Right where some of us have said we were headed.

The United States is broke. Within weeks we'll be bankrupt and insolvent. The situation we're in can only be solved by life-changing reductions in the services our government provides and/or dramatic increases in taxes. Whether or not our elected leaders approve an increase in the amount we can borrow will make little difference. We're reaching the point in a very few months that no one will lend us any more anyway.

And what conversation do you hear echoing in the halls of Congress? Or here on this forum? Or even over coffee at Starbuck's? Is anyone talking about the trainwreck we are about to encounter? Or ways to somehow reduce it's effect?

No, our Congress isn't even in session. Their own calendar shows that they'll only meet to discuss these issues for another handful of days in May, about one-third of the working days in June and July, and then they'll take the whole month of August off on vacation.

In the meantime, the officials of the Treasury Department are doing things--like not funding pension programs for federal employees--that if executives in the private sector did them, they'd be thrown in prison. All this in an attempt to keep the country's financial ship afloat for another few weeks.

And no one is talking about it. Neither our elected representatives nor even the public is saying anything. And all the while we're facing the greatest national crisis since the beginning of World War II. The Congress is made up of people who have taken positions so opposite one another that they're not even talking. And the President doesn't mention the problem. In fact he hasn't even proposed a budget for the country.

Unbelievable!

How about calming down and taking a different look at it. This is the same stunt that was pulled on all of us to go along with those disastrous TARP scams.

I know people here who don't like to hear conflicting arguments to their own perceptions won't like this, and especially from someone they hate without knowing. How about reading this transcript from Rush Limbaugh who thinks you're getting whipped up about nothing. That this "default" is good for us. It might give you a different outlook if you take the time.

http://www.rushlimbaugh.com/home/dai...110.guest.html

I'm going to take economic advice from Rush Limbaugh? Richie, you must be kidding. I'm no economic whiz kid, but I've forgotten more about economics than Rush Limbaugh ever knew...other than his ability to negotiate mind-numbing contracts for himself that is.

"...we're forgetting economic growth", Rush says?

All I'll say is do the arithmetic. In order for economic growth to be meaningful in balancing our federal spending with tax revenues, we would have to achieve increases in our GDP in the range of 10% per year for the next fifty years! And I might point out that the country has never even had one year with that kind of economic growth.

If I was making the kind of money Rush is, I wouldn't want the taxes on the wealthy raised either.

Originally Posted by Villages Kahuna

I'm going to take economic advice from Rush Limbaugh? Richie, you must be kidding. I'm no economic whiz kid, but I've forgotten more about economics than Rush Limbaugh ever knew...other than his ability to negotiate mind-numbing contracts for himself that is.

"...forget economic growth" Rush says? All I'll say is do the arithmetic. In order for economic growth to be meaningful in balancing our federal spending with tax revenues, we would have to achieve increases in our GDP in the range of 10% per year for the next fifty years! And I might point out that the country has never even had one year with that kind of economic growth.

If I was making the kind of money Rush is, I wouldn't want the taxes on the wealthy raised either.

The budget battle is more politics than economics. Everyone knows it has to be dealt with and the question is how. The Democrats, under Obama leadership want to spend this country into devolving 3rd world status. Rep. Paul Ryan has a plan and it needs to be heard and taken seriously. He is ahead of the curve on this.

Why are you scared to read what Rush has to say? I didn't know you knew him so well, and thus could discount him off hand being so much more informed on these issues than he is.

It tells me that you like to cherry pick where you get your information and you have a bias that's very revealing. At least I'm beginning to know where you hang your hat, politically, and that should help me in future discussions.

Just take a look at what happens when a country defaults. Interest rates skyrocket and their currency is worthless.

For those of you who claimed Obama was trying to destroy our currency, it would appear that the GOP, if they insist on attaching ridiculous riders (attacking pocket change programs while letting the elephants pass) would be far more to blame.

Go ahead and default. Who owns more T-Bills than China? The Social Security Administration - that's where (by law) 60 years of surpluses went. Bankrupt the retirees while you're at it. Make their savings worthless. Make it so no country will do business with us.

We need an extension of the debt ceiling combined with REAL (not just political) roadmaps for tax and entitlement reform. The clock went beyond just 'ticking' some time ago.

Rush Limbaugh?....now there's an objective analysis.

