White House and Congress Reach Tenative Debt Raise Deal

Ban bet for 2021?






They can't know if they'll expire, because this congress won't be voting on it.

I'm pretty confident that one of them will lower the credit rating, but I'm not so sure it matters.
 
I think it is structured to where it can't be raised unless the committees findings are passed into law or if a balanced budget amendment is just voted on. Either way it doesn't fucking matter because the committee is working over 10 years just like the initial agreement.

So what will happen is just whats going to happen right now. The committee with agree to $1.5T in cuts over 10 years. The yearly break down of the cuts will go something like this: 1,1,1,1,1,1,1,1,700,791. Bam there is 1.5T in cuts, now time to raise the debt ceiling.
 
IDK, every major poll has shown strong support for a revenue increase coupled with spending cuts. Now, I agreed with the Republicans when they said that Obama pushed healthcare "reform" down our throats in the face of public opposition to such a bill. So I think the Republicans should lead by example and listen to the majority of American's who have indicated in the polls that they want a mix of revenue and cuts. If they don't, they are no better than the liberals they criticized before.
 
are we allowed to adjust for inflation?

because the price of raw materials is way up...which would otherwise hide a slow sector imo.

but any increase in industrial output isn't going to lead to any increase in worker hours to any meaningful degree. you might pay 1 extra operator, not expand a plant by 25 percent capacity. this has been the traditional mechanism by which economies break out of recession as part of the business cycle, and that play doesn't work anymore.

that's my point.
 
Then you don't stand by your point of the US not producing anything any more? Because that was my point. It's either 1 or 2 on the world stage. It just doesn't employ really low tech people because wages for that sector are too low to survive in America.
 
Good question. Kerry, the Clinton's and others had big issues about the Bush tax cuts and stated they wanted to pay more in taxes. Of course, they didn't offer to do without a law being put in place to make everyone pay. Why should only they pay for their viewpoints when there is a whole US citizenry available to force payments via swipe of a pen?
 
a few comments:

1) there are hardly any commercial gooRAB produced in the US. the types of things that people buy when they have money. so yeah, i wasn't as precise as I needed to be to make my point, but I still stand behind it. if no jobs are created by an uptick in demand, its not going to help the economy.

2) well, its not just low tech textile jobs that are getting done overseas. higher end products like say aircraft engines being made for Boeing in places like say Thailand.

it is has little to do with productivity, manhours per unit...and everything to do with wage rates.

its skilled labor. and because it can be done overseas, it is. lowest hanging fruit in the tree of how to make money.
 
Practically speaking, the real answer is that cuts and tax increases won't solve the problem. I mean, they are needed for part of the solution, but the bottom line is the economy neeRAB to rebound a bit. Otherwise the cuts will be rather dramatic, and neither the left nor the right will be able to sacrifice enough of the other side's perks.
 
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