US Debt Limit

[Handlebar]

When it comes to my money, all I look at is the negative side.
Crypto isn't a solution to anything and the last 18 months proved the use case was all bullshit and going back to the gold standard is literally the worst idea in economics. If Bitcoin is to survive, it needs is new narrative.

Would you expand on that

 

[BigHornRam]

If you guys want to argue about crypto, start a new thread.

Back to the topic.

White House says Biden will veto House GOP's debt limit bill if it passes

"The president has been clear that he will not accept such attempts at hostage-taking," says the White House Office of Management and Budget

justthenews.com

 

[brymoore]

Crypto is no different than the Dutch Tulip mania. Someone is going to get hurt by it.

I agree with Buffett.

 

[SAJ-99]

If you guys want to argue about crypto, start a new thread.

Back to the topic.

White House says Biden will veto House GOP's debt limit bill if it passes

"The president has been clear that he will not accept such attempts at hostage-taking," says the White House Office of Management and Budget

justthenews.com

I have no problem with that veto. And isn't the Student loan forgivness almost dead anyway?

Would you expand on that

We tried it. Economic downturns were more frequent, deeper, and longer. The ability to control the money supply across various economic conditions is the key to stability and stability is important to Capitalism. Everything else is just arguing about how it affects one group or another, and really that is just the last 20yrs- the internet sticks again.

 

[BigHornRam]

I have no problem with that veto. And isn't the Student loan forgivness almost dead anyway?

Joe can veto at his own peril. You are always talking about how we need to make sacrifices. How about dumping the IRA pork? That's a good sacrifice to begin with.

 

[brymoore]

IRA Pork?

 

[BigHornRam]

IRA Pork?

"The measure proposed extending the debt limit for one year and includes a provision to limit domestic spending growth by 1% per year. It also eliminates many of the clean energy tax incentives in the Democrats' Inflation Reduction Act."

 

[Hircine]

When it comes to my money, all I look at is the negative side.
Crypto isn't a solution to anything and the last 18 months proved the use case was all bullshit and going back to the gold standard is literally the worst idea in economics. If Bitcoin is to survive, it needs is new narrative.

As it sets your fiat has been loosing tremendous value since taken off the gold standard. That's a gregarious oversight or extreme arrogance on your part. Every investment and monetary model has fluctuated in price. I find it funny that you put say that yet put your faith into a system that does everything you hate and little else to improve it for the last 60 years let alone 18 months with crypto.
The billion dollar positive investment is outweighed by by a 30% retractment? Please..

Anyway I will start a thread about this. Biden fcked us all over anyways.

 

[SAJ-99]

IRA Pork?

BHR doesn't like anything remotely related to clean energy or energy conservation.

 

[BigHornRam]

BHR doesn't like anything remotely related to clean energy or energy conservation.

SAJ-99 likes giving tax breaks to the wealthy greens so they can put Made in China solar panels on their roof tops so they can virtue signal how great they are, while tacking it on to future generations to pay for this nonsense.

 

[rjthehunter]

Too much of the debate is over taxes or spending. That is too generic. It has to be both. The CBO report showed we could cut all discretionary categories to ZERO and would still have a deficit. The problem is SS and Medicare and ignoring them is a national pastime. Boomers are too large of a voting block and a lot of them spend their days trying to find something to be scared about. We also need to get people working. Labor force participation is still not back to pre-pandemic levels. Too many qualified people left the workforce and we don't invest in things that allow them to work (like childcare). We also need to get people off the government teat. There are 90m people on Medicaid!!! I don't mind helping people get back on their feet, but I feel like somethings off. Corporate taxes need to go up. Profit margins are still at record highs and it goes back to 2017 tax changes. Basically, you can see from the list that everyone is going to be pissed off with any solution, ranging from a little to a lot. So politicians fight about who is at fault or who wants to make it unfair for "you".


You crypto people are your own worst enemy. What is bitcoin over the last year, down 30%? why? Probably all the fraud. Damn things make gold look like a great investment.

Government aid is being abused by far too many. It's being used as a means of income. It's supposed to be a way to help people out of a difficult time. It shouldn't be peoples job to extort it.

Mandating drug tests would be a leap in the right direction. I'd venture a guess around 65% of people on gov. assistance would be rejected if they started drug testing applicants.

 

[SAJ-99]

SAJ-99 likes giving tax breaks to the wealthy greens so they can put Made in China solar panels on their roof tops to show everyone how great they are, while tacking it on to future generations to pay for this nonsense.

Yep.Use the funds from the oil your want to sell to China to fund it. In 20yrs, we will all be better off if more energy comes from renewables and the electrical infrastructure being more decentralized could even be considered a matter of national security.
Remember this?

CNN.com - Major power outage hits New York, other large cities - Aug. 14, 2003

 

[Handlebar]

I will take the renewable community much more serious when nuclear is incorporated into their ideas

 

[BigHornRam]

Yep.Use the funds from the oil your want to sell to China to fund it. In 20yrs, we will all be better off if more energy comes from renewables and the electrical infrastructure being more decentralized could even be considered a matter of national security.
Remember this?

CNN.com - Major power outage hits New York, other large cities - Aug. 14, 2003

In 10 years those cheap Chinese panels you want to subsidies with opm (other people's money) will be sitting in the landfill.

 

[SAJ-99]

In 10 years those cheap Chinese panels you want to subsidies with opm (other people's money) will be sitting in the landfill.

In 10yrs we may be out of oil products to sell them. Maybe Nuclear fusion will save us all. If you employ enough people to build and install the solar, wind, hydro, nuclear, the revenue collected from income taxes pays for tax breaks. That is how economic growth works. You are correct, I have no problem putting money into things that have a positive economic and social payoff. I think we can agree on trimming some of the things that don't. However, the curse of democracy is majority gets what they want. And the majority want the handouts. so

 

[Trial153]

With the increased speed that news, incidents and current events affect the markets and short term economy, a wholesale walk back to gold based currency would be death sentence to the dollar. The lose of liquidity that our fiat based currency provides would be Catastrophic

 

[brymoore]

I was thinking the different definition of IRA and investment accounts.

The debt limit should be eliminated in the country. It’s just used for political games by both parties without thinking of the severe repercussions if the US defaults. Neither party actually cares about the debt limit.

All the other political games can be played elsewhere with the annual budget.

 

[Addicting]

In before the lock!!

 

[BigHornRam]

You know what really did in the Roman's @SAJ-99 ? They didn't have any cheap Chinese made solar panels to put on their roofs.

In before the lock!

 

[Potsie]

If you guys want to argue about crypto, start a new thread.

Back to the topic.

White House says Biden will veto House GOP's debt limit bill if it passes

"The president has been clear that he will not accept such attempts at hostage-taking," says the White House Office of Management and Budget

justthenews.com

Mute point. That bill would have to clear the senate before it landed on Biden's desk - so really it's just stating the obvious, but not actually saying anything at all.