Dixie - In Memoriam
New member
Can some pinhead answer me this... what purpose does the debt ceiling serve, if every time we reach it, we raise it? Do any of you have a rational explanation?
What good is the Debt Ceiling?
- Thread starter Dixie - In Memoriam
- Start date
Dixie - In Memoriam
New member
So why do we have one, pinhead? And why does it matter what we do with it?
I cannot think of a single good reason why we have one.
It matters what we do with it because not raising it causes all sorts of problems. We should just get rid of it.
Dixie - In Memoriam
New member
Not raising it causes only ONE problem that I see... we have to cut spending... that's a really BIG problem for Democrats, and sometimes, even Republicans. I vote we not raise it... I think we need it, I think it could be useful... you know, as a LIMIT on what we can spend... you know, like it was originally intended to be? We can get rid of YOU... that would be okay with me.
wanderingbear
Radical liberal
This country's economy is built solely on credit.Not raising the debt Ceiling will cause the economy to go into a downward spiral and crash. but why would rich republicans care? They already have their nest egg.
Rationalist
Hail Voltaire
Not raising the debt ceiling simply means government spending cannot exceed revenue. We currently collect $2.1 trillion in revenue, while the interest payment on the debt is less than $300 billion. So long as they make the interest payment a top priority, it shouldn't be a problem.
Of course, instantly cutting $1.5 trillion in spending is not a great idea. This would result in hundreds of thousands more unemployed. What I'd like to see happen is the debt ceiling raised by $600 billion, in exchange for $600 billion in cuts across the board. Once this is done, we must raise taxes on the super wealthy and restructure our entitlement programs. I do not believe the budget can be balanced in a year, but it can certainly be balanced in four years.
cawacko
Well-known member
That wasn't the question. The question is why do we have a debt ceiling.
apple0154
MEOW
The same reason governments always say they can't afford to help the poor while they go about spending money on other things.
It was either Cheney or Rumsfeld who replied when questioned about the Iraq war, "It was an option we could afford."
The same excuse used to try and derail ObamaCare. "We can't afford it." There's never money to help the ill and the poor and the homeless but no problem financing a war or building roads and bridges and monuments and throwing parties.
It's just an excuse for the government to say, "We can't afford it", whatever "it" may be unless, of course, it's something like a war where the cost used to be kept separate.
It's like asking a friend if they want to go out to a club or go to an event that costs money and they reply, "I can't afford it" and a week later they spend $500 on sports equipment. It had nothing to do with "affording". They simply didn't want to spend money on going out.
The same principal applies to the debt ceiling. "We can't afford it" is just another way of saying, "We don't want to...."
cawacko
Well-known member
Since you are giving partisan examples why don't the Democrats just eliminate it then so they can supposedly be free to spend all the money they want on what they deem worthy?
The Democrats can't just eliminate it. It exists by statute and would have to be eliminated by statute. The debt ceiling is fucking stupid because Congress has already authorized the spending. The debt ceiling concerns whether Congress will authorize payment for the spending that it has already authorized. There should be no debt ceiling and the Treasury ought to have authorization to incur debts as necessary to cover whatever spending Congress has authorized.
Or...why, when they controlled both houses, did they continue to fund the war they claim to be against and hate?
Based Chad
Was it me?
I agree with Dixie, we should eliminate the debt ceiling.
Dixie - In Memoriam
New member
I never said we should eliminate it. My question was, what is the purpose of having one, if every time we reach it, we raise it? I would think the purpose of a "ceiling" would be self-evident by the name. The current proposal is to raise it another $2 trillion, but at current spending levels, that only buys us another two years before we are faced with raising it again. And what do you suppose will be the solution in two years? Are we going to dramatically cut spending by then, or are we going to hear the same old crap about how we have to raise our debt ceiling again or bad shit will happen?
Based Chad
Was it me?
Cancel 2016.2
The Almighty
The purpose is to do exactly what is taking place right now. It forces them to either blindly raise it or to discuss the ramifications of an ever higher level of debt for the US. Essentially it is an accountability measure. Do they just keep increasing it like so many times in the past? Do they link it to future debt elimination? We the people must hold them accountable for their decision. If they raise it without any spending cuts for the future.... I would guess that anyone voting in favor of it is going to have a hard time being re-elected (with the exception of the specially built "safe seats" where one party dominates consistently)
Cancel 2016.2
The Almighty
How typical of a Dem. LMAO... "not raising it causes all sorts of problems"... no moron.... constantly out spending revenue to the point where you need to continue raising it is what causes the problems.
Tell us.... if you have a credit card and maxed it out, then went to the credit card company and said 'hey, just raise the limit, because if you don't it just causes all sorts of problems'.... would they:
(a) die of laughter
(b) tell you that you are out of your friggin mind
(c) make you develop a plan to pay down the debt in the event they give you one more raise in limit
(d) say... 'oh, sure, we can see how that would be a problem for you, tell you what... why don't we just take away the limit all together... just keep on out spending your revenue... no harm could ever come from that'
Cancel 2016.2
The Almighty
The above is unfortunately the mentality of so many on the left. It highlights the complete lack of fiscal responsibility that has this country in such a financial mess right now. The above is truly one of the most ignorant comments since Ditzie tried to explain 1/3.
But they already voted in favor of all the debt that has been incurred. If Congress wanted to not take on any additional debt it can just vote against new spending bills. The debt ceiling has little to do with future obligations and everything to do with paying for what they've already spent. It's stupid.