Bernanke Urges Congress to Start Work Now on Curbing Budget Deficits

Discussion in 'Politics' started by Revmitchell, Jun 3, 2009.

  1. Revmitchell

    Revmitchell
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    Federal Reserve Chairman Ben Bernanke is urging Congress and the Obama administration to start plotting a strategy to curb record-high U.S. budget deficits. Failing to do so could eventually erode investor confidence and endanger the economy's prospects for long-term health, he said.

    Bernanke's comments, before the House Budget Committee on Wednesday, come as concerns grow at home and overseas about the United States' mounting red ink.

    More Here

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    Most likely a reaction to the Chinese laughing in the face of the coattail rider and turbo tax cheat while they tried to give the laughable speech that their investment in this country was safe. In stead of flying to the other side of the world to get laughed at they could have just stayed home.
     
  2. targus

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    Now there's an understatement if I have ever heard one !!!

    And what does he mean EVENTUALLY ???

    W've already passed that fork in the road.
     
  3. carpro

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    Funny.

    Bernanke has been described as the real hero of sloowing down the recession.

    After this, I wonder if Obama will re-appoint him. Curbing deficits is not part of his agenda.
     
  4. LeBuick

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    What is making the deficit impact consumer or investor confidence is the right continually making it their chief talking point. They didn't have all this concern when Bush was running it up with deceptive budgets or when Reagan quadrupled the deficit but they suddenly got religion and became good trustee's of the nations checkbook. Way to find religion GOP!!!

    What is hypocritical is every time Obama suggest away to reduce the deficit the GOP moans. Cap and Trade... No way. Raise taxes on those making over $250K... No way... Cut a defense program in your district... No way... Cut government spending and Palin says Alaska is suddenly not safe. It is no less safe than it was yesterday.

    News flash, what ever defense money that was meant for AK would do nothing for the current NK threat and no one will believe they are serious about cutting the deficit when they say NO to everything proposed.

    What the GOP needs to get back in the game is a plan to reduce the deficit. Not the NO plan, that's not working. We also don't need generalities like "less government" or "cut government spending" or my personal favorite, "tax cuts". What they need is to be specific and spell out their plan in detail to the people and let the budget office run numbers on it.

    They claim they have the solutions.... I think it's time to put them out there...
     
  5. KenH

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    Berananke is correct. We Americans have a whole lot of work to do after this fiscal year ends to start back down the road to a balanced budget. And everyone will have to participate in the effort.
     
  6. targus

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    So Ken, what additional percentage of your income are you willing to donate to balance the budget as your personal participation in the effort?
     
  7. KenH

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    Whatever it takes to save this country fiscally and to save my own economic wellbeing and that of my fellow Americans from collapse. How about you?
     
  8. targus

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    I don't believe that we can tax ourselves into prosperity. So I would say - none.

    Now you on the other hand say "whatever it takes".

    Would you be willing to pay another 25% of your gross pay in taxes?

    30% ?

    40% ?

    50% ?

    75% ?
     
  9. poncho

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    Maybe if we didn't have to keep turning our real wealth (labor and property) over to Bernanke and the private bankers just to pay towards the interest on the loans of their funny money we could reduce budget deficits.
     
  10. rbell

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    LeBuick, you're nothing if not consistent. Your answer to Obama's irresponsibility...the "Reagan red herring."

    Reagan's deficits were largely fueled by rebuilding an emasculated military and dealing with a critical Soviet threat (remember...democratic congress as well). Of course, you'll ignore that like always, but others read these threads, so I figure we'll put facts out there for them.

    Once again, you are being intellectually dishonest by indicating that no Republicans, anywhere, had any problem with Bush's spending. Many, many did. Even a few Dem's did. But...admitting such would mess up your argument, so you will continue with your intellectual dishonesty.

    I don't know what's so hard for you to understand...that when we give away $1,000,000,000,000's to obtain government ownership of private business (the word for today is "fascism")...that is wasteful. When we decide on several fronts that the government is better qualified than I am to keep the money I've earned...that's dangerous. And when we refuse to admit that Obama's drunken sailor spending makes even Bush's irresponsibility (which was enormous) look small...that's ignorant.

    And congratulations on injecting Palin into threads where she's not pertinent. You're becoming JustChristian 2.0.

    However, I will say that defending the US is one of the few jobs that our federal government should be doing. But instead, we're buying up our industries (and attempting to control them), and getting ready to force people (under penalty of law) to buy healthcare from the gubmint.

    Economic fact: We know what happens when the government prints and prints and prints money...inflation. We know what happens when taxes become oppressive...people get away from them (move away, invest less and become much more conservative, etc.). You want to see how Obama's brand of irresponsible spending and taxation will work? Look at California. Look at New York state. Study them long and hard...because that's us in a few short years. Sad.

    There have been proposals. Jeff Sessions, my senator, has offered several. However, since they're not given the air time of the anointed one. And their proposals are ignored anyway (remember Obama's promise of "bipartisan cooperation?" What a lie...
     
    #10 rbell, Jun 10, 2009
    Last edited: Jun 10, 2009
  11. rbell

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    I'm reminded of a literary metaphor for this situation...

