The National Journal did a poll of Congressional insiders on the possible effects of failing to raise the debt ceiling by early August. 61% of Democrats thought this would have catastrophic consequences but only 15% of Republicans thought so. 3% of Democrats thought there would be only minor consequences while 29% of Republicans thought so.
A 1,000 point drop in the Dow might change a few minds. I know readers of this blog are more worried about Social Security checks and paychecks but stock market turmoil is going to happen well before the checks stop going out.
This this outrageous, all you guys like to do is take from us Americans. Why don't you all take a huge pay cut and stop wasting money on stuff that isn't needed like all the sidewalks in everett your redoing when nothing was wrong with them, adding the new bridge in east boston making it bigger instead of fixing the orginal one that's waste of money. Instead of wasting money on stupid Sh*t why don't you consider making a game or club place in every so many citys in & around boston to give young children a place to go and hang out & play instead of hanging on the streets killing each other or selling drugs. Oh no wait their not the goverments kids so you don't care long as your kids have their mom & dad making bigg mmoney & buying new cars ,new clothes & stuff like money grows on trees what about us very low income people who can't get anything for our kids. Like me I'm a young disabled mother of two ages 4 & 5 on social security and can't afford to buy things because my income goes straight to rent & bills and have to tell my kids sorry we don't have extra money if the need or want something, an unlike me because I'm america I can't get section 8 or rent help cause all these non americans taken from us & lying about being poor getting all the benefits the housing & drive 20,000 dollar cars come one. If you cut social security benefits hope the goverment has plans and money to help us very low income people get housing when where homeless with kids because we can no longer afford rent. I live off like 1300 amonth between ssi & welfare and rent is 1200 a month I have oil gas lights cable & phone bill along with supporting two minors struggling everyday cause I can't get help. This goverment is messed up . Why don't you guys cut your pay in half and give back to us americans instead of taken from us so you all can sit back with your feet up getting waited on hand and food. Sorry there's families out there like me that wasn't handed the golden sppon like you. Wake up & help us don't take from us when we are the ones in need, try walking one month in my shoes & see how it is to struggle or hear you kid cry there shoes hurt them or they see someone with a new toy or clothes and ask why can't they have it too.
ReplyDeleteThe U.S. government is bankrupt. It has not enough income to cover its regular monthly expenses. So, do what bankrupt companies or families do--stop buying beer and cigarettes and sell off the corporate jets, so to speak. Prioritize all spending, which is as it should be. Decided what the government absolutely hs to spend money on, and take care of that. The folks at the bottom of the list lose out, just like the GM bondholders when Uncle Sam took that over. Fair is fair.
ReplyDeleteThe US is not bankrupt. The main cause of the current high deficit is the economic slowdown brought about by the collapse of the housing bubble. If the government cuts spending, it will slow the economy more, putting people out of work, which decreases government revenue and increases spending. So you could get a depression and still a big deficit.
ReplyDeleteAny politician who claims to be very worried about the deficit should support tax increases in addition to spending cuts. Almost none do. The deficit hysteria is designed to allow the politicians to cut popular programs and transfer the money to the wealthy using tax cuts.
"The US is not bankrupt. The main cause of the current high deficit is the economic slowdown brought about by the collapse of the housing bubble."
ReplyDeleteWhat, pray tell, do you think bankruptcy is?
I am using the dictionary definition, which means being unable to pay your debts as they come due. It does not mean being in debt, or running a deficit. The US issues its own currency, and cannot go bankrupt (it can default, if politicians choose not to pay its debts). The main negative consequence of high deficits is inflation, but we're not seeing that because the economy is so weak. So deficit spending now that keeps the economy going (and hopefully improves it) is good, in my opinion.
ReplyDeleteGreat blanket statement from Anon 1. Don't direct it towards anyone just make sure you say "YOU GUYS!" Also, phone and cable bills are considered extra expenditures and should not be considered essential for living. How about cutting those expenses out of your budget and see how much more you have to spend every month.
ReplyDeleteI am completely offended by what Anon1 said. First, we work at SSA to serve people like yourself who rely on government benefits. We work very hard, and we deserve to be paid a decent wage for the work we do for the government. Yes, I am sorry that you are disabled, and I agree that it must be very difficult for claimants to live off of a very small paycheck. But let me put this in perspective -- I work more than 40 hours a week at the agency and I only bring in about $2,000 a month (GS-5 pay grade). So I work 160 hours more a month than you to net only $700 more than you. And, if the government decides to lower our pay and/or reduce our benefits to "us guys", you will see the following: 1) huge numbers leaving the federal workforce and/or 2) workers who are so disgruntled/stressed/bitter that they they do not put in a full 110% to serve the public. I know that I will do just barely enough not to get fired, and I will not go above and beyond to help people out.
ReplyDeleteIn addition, your comment about government spending money on sidewalks or bridges may seem unnecessary (I do not live in your area, so I don't know the situation) BUT I can remind you to think of all the workers who have a job because of these types of government contracts. Fine, you want to cut government spending and government employees' pay, but you will also be cutting all the private sector workers who also get paid by the government to do those projects. So now there will be even more people without jobs, largely the blue collar/trade workers who are the ones struggling the most right now.
I am so frustrated with Americans who have no foresight to think about the greater consequences of their decisions. And I find it's those who rely on government programs the most (the elderly, disabled, poor, etc) are the very ones who don't even know what is best for them. I am tired of serving you and advocating for you all!!!
Anon 3:44, perhaps you'd like to switch with anon 1, and be disabled for a little while? Maybe that would change your foul tune. Be thankful you have the HEALTH to have a job, and if you don't like your job, nobody is twisting your arm - there's the door. Go fix sidewalks.
ReplyDelete"I'm a young disabled mother of two ages 4 & 5"
ReplyDeleteWhy do you have two young children? Where is your husband?
I'm also an SSA employee. I make good money for what I do and I'm will to take my hit for the cause. Already going to be no raises for two years and it's likely to be three or five years. I'll pay more into retirement.
ReplyDeleteBut is everyone else going to take their hit as well and will Obama and Congress guarantee that they won't just take my money and "invest" it somewhere else.
Mike B. is correct. The U.S. is not bankrupt. The constant refrain that "we're bankrupt" and "we're broke" is pernicious nonsense. The U.S. can service its debt obligation, indefinitely, if our political leadership chooses. With involuntary default an impossibility, there is no meaningful sense in which such an arrangement can be described as bankruptcy.
ReplyDeleteThe only way that the U.S. defaults is if, out of a fit of madness, our leaders voluntarily allow it to do so. And that would never happen, right? That's crazy talk! Right?
But seriously, if you care about Social Security, then you must learn the simple truth mentioned by Mike B.: deficit spending in an economic downturn is a good thing. I'd add this corollary: deficit cutting in an economic downturn is political malpractice.
To Anon 4:54 -- I actually work at SSA because I strongly believe in and support the programs. I am constantly advocating to my family and friends that we shouldn't cut government programs (SS, SSDI, SSI, Medicare, Medicaid, etc) because I witness on a daily basis how important these basic programs are to so many people. I can't imagine living on the measly amount they currently live on, and then Congress wants to discuss benefit cuts?!?!?! I think Congress and everyone else who wants to cut government programs are the ones that should live a day in the shoes of Anon1. But you are right, if things get even worse, I will be looking for another job. The reason I haven't considered leaving yet is because our office is so short staffed as it is, and if any more of us leave/retire, they cannot replace our positions because of the hiring freeze. Believe it or not given my "foul" tune, I am actually thinking about the claimaints I serve (like Anon1) and my coworkers.
ReplyDelete--Anon 3:44