u.s. debt limit (Page 3)

Leon35: We are talking about people in other countries, not my next door friend. Come on Sarcastic !!

davidk14: Economy Grows at 1.3 Percent in 2nd Quarter, Below Forecasts
Published July 29, 2011
Associated Press


WASHINGTON – The economy slowed in the first six months of 2011 to its weakest pace since the recession ended. High gas prices and scant income gains forced Americans to sharply pull back on spending.

The Commerce Department says the economy expanded only 1.3 percent in the April-June period. And it downwardly revised the January-March figures to show growth of just 0.4 percent, the weakest since the recession ended two years ago.

Consumer spending was almost flat this spring. It increased only 0.1 percent, after 2.1 percent growth in the winter. Spending on long-lasting manufactured goods, such as autos and appliances, fell 4.4 percent.

Government spending fell for the third straight quarter. And state and local governments cut spending for the seventh quarter in eight since the recession ended.

At the same time, the Commerce Department's Bureau of Economic Analysis also announced that the *******09 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought.

From the start of the recession at the end of 2007 to the end in June of 2009, the U.S. economy shrank 5.1 percent. That is 1 percentage point worse than the previous estimate that the recession reduced total output during that period by 4.1 percent.

Among the previous 10 postwar recessions, output in only two dropped by more 3 percent. In the 1957-58 recession, the economy contracted 3.7 percent. And during the *******75 downturn, the economy fell 3.2 percent from the start of the recession to the end.

The government attributed the bigger declines in output in part to weaker consumer spending and business investment than previously estimated.

By year, the government's new figures show that the economy took a much bigger hit in 2009, when output shrank 3.5 percent. The previous estimate had shown a decline of 2.5 percent that year.

In 2008, the new estimate shows the economy contracted by 0.3 percent. The previous estimate had indicated that output was unchanged for that year compared with 2007.

The last recession began in December 2007 and lasted until June 2009. Though the economy has been growing since then, growth has been subpar. And the unemployment rate has remained elevated; it's now 9.2 percent.

The revisions showed that growth in 2010 was a bit stronger than previously estimated. They put growth for all of 2010 at 3 percent, up from a previous estimate that the economy grew 2.9 percent last year.

The revisions to the country's gross domestic product, the total output of goods and services, used more complete data for such items as consumer and business spending.

The government's annual revisions are released each July, along with its first estimate of growth for the April-June quarter of the current year.

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If they folks in Washington don’t get their ‘shit’ together quickly, a 'perfect economic storm' may be unavoidable.

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davidk14: .

For those of you that might find this interested, the following web-site helps visually show what the US debt 'visually' looks like.

http:
//usdebt.
kleptocracy.us/

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franklin1950: the administration has based its spending plans on a 3 to 4 % economic growth rate prgression for the next 5 years .
these numbers seem overly optomistic and if not compltly nieeve on economic trends then posibly politicaly motivated deceitful.

the 14th amendment remains the jocker in the deck . an executive order by the president if played will lead to a very interesting debate . constitutional skolars , lawyers , and eventualy the supreme court.

davidk14: .

3 to 4% IS over optimistic and throws his future social programs right out the window.

Obama does not want to use the 14th amendment to raise the ceiling. If he does without the congress and senate, he’s through. Today, Gallop’s polling of the president hit an all time low of 40%. Without congress and the senate working together to cut the budget, capping the expenditures, creating a balanced budget amendment, the president moving forward without congress or the senate would in fact…he would be a dictator.

The AAA rating would be lowered for sure.

The interest on the debt is 29 billion dollars a month. The government takes in approximately 200 billion in taxes per month. The interest payment can be made and avert the default easily as well as cover social security, Medicare and military responsibilities. The issue is that the liberals and the president do not want to cut expenditures and do not want to be held accountable to a balanced budget law. They want to continue to borrow and spend money and not be held accountable.



Days are getting short. Fours days left.

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franklin1950: an executive order , recess appointments , the creation of tzars , the deployment of the military without cogressional approvalcanl and has been done by presidents past and present.

i think the debate and ultimate conclusion to this present time sensative ultimate crisis are and will be more influenced by thoughts of 2012 and 2014 ellections and not on the future wellfair of the country or the future generations that will be paying the bill and suffering the consecquences of present solutions.

this kick the can down the road stratigey is getting old .

davidk14: .

Franklin,

I can find no fault in your comments.

I believe this is why the Tea Party came into being. To be the adult in the room to tell Washington that what has happened in the past, is no longer acceptable.

