America fail to cut debt suprise suprise

news.sky.com... ( sorry don't know how to embed newbie )

so where does this leave america now its in total meltdown if you ask me

I just really dont know where there gonna go from here, and globally speaking i cant see how we can ever get out of debt i dont understand how nearly every single country is in debt

Is there any way out..............?

Well the questionable part is that they either make cuts and do something about the situation OR they let the cuts happen on their own which gives each side a scapegoat on who to blame. They will both say that the opposite side didnt give any when trying to negotiate terms.

Oh well hopefully they dont come to a temp solution and more people will have reason to protest this complete corrupt government

And monopoly game we call capitalism

reply to post by thegoods724


its a complete farce i hope the meltdown happens sooner rather than later and we can have a totally new system put in place

The planned failure will trigger some automatic cuts to I think military and medicare.

I remember when this debacle started that none from either side would want to have these auto-cuts on their records for election purposes.

I think the whole thing was planned to fail since any legislation that would favor either side is on auto-doom with a split Congress and a hostile POTUS.

The super panel was created with extraordinary, fast-track powers this summer under the law agreed to by Republicans and Democrats during the debt ceiling crisis. That same law now says its failure will trigger $1.2 trillion in automatic cuts over 10 years, starting in 2013. That so-called sequestration is to include cuts to Pentagon spending.

There is a chance Congress will somehow try to alter these cuts, or even sidestep them. Some lawmakers were already saying they will immediately move legislation to block those automatic cuts to the defense budget.

But the nation’s debt crisis will continue – with the deficit now at about $15 trillion. It also is likely no coincidence that the committee waited until the financial markets closed for the day to make the announcement. The Dow Jones industrial average had already tumbled by more than 300 points earlier in the day partly in anticipation of the acknowledgement of failure.

Super Committee Fails to Reach Deficit Agreement


If we see a full Repub congress and POTUS in Jan 2013, look out for some real change !

Good or bad ... who knows.

All we know for sure is what we have seen with the full DEM 111th Congress and Dem POTUS that passed no legislation that actually had a positive long term impact on the majority of U.S. citizens. All of it was targeted and all of it had a negative impact on the majority of citizens.

Originally posted by theruthlessone
reply to post by thegoods724

 

its a complete farce i hope the meltdown happens sooner rather than later and we can have a totally new system put in place

A New World Order?

I had a bet when the whole thing started and I collect Thursday

1 They couldn't make a deal

2 Blame each other

3 try to get around it and spend even more money they don't have.

I think I called it pretty well it's even postwed somewhere on here

Originally posted by theruthlessone

I just really dont know where there gonna go from here, and globally speaking i cant see how we can ever get out of debt i dont understand how nearly every single country is in debt

Is there any way out..............?

edit on 22/9/2011 by theruthlessone because: (no reason given)

Well, technically speaking, debt is necessary for the existence of any nation. It allows it to do things like reform healthcare, build its military, invest in infrastructure, etc. without actually having the funds to do so. That being said, the current state of many nations is one of dire straits.

There are many "ways out of debt" however, to many nations such as the United States, the process of getting out of debt poses a threat to our way of life. If the U.S. wanted to get out of debt, it could do it in a matter of years, perhaps less than a decade. However that will never happen because our imperialistic and materialistic lifestyles' demand spending without saving.

Imagine if tomorrow the United States pulled its military out of every nation. Imagine if tomorrow the United States ended the Federal Reserve. Imagine if tomorrow the United States shut down the Department of Energy and the Department of Education.

Debt, my friend, is a good thing, atleast on a national scale.

Im gonna love this cause Obama is going to blame everyone else.......

Yet didnt they fail to pass a budget?


Give me a break...........Obama........i vote NO CONFIDENCE

he is the MOST divisive president we have ever had.........

reply to post by isthisreallife

Imagine if tomorrow the United States pulled its military out of every nation. Imagine if tomorrow the United States ended the Federal Reserve. Imagine if tomorrow the United States shut down the Department of Energy and the Department of Education.

Debt, my friend, is a good thing, atleast on a national scale.

Sounds like a plan.

BUT, the theives won't be able to steal the money anymore !

The triggered cuts don't actually take affect until 2013 leaving plenty of time for our glorious Congressional leaders to come to our aid once again and stop them. In fact, just yesterday Sen McCain was already working on stopping it.

It's as if they set it up, knowing full well that it would fail, just so they'd have something to do during the election year. I mean, they wouldn't do that on purpose, would they???

No meltdown, only a Congressionally made crisis to prove to their constituents how much we need them.

Down the rabbit hole we go, where we stop nobody knows, the rabbit tells the gopher he will show him the light but then he just keeps digging.

I heard some figures with the DoD getting hit with 600 billion in cuts.

That's going to hurt like hell, to be honest - the entire DoD budget is (if you twist it around a bit to be bigger and include homeland security spending) 900 billion.

Now, I am of the opinion that the military is subject to a lot of waste that shouldn't be, and that we have elements of it that are far larger than necessary..... but I think we'll need a little more than $300 billion (the wars in Iraq and Afghanistan are only running us about $200 billion - the rest is maintenance and regular training cycles with some procurement).

Really - the whole thing is a mess. The military needs to go through a serious funding and command restructuring process. There are people in charge of # they shouldn't be allowed within 50 meters of (let alone in command of it) - there is money being spent on stuff that is never used (and commands going without mission-critical supplies and/or training)... and perhaps one of the biggest deals is foreign companies benefiting from American taxpayer spending in the form of security provided to foreign ports and shipping lanes.

Honestly, I think we should be taking up defense contracts with foreign ports and companies who get a bill for our military's protection. It shouldn't come at the taxpayer expense - our retailers can purchase from other regions or local providers if foreign manufacturers cannot afford to remain competitive and the cost of securing shipping lanes.

....

Anyway - the other major problems (in our government) rest with the expansion of entitlement spending at the Federal level.

This... is a huge no-no. You do not give the level of government that has authority to print money the power to print money to the electorate. I have a picture that illustrates the reason we don't do this:



It may seem like an okay thing at first... but eventually you run into a serious problem.

Alternatively, people who elect members of Congress who promise to expand entitlement spending will eventually be empathizing with this picture:



Obviously, this is a compromising situation that is not good.

Thus - all entitlement spending and provisions for it to be 'loaned' or otherwise transferred to the States - needs to be stricken from the budget, and forever banned. Taxes should be abolished and lowered accordingly.

If states, then, wish to continue a level of entitlement spending - they more than have the power and authority to tax the populace and regulate those systems as they see fit.

It simply doesn't belong at the level that gets to print money (or issue "bonds" that don't show up as real public debt - but act in the same manner).

All in all, this doesn't really come as a surprise, though. The worst part about it is that I can't tell if it's an act ... or if the bickering is genuine and they really are that .... incompetent.

Which is why I -really- dislike the way the media has sensationalized politics. Watching the news feels more like I'm watching some sick "reality" TV drama.... "On Capitol Hill... last time, Pelosi called House Republicans blubbering neanderthals; Wiener posted pictures of his wiener; and disaster strikes when the Secret Service move Michelle Obama's garden sprinkler out of 'security concerns!'"

I can't help but wonder if becoming a politician affects you with that "child-star syndrome" - or something similar.