The Republican default on the debt

[evince]

https://www.cbsnews.com/news/debt-ce...illion-wealth/



Will cause another recession



They hate America


They cut taxes for the wealthy


Which caused this debt


Now they refuse to pay for it



They are just like Orange Donny



Take everything and never pay their debts

[evince]

So why does the entire right want a debt default after causing this debt?

[Concart]

I want to be a Republican. That way, I can apply for credit, run the bill up, and then refuse to pay for it. Republicans have no integrity.

[Phantasmal]

I want to be a Republican. That way, I can apply for credit, run the bill up, and then refuse to pay for it. Republicans have no integrity.

Hmmmm, it sounds like the Trump University business plan.

[PoliTalker]

OP Link:

"The U.S. economy could plunge into another recession this fall if Congress fails to lift the debt ceiling and the nation is unable to pay its obligations, according to an analysis by Moody's Analytics chief economist Mark Zandi. The fallout would wipe out as many as 6 million jobs and erase $15 trillion in household wealth, he estimated in a report.

The debt limit is the maximum amount the U.S. is permitted to borrow to pay its debts. If the amount of government debt hits that threshold without lifting the ceiling by current mid-October deadline estimates, the U.S. would be unable to pay interest on the trillions it already owes and could default — something that has never happened in the nation's history.

In real terms, the nation would soon return to high unemployment rates, approaching 9% compared with its current rate of 5.2%. Also, come November 1 checks for millions of Social Security recipients would be delayed, Zandi noted. And stock prices would likely plunge by one-third, sparking that $15 trillion loss in household wealth. Meantime, mortgage rates and other interest rates for things like credit cards and auto loans would spike.

Pensions for veterans would lapse, and benefits for millions of Americans receiving food assistance would be halted. The carnage could also freeze daily corporate cash flows and bond and credit markets. "

This economic carnage brought to you by Republicans.

[Concart]

Hmmmm, it sounds like the Trump University business plan.

I paid good money for the Donald to teach me how to go bankrupt. He's the best in the world at that.

[Concart]

OP Link:

"The U.S. economy could plunge into another recession this fall if Congress fails to lift the debt ceiling and the nation is unable to pay its obligations, according to an analysis by Moody's Analytics chief economist Mark Zandi. The fallout would wipe out as many as 6 million jobs and erase $15 trillion in household wealth, he estimated in a report.

The debt limit is the maximum amount the U.S. is permitted to borrow to pay its debts. If the amount of government debt hits that threshold without lifting the ceiling by current mid-October deadline estimates, the U.S. would be unable to pay interest on the trillions it already owes and could default — something that has never happened in the nation's history.

In real terms, the nation would soon return to high unemployment rates, approaching 9% compared with its current rate of 5.2%. Also, come November 1 checks for millions of Social Security recipients would be delayed, Zandi noted. And stock prices would likely plunge by one-third, sparking that $15 trillion loss in household wealth. Meantime, mortgage rates and other interest rates for things like credit cards and auto loans would spike.

Pensions for veterans would lapse, and benefits for millions of Americans receiving food assistance would be halted. The carnage could also freeze daily corporate cash flows and bond and credit markets. "

This economic carnage brought to you by Republicans.

And interest rates would be double digit. It's insane to even consider it, but this Republican party has never had the best interests of the country in mind.

[PoliTalker]

Trump can no longer take credit for the economy so now they want to trash it.

[evince]

The Republican Party just keeps killing our economy

[Phantasmal]

I paid good money for the Donald to teach me how to go bankrupt. He's the best in the world at that.

Six times! That is mastery!

[PoliTalker]

Every single expenditure that gets approved by Congress has to get paid for.

There has to be a way to pay for everything that's voted on.

Except one thing, of course.

!!! WAR !!!

Why do we have no law that forces our government to figure out how to pay for war?

A HUGE part of our debt is because of unfunded wars.

We always used to just go ahead and figure out how to pay for the many wars we got into. We didn't need a law to tell us they had to be paid for. Well, that was until GWB came along and got us into Afghanistan AND Iraq, and at the same time (I kid you not) he squandered a budget surplus left to him by a Democratic President, and proceeded to send out free money checks to Americans.

America went on a spending spree and racked up so much debt that the economy collapsed in 2008.

We've been paying for it ever since and Republicans will tell you THEY are the ones who are responsible with the debt. Ha ha.

After THEY voted in the biggest tax cut for the rich of the last century.

With no way to pay for it.

And now they want to cut off our ability to borrow to pay for that tax cut, just to make DEMOCRATS look bad.

Go figure.

[evince]

To be fair Poli


The republicans 2008 economic crash was caused mostly be republicans deregulation of the banking and mortgage industry

[Concart]

Of note is the fact that we have been short term borrowing at a discount rate (i.e. interest rate) of less than .05 percent. But hey, let's just pass on that and declare bankruptcy instead. Brilliant idea!!!

[Concart]

Here's the other thing that Republicans love to completely ignore. It's a little thing called ROI. Let's look at the 3.5 trillion dollar infrastructure plan. What's the ROI? It might be hard to measure, but imagine if we removed the roadblock of child care costs from a single mom who can't afford to take a job because child care would eat up the entire paycheck? Off the government dole, into a job, and paying taxes. That's good right? How about free post secondary education. Some of our best and brightest can't afford to go to post secondary school. Now they can. A better job in the new economy, higher salary, more tax revenue. I could go on, but you get the idea. Let's say we financed the entire 3.5 trillion with borrowing. What's the rate on a ten year note? Right now it's about 1.6%

I'd kill for that kind of rate, and I'd borrow as much as I possibly could. But Republicans can't do math, don't understand economics, and have one goal... .make Biden fail. Screw the country. That's the GOP. Scumbags to a man.

[evince]

Republicans hate the people and the nation