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franklin1950: the magority of the media has said that the president is the adult in the room who uses his masterful organizing skills and presidential manner to guide and direct the less informed confused children.

the tea party is being described by [ progressive ] media , talking heads , and polititions as anarkists , terrorists , taliban , kidnapers , bombers , etc etc etc .
its nice to see the new tone of civilized disagreement called for by the president being so liberaly applied .

it appears the ball is is in harry reads court now he has a few days to do what the senate does .
if the senate acts on the bill presented to him but changes it in any does it not have to go back to the congress or a combination of congrss and senate for final writting and approval [ of changes / add ons ] before it is sent to the president for signing or veto .

what ever happened to the promise that all bills would be posted for viewing for 72 hours before the vote .

stephinrazin: The elephant in the room cannot be ignored. Until you address the empire the deficit debate is still in the realm of fantasy, and political maneuvering.

davidk14: .

The ‘big elephant’ in the room…well you decide.

58% of the budget – Social Programs / Government Retirees
25% of the budget – Military
6 % of the budget – Interest on the National Debt
8% of the budget – All Other government functions
3% of the budget – Education

Source:


usgovernmentspending.com/
budget_pie_gs.php

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Sarcastic Dots: Wow @ funding for education. Awful.

Leon35: The President and the Senate leader are both playing on fear. They can not think that we do not know - that if the debt is not raised our interest rates will NOT go up on our pre-exsisting loans and credit careds. That is so dumb !!

davidk14: .

Sarcastic said: Wow @ funding for education. Awful.

David responds: It’s not only the percentage that is spent; it’s that the money is mis-spent on top of it.

Leon,

I just don’t understand why people would not support a Balance Budget Amendment.

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Leon35: David, those that need a kick in the behind are the ones that need balance budgets.

If, theres that "if" again, those congressmen/women would do thier jobs, spend what is constitutional, there would be more then enough funds to provide a tax deduction for all tax payers. Thats why we do not need a balance budget amendment. Have you not heard them say, "We don't have a revenue problem, we have a spending problem" ?

davidk14: .

Leon,

What's the down side to having a Balanced Budget Amendment?

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Leon35: David, the down side is that it takes time for it to pass thu congress then the states. It is needed today ! Then too, if and when it is passed, congress will fine a way to by pass it. They want thier ear marks and little projects for thier states to be re-elected.

First the congress needs to drop all the departments the constitution do not allow. Stop the subsidzies and programs it has, then balance the budget. Not go thu all the hoops to pass an amendment that will take time we don't have to fix the ecomony.

davidk14: .

Leon said: David, the down side is that it takes time for it to pass through the congress then the states. It is needed today !

David responds: I agree. They can get this done by the 2012 elections.

Leon said: Then too, if and when it is passed, congress will fine a way to by pass it. They want their ear marks and little projects for their states to be re-elected.

David responds: Not so fast. If properly worded, it would be close to impossible to override.

Leon said: First the congress needs to drop all the departments the constitution does not allow. Stop the subsidizes and programs it has, then balance the budget. Not go through all the hoops to pass an amendment that will take time we don't have to fix the economy.

David responds: And who is going to drop all the departments? Obama? Reid? Pelosi? It ain’t gonna happen until these bums, from both sides of the isle, are thrown out of office but until then, let’s get a law enacted to not overspend and that can happen within the next 18 months.

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Leon35: I did't say would be done, I said, "needs to be done". Of course no one is going to do away with any departments. Like - no one is going to do away with the IRS, lose all those government jobs, union dues, Democrtic votes, and you name it. The same thing with the department of education, engergy, postal service, and you name it.

franklin1950: i think frances fox piven and richard andrew cloward are pissing themselves laughing as they watch their *strategy* plays itself out .

davidk14: .

Leon said: I didn’t say would be done, I said, "needs to be done". Of course no one is going to do away with any departments. Like - no one is going to do away with the IRS, lose all those government jobs, union dues, Democratic votes, and you name it. The same thing with the department of education, energy, postal service, and you name it.

David responds: Yes, it needs to be done and it must be done. I believe it’s the right time in history and it’s extremely important to elect those that will get the job done. No more time for debate, it’s the right thing to do and the very first thing to do is get rid of the Postal Service. The Postal Service is low hanging fruit as is the Dept. of Education. Perhaps there is a place for the Dept. of Energy as a consulting tool but not as a regulatory agency. A few of the agencies do serve a purpose as consulting tools but not as political regulatory bodies.

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Leon35: Then David, you agree with me, thank you !

davidk14: .

And Leon, you agree with me too.

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Malobear:
Anytime I have seen democrats and republicans agree about anything together its never good for the American people. Time will tell,how bad it smells.

franklin1950: crisis evaded, all is well once again. let the good times roll.

from recent history we might sermise that another time sensitive crisis will be thrust apon us that requires emediate solulion on friday or doom will surely happen on monday .
extrordinary measures for extrodinary sercumstance .

never let a crisis go to waste.

so , until the inevitable next one pops up ....... forget the past and let the good times roll

Leon35: Franklin, there is no good times coming. Any time the US Congress meets and passes legislation the American People lose a right and freedom or thier property (money). Which remains to be seen !!