The Unelected Winners and Losers of the Debt-Limit Showdown

iVillage Member
Registered: 03-18-2000
The Unelected Winners and Losers of the Debt-Limit Showdown
13
Wed, 08-03-2011 - 10:22am

Disappointing.

http://swampland.time.com/2011/08/03/the-unelected-winners-and-losers-of-the-debt-limit-showdown/

So we already know what the debt-limit debate did to for leaders in Washington: Nothing pretty. By and large, the American people were turned off by both parties, and infuriated that political squabbling would do measurable damage to the nation’s bottom line.

Some politicians, of course, lost more than others. Senate Republican leader Mitch McConnell proved himself, once again, to be the city’s most savvy deal-maker, while Speaker John Boehner was forced to reveal just how little sway he holds over his own caucus. Barack Obama proved himself, once again, unable to control Washington dysfunction, though he may have given his reelection campaign a new focus beyond jobs.

But enough with the political scorecards. What about everybody else? Herewith is a quick look at the unelected winners and losers of the debt-limit debate.

 


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iVillage Member
Registered: 11-27-2009
Not knowing what's in the details of this bill, on the surface, I'm not seeing that this deal was what it needed to be. We need a real debate and resolution on controlling spending, we need a real debate and resolution on dealing with the debt, we need a real debate and resolution on taxes and what is an appropriate level right now. The biggest obstacle to this is Washington itself. No one trusts anyone. The Dem's don't want large spending cuts without tax increases, the Rep's don't want tax increases without confidence they just wont turn into increased spending. Both have reasonable and valid opposition to giving too much to the other. What is blatantly missing is an honest assessment of the finances of the US.
Both parties will attempt to use this bill to point to the fault of the other for lack of job growth, possibly a second dip recession (which has been predicted for a few months now), and anything else they can think of.
I keep dreaming of the day when politicians stop playing political games and do what they were elected to do.
iVillage Member
Registered: 03-08-2011

It's only a staged show. Both puppets dares not touch the point - war and military spending.

New debt ceiling deal (8/2/2011)

 

The debt ceiling negotiation reveals one truth, that this nation is controlled by a covert dictatorship which represents the interest of a rich people group, and the so said law makers don't represent the voters any more.

 

1. The tax cut law was proposed and carried out by former present Bush. It is proved being a failed policy. In Bush's eight years term, the national debt raised from 6 trillian to 12 trillian. His tax cut law contributes big in debt increasing. Yet, when Obama wanted to recover the tax rate on rich people, the law makers resisted. It proves they are now working for a little group of rich people not for the majority of Americans.

 

2. War in Iraq and in Afghanistan is another factor to the deficit of the budget. US military expense and war expense add together almost equal to the total expense of all other countries in this world. That's an extra heavy burden of the American tax payers. The strange thing is nobody dares to speak out. No media, no politician dares to finger at it. It's another proof the US has become a covert dictatorship. In it media and politicians all are controlled by the Inside group. They no longer are the voice of people.

 

3. The victim of the new balance deal will be the American people. More people will lose their jobs and welfare aid in new budget. They will have less money to spend. How could economy recover in this foundation? The economy of US will continue remain in stagnation if not going worse.

 

4. The result of today's situation is people can't elect their own representatives. The government insiders have controlled the intelligence and the media. They select politicians of their own through rigged election. (because they control the intelligence) They justify the election result through the fake poll of the media.

iVillage Member
Registered: 03-03-2009

******sighs**** This time there's just enough fact and logic to take your words a bit more seriously. Wish I could, but I can't. There have just been too many weird and wacky conspiracy posts to give credence to this latest "theory".

You might want to read the old children's fable about the boy who cried "wolf".

Jabberwocka

iVillage Member
Registered: 03-08-2011
I say it in this way. Bush took over a house from Clinton which was beautiful decorated. (with surplus) He damaged it with big hole on wall and roof. (tax deduct and war and historical low interest which created the housing crisis) He left the house to Obama. Obama has to spend a lot to repair the dent Bush created. That extra money became a huge deficit. (As Lind C. said that Obama's deficit is bigger than Bush's) Whose fault?
iVillage Member
Registered: 03-08-2011

My opinion. 1. Clinton left the White House with a surplus. That's a fact.

2. Bush created housing bubble and financial crisis, that's fact too. He also created tax cut law and started two wars in Mid-east.

3. Obama continues with the bailout. Because if he doesn't aid those big firms and let them go bankruptcy, more people would lose their jobs and houses.

4. Obama tries to reduce the deficit by recovering the tax on riches but failed in the House.

5. Obama dares not to touch the issue on cutting war and military spending. It proves this country is ruled by a dictatorship. Both parties work for its master.

6. Only Ron Paul is brave enough to insist to bring the US troops home. He is suppressed by the mainstream media. Because his idea is against the ruling class of this country, he has no chance even though he is the most popular candidate.

iVillage Member
Registered: 02-05-2011
Bush inherited the Clinton recession from the collapse of the dot com bubble. Obama inherited the Bush housing bubble crash.

Obama has increased the deficit on useless spending that has not in any way improved our nation.

Obama has passed laws and regulations which are business hostile. The result is a horrible economy. He took a fire and poured a tanker truck of gasoline on it, now is blaming anyone but himself.
iVillage Member
Registered: 03-08-2011

Dot com. bubble was caused by the blind investment of Venture Capital. That was a good sample how

iVillage Member
Registered: 03-08-2011

Damage the house (2) (9/18/2011)

Blame others for the mess they had made.

Normally, president and his administration have annual revenue income, like a salary income for a family. He spends it for mortgage and other expenditure. They used to overspend the income, then they borrow the money by issuing bond.

But Bush damaged the house with a leaking roof and big hole on wall. (Housing bubble and financial crisis)

Obama not only has to pay monthly mortgage, but also must change the roof and repair the wall. That repair cost is much more than the normal monthly mortgage. The income remains the same. (salary unchanged or decreased) Expense increase drammatically. (save the firms too big to fall, help the unemployed people, help the drowned home owners....) That become a huge increase of national debt. Who should be responsible for that repair money?

Damage the house is easy. To repair it cost much. Republicans attacked Obama for the mess their own president (Bush) had made.

The fact is Bush inherited a surplus from Clinton, he left a deficit for Obama. Worse, he left a big financial crisis to Obama. Now they accuse Obama because he spend a lot of money to repair the roof. You know, to repair a roof costs more than to pay monthly mortgage.

iVillage Member
Registered: 03-08-2011

3. Bush’s legacy is still hurting economy (10/24/2011)

Some people say that after three years, Obama can’t blame Bush on economy failure any more. But the housing crisis still hurts economy and looks like will continue to damage the economy for several years. The problem he left for this country is huge and long-lasting.

The main expense is to bail out the firms too big to fail, especially the mortgage giant Fannie Mae and Freddy Mac. The program to help unemployed, incentive to promote car sale and house sale, program to help the home owners whose house value now are underwater. Here is the real expense, that's the real hole you try to avoid of. Three years after sub-prime loan crisis, the roof is still leaking. Here is the some recent "leaking" result:



iVillage Member
Registered: 03-08-2011

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