The Down Range Forum
Member Section => Politics & RKBA => Topic started by: tombogan03884 on July 12, 2011, 02:06:07 PM
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http://news.yahoo.com/economy-crash-government-checks-run-100600863.html
Will the economy crash when government checks run out?
The Week – 8 hrs ago
Millions of Americans are getting by thanks to extended jobless benefits, but everything might change when the payments stop arriving later this year
Many American families are already struggling as the recovery falters, and for some the pain will soon get worse. Nearly $2 in every $10 Americans had in their pockets last year came from government subsidies such as jobless benefits, food stamps, and Social Security, reports The New York Times. And at the end of the year some of that money will dry up, as extended unemployment payments and other benefits worth an estimated $37 billion (as per Moody's Analytics) expire. Will that kill what's left of the recovery?
Yes, it could slam the economy: We're draining money from the wallets of millions of Americans precisely when we should be pumping it in, says Steve Benen at Washington Monthly. Families are going to "start losing their buying power, which necessarily means less economic activity and a weaker overall economy." It's preventable — we could extend jobless aid, food stamps, and other hard-times programs, but "Republicans don't want to."
"Anti-stimulative policies to intensify"
Nonsense. This is a drop in the bucket: Calling the loss of $37 billion a "'big hit' to the American economy is absurd," says Ed Morrissey at Hot Air. Our economy amounts to around $14.3 trillion a year, so we're talking about 0.26 percent of our GDP. Losing benefits will indeed be tough for the unemployed individuals who have been receiving these checks. Halting the payments will help the rest of us though, because we're borrowing money to cover these checks, and that kills future growth.
"Will Congress extend jobless benefits again?"
We should borrow now, and cut spending later: Extending these benefits is the smart thing to do, says David Frum at Frum Forum. We're "putting purchasing power into the hands of unemployed people who otherwise would see their incomes drop to near nothing." In the long term, we can deal with the deficit by cutting spending, but that can wait. "It's the unemployed who face a ticking clock. Let’s address their troubles first."
"Debt talks don't need an ambitious solution"
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I honestly have thought for 25-30 years that it would take a total economic collapse to straighten this nation out. Now, I don't know. Early on it was predicated on the people who were alive in the 80's. Now that they have been replaced I we may get even more broken.
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Well, inasmuch as the economy has pretty much crashed already...........................
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Just to clear up any confusion, this poll is aimed at what will happen if the Govt DOES stop sending out checks.
The other poll I posted is focused on whether or not that will actually happen.
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Notice how every time they bring up "the checks not going out" in the media they refer to Social Security checks only? Cause if they even suggest that welfare checks weren't going out... :o :o :o
RIOTS IN THE STREETS! BUILDINGS SET ON FIRE! THE SOUND OF GUN SHOTS WOULD FILL THE AIR!
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Notice how every time they bring up "the checks not going out" in the media they refer to Social Security checks only? Cause if they even suggest that welfare checks weren't going out... :o :o :o
RIOTS IN THE STREETS! BUILDINGS SET ON FIRE! THE SOUND OF GUN SHOTS WOULD FILL THE AIR!
Yeah, well, if they under rate the old folks to much they may getting a big bloody surprise.
They are old, they are already retired, the next big " life event" is going to be dying, they have very little to lose and they are PISSED !
I was in Wally world the other day going past the bargain book bin, This lady was browsing through it, this other lady, about 4 ft 6, and 70+ asks "anything good?" other lady says, " Just this book by Obama." Granny fires off , " They should burn that one, I HATE that son of a bitch !"
I couldn't help it, I laughed out loud.
Go Granny ! ;D
My Father and Mother, same thing, they have never agreed on anything in the last 50 years,( been divorced for about 40 of them ;D ) but they agree BO sucks.
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I realy don't know, but I can tell you its going to hurt every body if they do.
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Pretty much sums up my vote. Reset button has to start somewhere.
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I realy don't know, but I can tell you its going to hurt every body if they do.
NO PAIN NO GAIN
Let 'er rip potater chip.
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The wife is a bit worried she won't get her disability check. Thankfully, it's not that big that it will upset the budget too much.
I told her it's just posturing by Obama and his pathetic excuse for a Treasury boss. If he stop SS checks, Vets bennies and the like, neither one could ever run for more than the town Dogcatcher again..
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NO PAIN NO GAIN
Let 'er rip potater chip.
I disagree, there will be fall out world wide. the only question is how much.
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Huge!
China will pounce with their idea of a BRIC currency based partially on gold as the new world currency.
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http://www.bloomberg.com/news/2011-07-13/u-s-rating-placed-on-review-for-downgrade-by-moody-s-as-debt-talks-stall.html
Moody’s Investors Service put the U.S. under review for a credit rating downgrade as talks to raise the government’s $14.3 trillion debt limit stall, adding to concern that political gridlock will lead to a default.
The Aaa ratings of financial institutions directly linked to the U.S. government, including Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Federal Farm Credit Banks, were also put on review for cuts, Moody’s said in a statement today.
The U.S., rated Aaa since 1917, was put on review for the first time since 1995 on concern the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes even though the risk remains low, Moody’s said. The rating would likely be reduced to the Aa range and there is no assurance that Moody’s would return its top rating even if a default is quickly cured.
Just some more hopey changy feel good stuff to ponder,.....
The reset button has to start somewhere,....we'll see if the Republicans have the "belly for it".....
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....
