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  1. #1
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    Debt Ceiling for Dummies

    Hey yall,

    Haven't been paying much attention to the news in quite a while. This whole debt ceiling business has seemed to come out of no where, to me at least. Last time I watched the news it was all about Charlie Sheen, Bin Laden's death and the football strike.

    I was wondering if any financial pros here could put into lay-mans terms what will happen if the debt ceiling is not raised.

  2. #2
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    Re: Debt Ceiling for Dummies

    Who knows! We own the debt. that figure has been raised 11 times since 1966, Four times this century.

  3. #3
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    Re: Debt Ceiling for Dummies

    Only thing I know is what is in the emails I have been getting from the military side....if they do not reach an agreement then all military pays stops...including my retirement check....all social securtiy checks stop...there goes my social sucurity check...and my mother-in-laws who lives on it....all veterans benefits stop...there goes my son's education money he is using to support his family while he attends school...so basically it means to me that I will be supporting three families with my savings until they start acting like grown ups and get their collective act together. I really don't think they are that dumb to let it happen...but then again who knows what these clowns will do or won't do. One thing is for sure....you haven't seen a bunch of really mad people until you take old folks social security checks and the retirement and active duty military checks.

  4. #4
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    Re: Debt Ceiling for Dummies

    I wrote to my congressman, and to Senator McConnell to ask why the news has talked about cutting Social Security, and Medicare in order to reduce our deficit, but no mention at all about cutting, or better yet, eliminating the waste of our tax dollars going towards foreign aid. But, the only response that I got was how they would not vote to reduce S/S or Medicare. Still nothing about giving our tax dollars away to other countries...

  5. #5
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    Re: Debt Ceiling for Dummies

    If the debt ceiling isn't raised the Obama administration will be forced to choose which bills to pay. The country will not be broke because they are still collecting taxes. The money that they will bring in will be spent according to what the administration decides gets paid first. The military will get paid and unless Obama wants to commit political suicide , so will social security checks and VA benefits. It will all be in Big O's hands.

  6. #6
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    Re: Debt Ceiling for Dummies

    if we do default obama will make sure that Mr. Stewart will get what im sure of is his much deserved retirement and ss check--however every american will suffer because interests rates will skyrocket--that means house loans-car loans-business loans-school loans will be more expansive--therefore once again the middle class folks will suffer which in my opinion is exactly what the extreme right wants so they can try to get rid of obama--the right continues to sacrifice the middle class to protect the rich who they say are the "job creators"-- I am a business owner and exactly what the right considers is a "job creator"--in no way shape or form does what i pay in taxes determine if i create jobs--consumption is what creates jobs--people consuming my product is what stimulates job creation not if I have to pay an extra 2-3% in taxes--the majority of consumption in this country comes from the middle class--the middle class indirectly creates jobs in this country not the top 2%--expecting the middle class alone to balance the budget will kill consumption, business and jobs
    sorry for such a long rant

  7. #7
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    Re: Debt Ceiling for Dummies

    Quote Originally Posted by vetbass View Post
    if we do default obama will make sure that Mr. Stewart will get what im sure of is his much deserved retirement and ss check--however every american will suffer because interests rates will skyrocket--that means house loans-car loans-business loans-school loans will be more expansive--therefore once again the middle class folks will suffer which in my opinion is exactly what the extreme right wants so they can try to get rid of obama--the right continues to sacrifice the middle class to protect the rich who they say are the "job creators"-- I am a business owner and exactly what the right considers is a "job creator"--in no way shape or form does what i pay in taxes determine if i create jobs--consumption is what creates jobs--people consuming my product is what stimulates job creation not if I have to pay an extra 2-3% in taxes--the majority of consumption in this country comes from the middle class--the middle class indirectly creates jobs in this country not the top 2%--expecting the middle class alone to balance the budget will kill consumption, business and jobs
    sorry for such a long rant
    --
    This post hits the nail squarely on the head... Giving the rich the ability to hoard more of the wealth will only make matters worse... I believe Ronald Reagan was a patriot in that he believed giving the folks who controlled the wealth the ability to retain more of it would result in them investing that wealth but they just grew deeper pockets themselves... I have said before, if you are making your 100 grand and you have folks working for you at minimum wage and you are able to increase your profit but can't seem to find the money to increase their pay, you are part of the problem... Putting more money in the pockets of the folks who aren't going to spend it will only make matters worse.

  8. #8
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    Re: Debt Ceiling for Dummies

    Wow this thread has veered of course. I completely disagree with you guys that feel making and keeping your money is bad or part of the problem. What kind of thinking is that? So, I should work my butt off, do without some things while investing in my future and my kids future and then have someone say I'm wrong and should be sharing more? To who? The idiot who wanted to party and never grow up? The welfare babies? The illegals? The loser who would rather scam the system than work? The man who didn't attend any professional development courses?
    How about the problem is the gubment who spends more than they have? How about the crooked ways of the Unions? How about the crooked legislators and non qualified potus? Since when did a tax paying, law abiding American citizen that plays by the rules become the problem??? Are you kidding me?!?!?!?!??!?

  9. #9
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    Re: Debt Ceiling for Dummies

    Quote Originally Posted by Hlleonard View Post
    --
    This post hits the nail squarely on the head... Giving the rich the ability to hoard more of the wealth will only make matters worse... I believe Ronald Reagan was a patriot in that he believed giving the folks who controlled the wealth the ability to retain more of it would result in them investing that wealth but they just grew deeper pockets themselves... I have said before, if you are making your 100 grand and you have folks working for you at minimum wage and you are able to increase your profit but can't seem to find the money to increase their pay, you are part of the problem... Putting more money in the pockets of the folks who aren't going to spend it will only make matters worse.
    You have a skewed and sick view of things my friend.

