getting serious about the National Debt.

[callmeslick]

While I am going to address this as a US topic, it certainly pertains to all of you, worldwide.
I think it might be a good idea to get away from the trivia fest that passes for 'hot button' political topics and take a look at a proposal that came out yesterday. The sources were the two chairmen of the Task Force on Deficit Reduction, Erskine Bowles(d) and Alan Simpson(r). These two are very good men(although I have serious doubts about the committee they 'lead'), and presented a plan that will trim $4 Trillion off the deficit by 2020. The outline of the details is here:
http://documents.nytimes.com/draft-prop ... ocument/p1

now this thing is pretty complex, but what strikes me is the immediate political response. The Dems like some parts, but say other parts are 'non-starters'. Few if any Republicans are willing to comment. It will be interesting to see if the folks, newly elected to demands for fiscal reform, will be willing or able to actually succeed. Any thoughts on this plan?

Oh, and Simpson, who I've always found to be funny, had a great line. He noted that folks should seek he and Bowles out soon, as they will probably end this process in the Witness Protection Program.....

[fatman]

Well im doing my part i have just ordered $600 in clothes from the US

[Wullie]

Well im doing my part i have just ordered $600 in clothes from the US

They don't sell clothes in OZ?

I heard some discussion about a few of the items of that draft yesterday. I agree that it will be interesting to see if any of it plays out.

[fatman]

Nah man we have to make our own, loin skins made from dropbears. Not everyone survives the change to long pants

But its a win win ordering from the US over here say a billabong t shirt will retail at $45-$50 you guys have them at $20, walkshorts here pop in about $75 over there $40-$55 not to long ago i bough an alpinestars jacket for $88 over here the exact same one $260. You know what the funny thing is the retailers here are starting to kick up a stink over lost sales going overseas so they are lobbying to get the import tax threshold dropped from $1000 down to either 6 or 4 hundred, but if they stopped raping us i wouldnt do it but i cant justify double the cost for the same product, and besides doesnt everyone want a global econmy

[Pudfark]

Well, how about that....Now, Slick is worried about "how you're" gonna pay the bills....after he and his, blew the wad, mortgaged your future.....

Well, not to worry...with "hyper-inflation" right around the corner, you can count on that to amortize the debt faster....right?

Or, if Soros is successful in crashing our currency (as he was in {at least) four other countries) we can start all over....right?

Where was this concern, Slick? When you were advocating trillions more of debt.... Where is this utopia, you indebted us with?

Old Pudfark sez: " If it's hard to swallow? It's gonna be tough to shit..... "

[callmeslick]

I was never advocating a long-term deficit. Yes, and as Goya's submission a while back shows, temporary deficit spending on infrastructure is not very risky. Long-term, however, the debt ceiling cannot continue upward. We have(since the Bush tax cuts, and advent of two wars) an inherent shortfall in revenues to cover our spending. It has to be addressed. I think this will become the single largest issue that the nation wrestles with over the next two years, and probably beyond.
A while back, I was pretty casual about the continued strength of the US debt on the International bond market. I am starting to feel quite a bit more concerned, especially given the world response to the Fed's quantitative easing policy(essentially printing money to buy paper). I've been harping on the US deficit issue on this site(old and new) since Bush lowered the taxes and then pulled the war spending 'off the books', so it isn't like I came to the issue recently.
Explain how George Soros is going to destroy our currency, please. I need a good chuckle amidst all this serious stuff.

[Reservoir_Dog]

A one time 15% tax on the top 5%.
There goes 1/3 of your national dept.

[Pudfark]

Here ya go Slick.....this time actually read it, before you make any more inane and silly comments that are embarassing to yourself.

viewtopic.php?f=2&t=1357

Gee, what was it? That some real smart folks said about the Dems? Oh, yeah...create a crisis...and then jamb your socialist agenda up their ass...when they ain't looking.....
Let's see...hmmm...Soros-Dems-Obama and huge debt, more huge debt added, plus massive unemployment, plus increase in government spending, plus reduction in services rendered and talk of huge tax increases and escalating inflationary cycle....equals....Crisis

Step Two: Ooopsies, folks are waking up....we gotta hurry up....and that's where we all are at the moment......

None of this has ever had anything to do with "we the people"...it has had everything to do with the "chosen few" and the legacy of George Soros......Wake Up!!!!

[callmeslick]

so, Pud, there has been no problem with the deficit over the past 8 years, correct? It's all a sudden problem, manufactured with the help of George Soros?

Aiiiiiiiieeeee! We're fucked if this is all people want to do as they face a future of third-world economic status.

[Pudfark]

Good idea R_D...but, you didn't go far enough with it.......What would be far more popular? Tax all the Canadians for hanging on the teat, the last hundred years.....