Will you still go to law school if the US defaults? Forum

[Tiago Splitter]

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

I lol'd

[droges]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

[HeavenWood]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

We can turn the flyover states into pay-per-use chemical waste dumps.

[lawgod]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

You hope it is a big deal? heh?
You hope he isn't saying it is not a big deal? heh? You afraid he is really John Boehnor and his opinion makes a difference?

[MrPapagiorgio]

Don't worry about it. The U.S. is borrowing at 2.9% right now so the markets aren't worried about it.

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

Ironic, because Cheney used the logic of "deficits don't matter" to justify the tax cuts and the unfunded wars.

[droges]

I'm just hoping that people recognize the consequences of a default and that it is a HUGE deal

[deadhipsters]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

We can turn the flyover states into pay-per-use chemical waste dumps.

http://timesfreepress.com/news/2011/mar ... und-state/

Way ahead of you, heard about that on NPR this morning. U.S.A!

[helloperson]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

I think he was saying the long term spending situation is not as big of a deal as the debt ceiling raise, and that long term spending is only seen as really urgent because certain politicians are cynically manipulating the situation to meet their ends.

In the end, I think it'll come down to Obama unilaterally raising the debt ceiling when Congress doesn't put anything on his desk. And if it comes to that and he doesn't do that, he doesn't deserve to be reelected.

[HeavenWood]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

We can turn the flyover states into pay-per-use chemical waste dumps.

http://timesfreepress.com/news/2011/mar ... und-state/

Way ahead of you, heard about that on NPR this morning. U.S.A!

Tennessee's an excellent start. Good riddance to South Central rubbish.

[lawgod]

This is why it's mostly political theater.

The debt is something that is more of a long-term problem. There's definitely not an emergency. Yet it gives politicians on both sides of the aisle a convenient excuse to implement policies that reduce the standard of living for the middle class.

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

What? Are you saying that a default is not a big deal? I really hope not

We can turn the flyover states into pay-per-use chemical waste dumps.

We'll call them TTTT's.

[MrPapagiorgio]

Obama doesn't deserve to be reelected.

FTFY

[Tiago Splitter]

I'm just hoping that people recognize the consequences of a default and that it is a HUGE deal

A default would be an absolutely huge deal. A default will not be happening any time soon.

[HeavenWood]

I'm just hoping that people recognize the consequences of a default and that it is a HUGE deal

A default would be an absolutely huge deal. A default will not be happening any time soon.

It's kind of like the sun exploding...

[TatteredDignity]

Obama doesn't deserve to be reelected.

FTFY

Be that as it may, not reelecting him would require putting a pitiful Republican alternative in the white house.

[deadhipsters]

Yea, I foresee a 6 month deal that will allow for the R's to keep this in the media for as long as possible.

[scammedhard]

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

I lol'd

Why did you lol'd? The statement may not be completely true, but the Bush tax cuts and the unfunded Iraq/Afghanistan wars are a big part of the deficit.
http://www.cbpp.org/cms/index.cfm?fa=view&id=3490

[Tiago Splitter]

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

I lol'd

Why did you lol'd?

Because four years ago, a 450-500 billion dollar deficit would have been a record. Even without the tax cuts and war costs we would still have a record deficit according to your graph. And don't forget that the deficit in 2007 was 160 billion, long after those costs had been absorbed.

My main concern with trying to pin it all on those two factors is that it ignores the fundamental problems that aren't going away.

[lawgod]

If you take away the Bush tax cuts and the unfunded Iraq/Afghanistan wars, we'd practically have a balanced budget. It's not a major issue.

I lol'd

Why did you lol'd? The statement may not be completely true, but the Bush tax cuts and the unfunded Iraq/Afghanistan wars are a big part of the deficit.
http://www.cbpp.org/cms/index.cfm?fa=view&id=3490

Graphs! Anything is always right on a graph.

[Gecko of Doom]

Yea, I foresee a 6 month deal that will allow for the R's to keep this in the media for as long as possible.

Which will allow them to continue sounding like out-of-touch, anti-pragmatic ideologues straight up to the presidential campaign. Sounds like a winner.

[scammedhard]

Obama doesn't deserve to be reelected.

FTFY

Be that as it may, not reelecting him would require putting a pitiful Republican alternative in the white house.

And that's exactly the issue. We are all fed up of politicians, Obama included, but we have to select/elect "least worst" option.

[HeavenWood]

Yea, I foresee a 6 month deal that will allow for the R's to keep this in the media for as long as possible.

Which will allow them to continue sounding like out-of-touch, anti-pragmatic ideologues straight up to the presidential campaign. Sounds like a winner.

Thank God Democrats never resort to such tactics.

[scammedhard]

My main concern with trying to pin it all on those two factors is that it ignores the fundamental problems that aren't going away.

I don't disagree with you; The deficit is a complex matter. But, IMO, Bush and his careless wars/policies made a bad problem even worse, much worse.

[deadhipsters]

Yea, I foresee a 6 month deal that will allow for the R's to keep this in the media for as long as possible.

Which will allow them to continue sounding like out-of-touch, anti-pragmatic ideologues straight up to the presidential campaign. Sounds like a winner.

Eh, maybe. If the economy continues to perform poorly, people won't remember that R's were being totally useless and combative. They will just see a bad economy and blame Obama for not getting things done. Stupid, yes, but that's how American politics play out often. Maybe Obama should try some Democratic policies rather than kowtowing to the Republicans and giving them everything they want.

[dabbadon8]

What could end up being important as well is a downgrade in our credit rating which is quite likely at this point.

"JPMorgan's Belton said clients have started asking how markets will respond if the U.S. loses its AAA rating. A drop to AA will mean permanently higher borrowing costs for the U.S. government, he said. And because government lending rates act as a floor for other lending rates, mortgages, student loans, corporate debt and other types of loans will become more expensive."

[HeavenWood]

Yea, I foresee a 6 month deal that will allow for the R's to keep this in the media for as long as possible.

Which will allow them to continue sounding like out-of-touch, anti-pragmatic ideologues straight up to the presidential campaign. Sounds like a winner.

Eh, maybe. If the economy continues to perform poorly, people won't remember that R's were being totally useless and combative. They will just see a bad economy and blame Obama for not getting things done. Stupid, yes, but that's how American politics play out often. Maybe Obama should get nothing accomplished try some Democratic policies rather than kowtowing to the Republicans and giving them everything they want.