Moody’s Investors Service put the U.S. under review for a credit rating downgrade as talks to raise the government’s $14.3 trillion debt limit stall, adding to concern that political gridlock will lead to a default.
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The rich bankers are worried. Someone wants this thing to crash...and no it has not crashed yet. For individuals yes but for the whole not even close.
Weimar Republic II if they keep raising the debt.
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So if we miss a payment, what? China's gonna bring in a big tow truck and take the country? ;D
I can almost hear them whispering in bama's ear... Wait till the timer reads :01 second left, then jump in and miraculously save the day and the people will love you!
Once this plays out, is everybody ready for all the press coverage on the new Harry Potter movie? Hope the coverage on it is as dramatic as this!
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BM, You need to read more History.
Creditors taking over management of defaulting creditor nations has been a fairly common event .
That's how England wound up running Egypt.
TR avoided war with Germany over occupation of Venezuela by allowing them to collect port duties from ships entering Venezuelan harbors that had been blockaded by a German Naval squadron, with the provision that they could not land and take over other fiscal management.
You could wind up paying your taxes to an address in Beijing.
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BM, You need to read more History.
Creditors taking over management of defaulting creditor nations has been a fairly common event .
That's how England wound up running Egypt.
TR avoided war with Germany over occupation of Venezuela by allowing them to collect port duties from ships entering Venezuelan harbors that had been blockaded by a German Naval squadron, with the provision that they could not land and take over other fiscal management.
You could wind up paying your taxes to an address in Beijing.
Might just be the sort of thing we need. Get people off their butts and wanting to do something about the mess we've let our politicians get us into! ;D
I welcome it. Come get some Chinese repo. man! ;D WOLVERINES!!! ;D ;D ;D
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The U.S., rated Aaa since 1917, was put on review for the first time since 1995 on concern the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes even though the risk remains low
There is enough money to pay the interest on outstanding bonds and notes.
There just isn't enough money to pay for that and all the bullshit redundant govt programs and WASTE that this huge federal manure pile has become.
Choose one or the other - they can't have both.
CUT THE FREAKING SPENDING!!!!
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There is enough money to pay the interest on outstanding bonds and notes.
There just isn't enough money to pay for that and all the bullshit redundant govt programs and WASTE that this huge federal manure pile has become.
Choose one or the other - they can't have both.
CUT THE FREAKING SPENDING!!!!
You mean the multi-billion dollar 'pickle research & seahorse mating' program in Wyoming is BS?? :o :o
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You mean the multi-billion dollar 'pickle research & seahorse mating' program in Wyoming is BS?? :o :o
HEY NOW!!!
You are talking about one of the few SOLVENT states. And that's even after paying for YOUR wolves. Not to mention that we do it without a state income tax. ;D
I had a conversation with our Governor a few weeks ago. (Yes we are small enough that he knows me by name.) I suggested that we buy California. We certainly have the funds to bail them out. However, their legislature would be void, and they would live under our laws. You think we could turn a profit? Not to mention making California irrelevant come election time. ;D
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Just rent the whole place out as vacation property.
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HEY NOW!!!
You are talking about one of the few SOLVENT states. And that's even after paying for YOUR wolves. Not to mention that we do it without a state income tax. ;D
I had a conversation with our Governor a few weeks ago. (Yes we are small enough that he knows me by name.) I suggested that we buy California. We certainly have the funds to bail them out. However, their legislature would be void, and they would live under our laws. You think we could turn a profit? Not to mention making California irrelevant come election time. ;D
BAD IDEA!!!!!!!!!!!!!!!
Witht hte beautiful ocean-front properties come all of The Entitled Ones, and there just ain't enough of the true Wyoming-ites to counterbalance their votes. They would turn you into kalfornistan East in no time at all. You've already seen what happens when the Greenies (Coloradans) move in. This would be 1000 times worse!
Case in point - the guy who owned the cattle ranch I worked on came from kalifornia, bought 20,000+ Wyoming acres for less than a million bucks. When he couldn't turn around and resell it privately for an 800% profit, he sold it to the National Guard. So now, no cows, no nobody on 20,000+ beautiful acres of Wyoming cattle land north of Wheatland. No thought to the locals, just ME ME ME!!! >:(
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BAD IDEA!!!!!!!!!!!!!!!
Witht hte beautiful ocean-front properties come all of The Entitled Ones, and there just ain't enough of the true Wyoming-ites to counterbalance their votes. They would turn you into kalfornistan East in no time at all. You've already seen what happens when the Greenies (Coloradans) move in. This would be 1000 times worse!
Case in point - the guy who owned the cattle ranch I worked on came from kalifornia, bought 20,000+ Wyoming acres for less than a million bucks. When he couldn't turn around and resell it privately for an 800% profit, he sold it to the National Guard. So now, no cows, no nobody on 20,000+ beautiful acres of Wyoming cattle land north of Wheatland. No thought to the locals, just ME ME ME!!! >:(
And you nailed it there. If you look at the big ranches that are going in for about the past decade, more than half of them are coming in from California. They buy up huge family run ranches, for pennies on the dollar, because the feds seem to think they are entitled to half of everything you have already paid taxes on when you die. Because most ranches values are tied up in the actual property, the remaining family members are forced to sell chunks of land to cover the death taxes.
If these snakes were paying what these properties were actually worth, 20,000 acres would cost more in the range of 18-20 million dollars. (I take the figure of $1000 per acre, because I am currently looking at some land that borders a large ranch, and that is the average price per acre in our current market.)