those who paid the bills. One way to cut government spending would be to get rid of Obama’s “czars” who obvoiusly aren’t doing anything to improve our country but are doing everything to destroy it.
Report Post »When the Secretary of the Treasury ( Obama’s yes man ) says that Obama’s budget is unsustainable ,it shouldn’t take long for Congress and the Senate to vote NO on his proposals. It doesn‘t take a genius or financial wizard to conclude that you can’t spend more money than you take in without going into bankruptcy. Loans aren’t the answer when in the end the interest paid for said loans is higher than the capital. Obama and Gueithner are now trying to transfer the guilt and problem to others without admitting their failure to do their jobs. They expect someone else to find a solution for the dilema when it’s their responsability. The buck stops at your desk Mr. President. You like to wear the title of the POTUS, now you should start acting like the POTUS and not as a Chicago community organizer.
Sinista Mace
Posted on February 19, 2011 at 9:23amHey Blaze, you can call off your stupid troll Dashriprock.
He isn‘t very effective when he isn’t informed enough to troll properly.
Perhaps you should start a training program for these trolls, you know, it’s called elementary school…
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