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RodSBT
07-23-2011, 06:34 PM
A little common sense from Ron Paul


http://www.bloomberg.com/news/2011-07-22/default-now-or-suffer-a-more-expensive-crisis-later-ron-paul.html

"Neither Republicans nor Democrats sought to end this gravy train, with one party prioritizing war spending and the other prioritizing welfare spending, and with both supporting both types of spending. But now, with the end of the second round of quantitative easing, the federal funds rate at the zero bound, and the debt limit maxed out, Congress finds itself in a real quandary."


"It isnít too late to return to fiscal sanity. We could start by canceling out the debt held by the Federal Reserve (http://topics.bloomberg.com/federal-reserve/), which would clear $1.6 trillion under the debt ceiling. Or we could cut trillions of dollars in spending by bringing our troops home from overseas, making gradual reforms to Social Security and Medicare, and bringing the federal government back within the limits envisioned by the Constitution. Yet no one is willing to step up to the plate and make the hard decisions that are necessary. Everyone wants to kick the can down the road and believe that deficit spending can continue unabated.

Unless major changes are made today, the U.S. will default on its debt sooner or later, and it is certainly preferable that it be sooner rather than later.
If the government defaults on its debt now, the consequences undoubtedly will be painful in the short term. The loss of its AAA rating will raise the cost of issuing new debt, but this is not altogether a bad thing. Higher borrowing costs will ensure that the government cannot continue the same old spending policies. Budgets will have to be brought into balance (as the cost of servicing debt will be so expensive as to preclude future debt financing of government operations), so hopefully, in the long term, the government will return to sound financial footing."

Tylerdurden
07-23-2011, 06:40 PM
Those who want to pay later must have no care for the children who will have to face the music. I say let the walls fall now and give the kids a chance at life without oprression.

RodSBT
07-23-2011, 06:46 PM
Those who want to pay later must have no care for the children who will have to face the music. I say let the walls fall now and give the kids a chance at life without oprression.

Agreed.
Some people think pushing the pendulum even further out will somehow prevent the inevitable. They never seem to want to learn from history.

Tylerdurden
07-23-2011, 06:48 PM
Agreed.
Some people think pushing the pendulum even further out will somehow prevent the inevitable. They never seem to want to learn from history.

That is generally the home of a scoundrel. Grifters think in such terms of pushing it father.

pefjr
07-23-2011, 08:25 PM
A little common sense from Ron Paul


http://www.bloomberg.com/news/2011-07-22/default-now-or-suffer-a-more-expensive-crisis-later-ron-paul.html

"Neither Republicans nor Democrats sought to end this gravy train, with one party prioritizing war spending and the other prioritizing welfare spending, and with both supporting both types of spending. But now, with the end of the second round of quantitative easing, the federal funds rate at the zero bound, and the debt limit maxed out, Congress finds itself in a real quandary."


"It isnít too late to return to fiscal sanity. We could start by canceling out the debt held by the Federal Reserve (http://topics.bloomberg.com/federal-reserve/), which would clear $1.6 trillion under the debt ceiling. Or we could cut trillions of dollars in spending by bringing our troops home from overseas, making gradual reforms to Social Security and Medicare, and bringing the federal government back within the limits envisioned by the Constitution. Yet no one is willing to step up to the plate and make the hard decisions that are necessary. Everyone wants to kick the can down the road and believe that deficit spending can continue unabated.

Unless major changes are made today, the U.S. will default on its debt sooner or later, and it is certainly preferable that it be sooner rather than later.
If the government defaults on its debt now, the consequences undoubtedly will be painful in the short term. The loss of its AAA rating will raise the cost of issuing new debt, but this is not altogether a bad thing. Higher borrowing costs will ensure that the government cannot continue the same old spending policies. Budgets will have to be brought into balance (as the cost of servicing debt will be so expensive as to preclude future debt financing of government operations), so hopefully, in the long term, the government will return to sound financial footing."Ron Paul makes sense again!Y>