An Imaginary Budget and Debt Crisis

[umair127]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

[zolace]

When Obama's budget failed 413-2, it's not exactly fair to blame the republicans.

[cr1776]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

[spazzdla]

Seeing as BTC is at $620 and not $10.. he is probably wrong.

[leezay]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

Isn't it surprising people still read what this Krugman wrote? He is always on the wrong side on almost every important issue.

[blumangroup]

I wouldn't say that it is a false alarm, as the GOP is still trying to cut the deficit, however Obama and his liberal friends are trying to tie any budget negotiations to make it so that any deal would include the furthering of crazy liberal policies.

It was not Obama that was trying to get our fiscal house in order, it was the GOP when they took over control of the House and took away Democrats supermajority of the Senate. Democrats had control of both chambers of congress for two years and could have fixed our fiscal problems, but instead spent trillions in deficit spending for "stimulus"

[umair127]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

I rarely resort to ad hominem, but I make an exception for Paul Krugman. He is worst kind of "intellectual." The only remarkable thing about him is how he paints his failures as successes and hoodwinks adoring, uncritical liberals with his columns.

[Rigon]

He is right. The debt ceiling crises are completely artificial in nature .....

[umair127]

He is right. The debt ceiling crises are completely artificial in nature .....

No, he is wrong. If anything upsets the delicate balance we have right now, all of the debt will immediately be a huge problem. The fact that central banks have kept interest rates at zero or negative rates, and have continued massive bond buying programs, hides the problem. In no rational world should Italy and France be able to borrow at their current rates. But what else can Krugman say? He has unclean hands. He advocated for this interest rate environment. So now every column he writes is designed to hide the issues it is creating. Just last week he argued the rich are the only ones clamoring for higher inflation and rates as they are being punished by lower rates because of their large bond holdings. He wrote this column two months after saying that the stock market boom is disproportionately benefiting the rich. The man has no credibility.

[zolace]

"delicate balance"


Oh yes... the "delicate balance" of our ongoing large scale ground war, a US Congress full of Republicans constantly threatening to shut down government, civil wars across the Middle East, and a re-igniting Palestinian conflict, a suspected spying being confirmed.

Yeah, bro! We better be really careful not to upset things.

[zolace]

There is not (and never in recent history has there been) a debt crisis in the US.Anyone saying otherwise gives you a good idea of who doesn't know what the fuck they're talking about.

[umair127]

There is not (and never in recent history has there been) a debt crisis in the US.Anyone saying otherwise gives you a good idea of who doesn't know what the fuck they're talking about.

Do you believe that the U.S. is immune to a situation a la Argentina in 2001?
The Fourth Circuit also issued an opinion today on the same exact issue, but found that the statute was ambiguous and sided with the Obama administration, saying that the statute can be interpreted to authorize subsidies for insurance purchased on federal exchanges. Finding ambiguity in the statute is not a pretty big stretch; it's an outright sham.

Here's the language:

The premium assistance amount determined under this subsection with respect to any coverage month is the amount equal to the lesser of—
(A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in section 152) of the taxpayer and which were enrolled in through an Exchange established by the State under 1311 [1] of the Patient Protection and Affordable Care Act

[noviapriani]

There is not (and never in recent history has there been) a debt crisis in the US.Anyone saying otherwise gives you a good idea of who doesn't know what the fuck they're talking about.

Do you believe that the U.S. is immune to a situation a la Argentina in 2001?
The Fourth Circuit also issued an opinion today on the same exact issue, but found that the statute was ambiguous and sided with the Obama administration, saying that the statute can be interpreted to authorize subsidies for insurance purchased on federal exchanges. Finding ambiguity in the statute is not a pretty big stretch; it's an outright sham.

Here's the language:

The premium assistance amount determined under this subsection with respect to any coverage month is the amount equal to the lesser of—
(A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in section 152) of the taxpayer and which were enrolled in through an Exchange established by the State under 1311 [1] of the Patient Protection and Affordable Care Act

The other decision used the wording of the law, and the wording of the law does not support that conclusion.

That conclusion came from stringing together text from four or five different areas, liberal use of the words "so it could only mean," and much hand waving.

[zolace]

There is not (and never in recent history has there been) a debt crisis in the US.Anyone saying otherwise gives you a good idea of who doesn't know what the fuck they're talking about.

Do you believe that the U.S. is immune to a situation a la Argentina in 2001?
The Fourth Circuit also issued an opinion today on the same exact issue, but found that the statute was ambiguous and sided with the Obama administration, saying that the statute can be interpreted to authorize subsidies for insurance purchased on federal exchanges. Finding ambiguity in the statute is not a pretty big stretch; it's an outright sham.

Here's the language:

The premium assistance amount determined under this subsection with respect to any coverage month is the amount equal to the lesser of—
(A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in section 152) of the taxpayer and which were enrolled in through an Exchange established by the State under 1311 [1] of the Patient Protection and Affordable Care Act

The other decision used the wording of the law, and the wording of the law does not support that conclusion.

That conclusion came from stringing together text from four or five different areas, liberal use of the words "so it could only mean," and much hand waving.

libtards live in the fantasy liberal world where you never have to pay your debts and money you owe never comes due. You Think the 1st amendment forbids congress from Making any laws.

