Obama warns - August 3rd - Possibly no social security checks will be paid.

reply to post by Bob Sholtz


$4T over ten years, so $400M a year, which is a very substantial cut.

Try reading some of the articles all over the press.

Yeah, I agree, we should also have substantial tax increases on the super rich, return to 1995 levels.

As I pointed out, a majority of voters also support these plans, so if there is a default, it will hang the repubs in congress, who are close to an all time low in approval ratings.

reply to post by Gmoneycricket


Those vets only have to remember recent attempts by repubs to cut their benies, and who refuse to give cost of living increases.

Doesn't really matter, the repubs are already circling the wagons. They are beat, most likely a large percentage of them will be out of office after the next election.

reply to post by poet1b


yeah, see? i don't consider that a spending cut when we're still losing on average 1.1 TRILLION each year. 400 million is peanuts compared to what we need.

so if we don't spend any more money on anything, the deficit will be around 26 trillion in a decade according to obama's plan. it isn't anywhere near good enough, and is by no means substantial. as i said, its foregoing the sprinkles on an ice cream cone.

Originally posted by Bob Sholtz
reply to post by poet1b

 

yeah, see? i don't consider that a spending cut when we're still losing on average 1.1 TRILLION each year. 400 million is peanuts compared to what we need.

so if we don't spend any more money on anything, the deficit will be around 26 trillion in a decade according to obama's plan. it isn't anywhere near good enough, and is by no means substantial. as i said, its foregoing the sprinkles on an ice cream cone.

I like the ice cream cone analogy.
Those spoiled brat politicians only want treats and the option to hand out big fat juicy earmarks.
------------------
Deficit spending is addictive.
Washington DC needs to go to rehab.
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Isn't it odd no one is talking about putting Americans back to work.
If we lowered the unemployment rate to less than 5% then that would increase the
amount of payroll taxes to the government.

Income -- Outgo

We need to work on the Income part as well as the over spending part.

reply to post by Eurisko2012


exactly. any spending cuts that result in us having a deficit defeat the point of saving money. anything less and we're being setup to fail. maybe not tomorrow, but we will eventually crash if the debt keeps increasing.

the only chance our country has is to get out of the middle east (cut military budget), limit earmarks, end lobbyists, and tax corporations/higher tax brackets. if all these things are done, we would probably barely be under where we should. stop raiding SS (it was a good system until we started stealing from it), and reduce politician salaries.

republicans are holding out for extreme cuts, and that's the only thing that can save us now.

Obama cannot touch social security payments

He knows that.

Maybe he doesn't.

Originally posted by Bob Sholtz
reply to post by Eurisko2012

 

exactly. any spending cuts that result in us having a deficit defeat the point of saving money. anything less and we're being setup to fail. maybe not tomorrow, but we will eventually crash if the debt keeps increasing.

the only chance our country has is to get out of the middle east (cut military budget), limit earmarks, end lobbyists, and tax corporations/higher tax brackets. if all these things are done, we would probably barely be under where we should. stop raiding SS (it was a good system until we started stealing from it), and reduce politician salaries.

republicans are holding out for extreme cuts, and that's the only thing that can save us now.

When we get a chance it would probably be a great idea to pay off all of those promissory notes
piling up over there at Social Security.

the machine is a joke

blogs.forbes.com...

This article from Forbes is telling. In it they state that even though there is supposed to be 2.6 trillion dollors in the SS fund. It may be that it is not there.


This is the fear I have. They have to get the money from somewhere to keep spending, and that money is just sitting there......people who cannot budget and are in dire need, do dire things.


Not trying to cause grief, just when I read that, it rang as something our elected officials would do.

reply to post by Stormdancer777


Maybe the teleprompter told him to say it.

In all honesty though, the leader of a free nation cannot make idle threats. Period.

I know I can't go to your house and strangle you, but would it be OK if I threatened to do so?
No, it wouldn't.

Big O should have said he'd cut their pay instead of threatening to withhold the American's SS checks. He would've made a lot more progress and instilled more fear in them to come to a decision.

reply to post by Afterthought


IMO Obama needs to make an apology to the country!!
He must know the stress he is putting on those that
receive SS. I agree he should have said he would
cut their pay, that would get things rolling.

reply to post by crazydaisy


I agree. The American people are under enough stress as it is without being needlessly threatened! What if people took to the streets after he made that comment? They certainly will if he makes good on his threat. Isn't it illegal to encite a riot?

Then again, how do we know that they aren't writing a new Executive Order right now allowing Social Security to be stopped?

reply to post by Bob Sholtz


Your numbers are off.

The last GW admin budget deficit 2009 (budget passed in 2008) est is $1.84T

The first Obama admin budget deficit 2010 (budget passed in 2009) est is $1.26T

The Obama admin budget deficit 2011 (budget passed in 2010) est is $0.93T

So a $0.4T reduction in the fed budget would put us at a annual deficit of about $.53T

The rest should be made up by returning to 1995 tax rates. Going after the money defrauded from the public, and chasing out illegals to return wages to healthy levels.

reply to post by poet1b


i'm sorry, but your numbers are off. www.usdebtclock.org... reports the current deficit at 1.394 TRILLION as of the second i post this.

the combined worth of every american billionare equals 1.3 trillion. we can't tax our way out of this one, not in this economy. taxes DO need to be raised to corporations and those in the higher tax bracket, but it isn't an end-all solution by a long shot. www.federalbudget.com... raising taxes too high will further stall the economy, especially on the middle class.

obama's own estimation for the deficit in 2011 was 2 trillion.

the numbers i gave are within reasonable accuracy. what i surmised is also true, "lowering the deficit" won't work. only completely eradicating it right now will save the country. anything less means we continue on the same path.

reply to post by Bob Sholtz


My numbers are from the GPO, they are the official estimates at this time, reported by the fed gov. You don't get more accurate than that.

Most of these recent jumps are directly due to the bailout.

The U.S. GDP is considerably higher, and our debt ratio to GDP is pretty good compared to the rest of the world. It doesn't mean that we shouldn't end this large deficit spending, we clearly do need to get spending under control. However is it foolish to try and cut off spending all at once considering the repubs have recently finished wrecking our economy, and effort needs to be made to get things back on track.

By increasing GDP, we could easily get our fiscal house back in order. They did it in the fifties when our debt was far worse, of course they did it then with high taxes on the rich, while building up our infrastructure, and helping our defeated foes rebuild.

You really need to get better informed.

www.gpo.gov... &newAvailableList=CPD&newAvailableList=BILLS&newAvailableList=CDOC&newAvailableList=CHRG&newAvailableList=CREC&newAvailableList=CRPT&newAvailableList= FR&newAvailableList=PLAW&newSelectedList=BUDGET&ycord=0&selectedMetadataField1=content&selectedTextBoxValue1=receipts+outlays&link=

or www.gpo.gov...

wont affect me, im not ever gonna get it.

Gerald Celente of Trends Analysis- July 15
www.youtube.com...

reply to post by Surfrat


Listening to that ignorance causes brain damage.

The first big lie is that free market economics have anything to do with creating a free market.

The second big lie is that free market economics will grow the economy.

Free market economics is round up for small businesses.

They didn't bailout the banks to save the home owners, no one told that lie, except Gerald Celente. They bailed out these banks to save the stock market, in which the boomer generation has their retirement savings invested.

How do you people not know this?

reply to post by Ozscot


I can guarantee you if this happens. The people of America will march into the White House and rip him out of office. If you want a war with the American people, that is a sure fire way to get one.

Here's how President Obama plans to spend Credit Fault Day (August3rd)

satireworld.com...