    [​IMG]
     
  12. LeBuick

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    Obama's deficit is from rebuilding our economy which a majority of economist said needed to be done and is something that began under the Republican's administration. Many economist feel he isn't spending enough.

    So you can say Reagan raised the deficit BUT... Then when it comes to Obama you stop at Obama raised the deficit... Out of fairness to Obama you should finish your sentence.That's all I am saying...

    Now I know you have a different philosophical view of how to fix the economy just like many liberals didn't agree with how Reagan should defend the nation. Those differences should be taken as they are, philosophical differences...
     
  13. billwald

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    Bernanke let the horse out of the barn and now he wants me to put it back? He must be making public statements that he wants to quote when he gets his book deal.

    Exactly what does killing people 10,000 miles away have to to with protecting America? Want to protect America? Close the border and inspect every ship and container? You say this will raise the price of Chinese garbage you buy at WalMart? Breaks my heart.
     
  14. Pastor Larry

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    You were in support of the mad spending spree. You said it was necessary.

    Of course you also said you supported Bush ... then didn't ... then did ... then didn't. Then you supported Ron Paul. Then didn't. You were a constitutionalist against spending, then you weren't. Then you said you weren't going to participate in political discussions anymore. Then you did it anyway. Then you said you weren't going to again, then you did it anyway.

    Are you seeing a pattern here??

    This rings hollow since just weeks ago you were still in favor of the very type of government spending that is at least partially responsible for hte collapse, and unquestionably responsible for continued weakness for years to come as we carry the debt from Obama's drunken spending spree.

    The truth is you aren't willing to do anything. You weren't even willing to vote for someone who was more fiscally responsible. You don't put your money where your mouth is. You don't even keep your word.
     
  15. Pastor Larry

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    Um, no.

    Won't work. Will kill industry and cost jobs and raise prices.

    Won't work.

    News flash: Alaska is directly in the flight path from Korea to the US. I don't think Korea has the guts to pull anything off, though, so I don't think it matters.

    It's not working becuase no one is saying no. They talk it, but they don't actually vote No on a budget that isn't balanced. These people need to say, 'If the budget isn't balanced, it is an automatic "No" vote." Obama needs to say, "If you don't send me a balanced budget, I won't sign it."
     
  16. KenH

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    Yes, and I stand by that. Please read what I wrote: "We Americans have a whole lot of work to do after this fiscal year ends to start back down the road to a balanced budget."

    Your statement is not true, not true at all, and I deeply resent your remark, brother.
     
  17. Pastor Larry

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    But that's the problem. You want to continue the failed policies until the end of this fiscal year. That's bad.

    It is true, and you shouldn't resent it. You aren't willing to do anything and you just proved it again. You aren't willing to start working on it until the end of this fiscal year. You weren't willing to vote for someone who would control spending (like Ron Paul). You weren't willing to support those who believe in fiscal discipline. You are, and continue to be, a supporter of Obama, who has put Bush to shame when it comes to spending.

    The truth of my remark is self-evident. Rather than resent it, you should change.

    I am not willing to do anything to fix the deficit. There are standards in my life. I won't violate them, not even for the deficit.
     
  18. TomVols

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    Point of fact, Ken has a point. This fiscal year is set, pretty much. So anything we do would have to be from the new fiscal year going forward. We can't change this year's budget all that much. Well...they won't change this year's budget that much.

    What has he done? I know he's kept interest rates low (artificially?). So what else? And will that pre-empt the recession if inflation turns out to be higher than projected?
    You've got to be kidding me. CNN is not the right. Neither are foreign investors who are balking at our treasuries/bonds because of our ballooning deficits. And for free...I still say CCI is the most overrated economic indice out there. You're asking people who know nothing about economics to tell you what's going on in economics. It's like asking Iowans what they think of the public schools in Texas.

    Pastor Larry hit onto something as well. Tax increases are shown to incrementally lag tax revenues behind...wait for it...tax cuts. Lower marginal tax rates bring in more revenue to the federal govt than tax increases. There are only a zillion studies that show this.
    Well, the first horse was let out of the barn by Greenspan. Bernanke has let out a few ponies in his time. If Ken Lewis (BoA CEO) is right, maybe Bernanke and Paulson let out Seabiscuit and Affirmed at the same time.
    I wasn't either, because too many times he turned around and spoke out of the other side of his mouth, regarding education spending, health care spending, and earmarks.
    Bingo :thumbs:
    And the millions of low-middle income American consumers who now cannot afford basic goods will thank you, I'm sure. Cheap made stuff won't get sold if people won't buy it. Ask Yugo. Ask GM (certain lines).
    With the exception of Krugman, who is saying that? And it's a little too soon to say our economy is being rebuilt. Yes, some signs are encouraging, but we're not out of the woods. And would it be Obama's doing? He's been on the job less than five months. We'll see.
     
  19. Pastor Larry

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    Obama is trying to speed up the stimulus spending in this year. And Ken supports the stimulus spending that wasn't fiscal year spending..

    I wasn't either, but Ken was early. I think Paul was not a good choice. But Ken said he was willing to do anything, and his history shows that he wasn't. He wasn't even willing to vote for McCain who would have spent a lot of money, but probably not this much.
     
  20. KenH

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    Please, as a fellow Christian, I adjure you to stop lying about me.

    Thank you, brother.
     

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