Originally Posted by DaleMN

Rush Limbaugh?....now there's an objective analysis.

Just an opinion worth considering if you can curb your bias long enough to hear it. I don't expect it, but I give you the opportunity to see it from another perspective. It does seem as if the main stream media has lots of people worked up. I'm just not ready to buy into this crisis of the month.

Originally Posted by RichieLion

Just an opinion worth considering if you can curb your bias long enough to hear it. I don't expect it, but I give you the opportunity to see it from another perspective. It does seem as if the main stream media has lots of people worked up. I'm just not ready to buy into this crisis of the month.

Richie, I regularly seek the opinions and viewpoint from both ends of the political spectrum. But I must admit that I don't include Rush Limbaugh, Ann Coulter or Oliver North in my "conservative readings". As far as I'm concerned they're all entertainers, seeking only to create agitation and vitriol rather than serious political discussion. Sorry for not agreeing that Rush should be one that I look to for an "opinion worth considering"...particulalrly on economics!

Originally Posted by Villages Kahuna

Richie, I regularly seek the opinions and viewpoint from both ends of the political spectrum. But I must admit that I don't include Rush Limbaugh, Ann Coulter or Oliver North in my "conservative readings". As far as I'm concerned they're all entertainers, seeking only to create agitation and vitriol rather than serious political discussion. Sorry for not agreeing that Rush should be one that I look to for an "opinion worth considering"...particulalrly on economics!

Suit yourself. You're missing out on a discussion that is not only thought provoking and informative with a perspective you might not have considered, but entertaining as well. You won't be the first to underestimate him.

Obama prposing to set aside additional billions of $$$ for Pakistan and othe mid east countries to accomplish what?

With funds that we do not have?

With funds that cost the USA 45 cents on the dollar in additional loans?

I suggest based on the ongoing spending proposals by this POTUS and congress and senate....there is not shortage of money. And that all the concern for debt is over blown. What other conclusion could be deduced?

btk

Its not really the debt that you have to worry so much about. What is really scarey is if the dollar loses the "reserve currency" of the world. As of right now it really doesn't matter what a barrel of oil costs. We just print up more phoney dollars to pay for it.

Check history. Look at what happened to the UK after WW II when the pound sterling was no longer the "reserve currency."

Our way of life will take a turn that no one what to see happen. And it will happen if we don't get the debt under control and stop the run away spending.

We really need to go back to "you don't work, you don't eat" program and stop giving away everything to all those that won't help themselves.

Yes, I draw SS, but its not my only retirement income. 99.9 percent is what I saved, put away, did without things to make sure that I could retire early and not drop in life style. As a 20 plus year military retiree, I banked every retirement check from age 38 until I retired at 62. It was a nice nest egg and we are using it wisely.

Looking forward to many years in TV. Tired of taking care of a huge place as is the Mrs tired of taking care of a huge house. Time to relax and have fun and do all the things that we want while we are still young enough to enjoy them.

So get real, get involved and toss all the crooks, liars and "career politicans" out of office. After all its "public service."

The pound sterling lost it's status as 'reserve currency' because it was practically bombed back to the stone age - they had NO industrial complex and neither did the rest of Europe or Japan for that matter.

The US Dollar became the reserve currency BY DEFAULT as we were the ONLY country that still had an industrialized base.

djplong,

And? Where is our manufacturing base now? Where is our idnustrialzed base? How many things can you find that says "Made In America" on the shelves of Walmart or anyother big box store?

Its only a matter of time.

Originally Posted by Figmo Bohica

djplong,

And? Where is our manufacturing base now? Where is our idnustrialzed base? How many things can you find that says "Made In America" on the shelves of Walmart or anyother big box store?

Its only a matter of time.

Just to add a little dose of reality to the often voiced dismay at the lack of manufacturing in the U.S.

The United States of America is still the number 1 manufacturer in the world. We don't see that because of what we see in stores. China makes the products that low wage earners would produce and that job market has seen a shift. The U.S. leads in high technology products which are higher wage jobs.

The problem for Americans is that the high manufacturing output of the U.S. doesn't result in higher numbers of jobs. The focus of the discussion is not manufacturing but jobs that are relevant to the American worker.

http://curiouscapitalist.blogs.time....manufacturing/

http://shopfloor.org/2011/03/u-s-man...-largest/18756