[noviapriani]

There is not (and never in recent history has there been) a debt crisis in the US.Anyone saying otherwise gives you a good idea of who doesn't know what the fuck they're talking about.

Do you believe that the U.S. is immune to a situation a la Argentina in 2001?
The Fourth Circuit also issued an opinion today on the same exact issue, but found that the statute was ambiguous and sided with the Obama administration, saying that the statute can be interpreted to authorize subsidies for insurance purchased on federal exchanges. Finding ambiguity in the statute is not a pretty big stretch; it's an outright sham.

Here's the language:

The premium assistance amount determined under this subsection with respect to any coverage month is the amount equal to the lesser of—
(A) the monthly premiums for such month for 1 or more qualified health plans offered in the individual market within a State which cover the taxpayer, the taxpayer’s spouse, or any dependent (as defined in section 152) of the taxpayer and which were enrolled in through an Exchange established by the State under 1311 [1] of the Patient Protection and Affordable Care Act

The other decision used the wording of the law, and the wording of the law does not support that conclusion.

That conclusion came from stringing together text from four or five different areas, liberal use of the words "so it could only mean," and much hand waving.

libtards live in the fantasy liberal world where you never have to pay your debts and money you owe never comes due. You Think the 1st amendment forbids congress from Making any laws.

if you had another brain it would be lonesome.

"Congress shall make no law"

you are really stupid enough to think there are exceptions to that EXACT WORDING?

Now why would only that amendment be worded in that way and not the other 8 dealing with individual rights?

[Rigon]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

I rarely resort to ad hominem, but I make an exception for Paul Krugman. He is worst kind of "intellectual." The only remarkable thing about him is how he paints his failures as successes and hoodwinks adoring, uncritical liberals with his columns.

While I am not a fan of his articles, saying the only remarkable thing about him is his ability to hoodwink people rather ignores the actual contributions he has made to trade theory. Hate him if you'd like, but he has helped to advance our understanding of economic trade theory.

[twiifm]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

I rarely resort to ad hominem, but I make an exception for Paul Krugman. He is worst kind of "intellectual." The only remarkable thing about him is how he paints his failures as successes and hoodwinks adoring, uncritical liberals with his columns.

While I am not a fan of his articles, saying the only remarkable thing about him is his ability to hoodwink people rather ignores the actual contributions he has made to trade theory. Hate him if you'd like, but he has helped to advance our understanding of economic trade theory.

Its easy for people to dog him because he's visible.   Like when people say Tom  Cruise can't act.

His trade theory won a prize so thats a pretty remarkable achievement.

I do disagree w his view of money as exogenous

[cr1776]

The Fiscal Fizzle

For much of the past five years readers of the political and economic news were left in little doubt that budget deficits and rising debt were the most important issue facing America. Serious people constantly issued dire warnings that the United States risked turning into another Greece any day now. President Obama appointed a special, bipartisan commission to propose solutions to the alleged fiscal crisis, and spent much of his first term trying to negotiate a Grand Bargain on the budget with Republicans.

That bargain never happened, because Republicans refused to consider any deal that raised taxes. Nonetheless, debt and deficits have faded from the news. And there’s a good reason for that disappearing act: The whole thing turns out to have been a false alarm.

http://www.nytimes.com/2014/07/21/opinion/Paul-Krugman-An-Imaginary-Budget-and-Debt-Crisis.html?&_r=0

This from Krugman? Lol. The same guy who thought the internet would have only as much impact as a fax machine and opines about bitcoin (and other things) without having even a teaspoon of knowledge.

The lap dog of the authoritarians?

I rarely resort to ad hominem, but I make an exception for Paul Krugman. He is worst kind of "intellectual." The only remarkable thing about him is how he paints his failures as successes and hoodwinks adoring, uncritical liberals with his columns.

You are right.  Krugman advocated a "housing bubble" in his column, got one, had it burst, and then claimed he didn't say what he said.  And yet the so-called intellectuals still follow the guy.

Krugman is the worst of the worst, doing anything he can to support the authoritarians and their policies to control everyone so that they throw him a bone once in a while.  He is intellectually dishonest and should be ashamed of himself for selling out freedom for his own power and self-aggrandizement.

[maximus1215]

"False Alarm" eh?....NY Times is  such Marxist rubbish.  Obama's deficits are being financed by inflationary Fed money printing, which causes prices to rise.

Have you bought meat or milk lately? Coffee? Chocolate? Cereal? Have you noticed the price jumps and shrinking packages?? Or is that a "false alarm?

P.S. You would have DOUBLE the income tax rate to cover Obamas's annual Trillion dollar debts

[boraf]

"False Alarm" eh?....NY Times is  such Marxist rubbish.  Obama's deficits are being financed by inflationary Fed money printing, which causes prices to rise.

Have you bought meat or milk lately? Coffee? Chocolate? Cereal? Have you noticed the price jumps and shrinking packages?? Or is that a "false alarm?

P.S. You would have DOUBLE the income tax rate to cover Obamas's annual Trillion dollar debts

Don't think it will be too long before they include a wealth tax.