    Just how do you think the "rich" got "rich". Do you suppose it was because the hoarded money under the bed???? NO.....they got "rich" because the invested in things that helped create consumer goods that people purchased.

    Give me a break.. The "rich" would invest in small, medium and large businesses right now if the current administration would get their head out of their butt and make some decisions. Instead, they invest in commodities and precious metals, like Gold, Silver, and Platinum.

    Why do you suppose precious metals are through the roof. Because that really is the only hedge against Obamunism.

    The "rich" have no idea what capital gains are going to be like in 2 yrs.
    The "rich" have no idea what Obama CARE is really going to cost.
    The "rich" have no idea what Corporate Taxes will be like in 2 yrs.
    The "rich" have no idea what ANYTHING is going to cost in 2 years.

    Yea....if I was a businessman, I'd NOT be expanding, building, hiring, developing either.

    Obama and Obamunism is destroying our economy, destroying the American Dream, and DESTROYING AMERICA.

    Yea.....the rich are hoarding just because they love to NOT MAKE MONEY.

    How about you take a simple economics class....

    Here is an online one to get you started:

    http://www.barnesandnoble.com/w/econ...ynn/1013991438

  10. #10
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    Re: Debt Ceiling for Dummies

    Quote Originally Posted by DJD View Post
    Wow this thread has veered of course. I completely disagree with you guys that feel making and keeping your money is bad or part of the problem. What kind of thinking is that? So, I should work my butt off, do without some things while investing in my future and my kids future and then have someone say I'm wrong and should be sharing more? To who? The idiot who wanted to party and never grow up? The welfare babies? The illegals? The loser who would rather scam the system than work? The man who didn't attend any professional development courses?
    How about the problem is the gubment who spends more than they have? How about the crooked ways of the Unions? How about the crooked legislators and non qualified potus? Since when did a tax paying, law abiding American citizen that plays by the rules become the problem??? Are you kidding me?!?!?!?!??!?
    --
    you believe taking money out of the economy drives it, interesting... Recently a business owner said to me " why pay an American 10 dollars an hour when you can get a Mexican to do it for 8 "... Would that be your thinkin also?

  11. #11
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    Re: Debt Ceiling for Dummies

    Quote Originally Posted by GeoFisher View Post
    You have a skewed and sick view of things my friend.

    Just how do you think the "rich" got "rich". Do you suppose it was because the hoarded money under the bed???? NO.....they got "rich" because the invested in things that helped create consumer goods that people purchased.

    Give me a break.. The "rich" would invest in small, medium and large businesses right now if the current administration would get their head out of their butt and make some decisions. Instead, they invest in commodities and precious metals, like Gold, Silver, and Platinum.

    Why do you suppose precious metals are through the roof. Because that really is the only hedge against Obamunism.

    The "rich" have no idea what capital gains are going to be like in 2 yrs.
    The "rich" have no idea what Obama CARE is really going to cost.
    The "rich" have no idea what Corporate Taxes will be like in 2 yrs.
    The "rich" have no idea what ANYTHING is going to cost in 2 years.

    Yea....if I was a businessman, I'd NOT be expanding, building, hiring, developing either.

    Obama and Obamunism is destroying our economy, destroying the American Dream, and DESTROYING AMERICA.

    Yea.....the rich are hoarding just because they love to NOT MAKE MONEY.

    How about you take a simple economics class....

    Here is an online one to get you started:

    http://www.barnesandnoble.com/w/econ...ynn/1013991438
    --
    Mr Fisher, you and I will seldom find a point to agree on even though I have seen a small glimmer of a heart in one of your earlier post... Until more money finds its way into the hands of the folks who will spend it, our economy will continue to suffer... A lot of you guys whine about losers being on government assistance but you don't believe they should be paid a wage that allows them to be self sufficient.

  12. #12
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    Re: Debt Ceiling for Dummies

    Quote Originally Posted by Hlleonard View Post
    --
    you believe taking money out of the economy drives it, interesting... Recently a business owner said to me " why pay an American 10 dollars an hour when you can get a Mexican to do it for 8 "... Would that be your thinkin also?
    No I believe that attacking folks who make money and pay their way and are doing their job is wrong. I believe that the garbage that comes from politicians about the rich not doing their part is bull. The truth that I see everyday is that the politicians don't do their job. They blame big business, wealthy and high income families for the mess they created. I believe you have bought into that junk.
    As far as an (illegal i guess u meant) Mexican getting paid less than an American.....you made my point for me. The politicians didn't or won't do their job. They keep sidestepping the real issue which is they have refused to control the borders. They give these folks tax layers money. They let them gain foothold in this country to the point that they can dictate how the potus votes can go and now your trying to twist that around??? I wish they all received amnesty and were put on the payroll and TAXED like you and I.

    If my boss didn't pay me well I would go elsewhere because it's my choice not the gubments choice. If I couldn't get a job I would look into starting my own company. I'm responsible not the gubment.

    I believe that if corporations had incentives to stay in the USA to manufacture goods they would. I also believe Unions are a big problem in why corporations find labor elsewhere.
    Last edited by DJD; 07-28-2011 at 01:44 PM.

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