Of course Buffett is correct, but politics over rides rationality with the Tea Party and, sadly, the GOP these days.
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Warren Buffett: It's 'Dumb' Not To Raise The Debt Ceiling
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Tom Bryant
Well-Known Member
Yes, what the US needs is more debt! I give that advice to people all the time when they come in with huge credit card debt. I tell them just get some more debt.
:BangHead:
:BangHead:
I wish Buffett would have expounded on why it is "disturbing." It's probably because he knows, as we all do, that the debt ceiling will get raised. It always does. The disturbing part (I guess) is that politicians would use it as a last second hostage maneuver because their previous efforts to rein in spending have failed.
Of course, he's not concerned about his investments taking a dive nearly as much as the person planning on retiring in a year or three. That's the real crime here--people's livelihoods are being toyed with by idiots in Washington to make a political point.
It's not about new debt, it's about paying for stuff that's already been legislated. It's for paying for things that we're already committed. That's why the credit rating is at risk. If the United States doesn't raise the debt ceiling they are telling the world that they may not honor their current financial commitments.
In order for it to be analogous to credit card debt it would be like the consumer calling up the credit card company and saying "I'll not be sending in a payment in December. Is that OK with you?" It's not as if the consumer is planning on adding to his credit card balance.
What the GOP wants is spending to stop in a way that requires raising the debt limit. For every dollar raised they want a cut somewhere else. No one has said not to raise the debt limit.
Tom Bryant
Well-Known Member
We are spending money we don't have. That's debt.
Raising the debt level just allows more spending of money we don't have.
Someday those we have borrowed from will come for the repayment but it won't be during Buffet's lifetime. It will be in the next generation.
Raising the debt level just allows more spending of money we don't have.
Someday those we have borrowed from will come for the repayment but it won't be during Buffet's lifetime. It will be in the next generation.
How is it we ran out of enough money already obligated? What idiot did such a thing?
You are correct. However, it is a last ditch effort to get spending cuts. In other words, they've failed in their usual efforts to curtail spending and now they are throwing a "hail Mary" pass.
Cruz, Lee, and Rubio Argue Against Raising Debt Limit
http://youtu.be/Z6TR_XrzTOs
I think you are being a bit simplistic.
thisnumbersdisconnected
New Member
Perhaps the stupidest declaration I've seen on BB today.
And by the way the house just voted to fund the government.
Yes, on the condition that ObamaCare is defunded. The bill is DOA.
And any bill the Dems try to create funding it is DOA. No difference
The House GOP continues to play politics rather than address the problems of the country rationally.
Tom Bryant
Well-Known Member
and by "rationally" you mean by doing what the President says,
Old Bill uses the word "rational" when he gets angry which is often.
Sure your name isn't Goebbels?
No, I mean by jettisoning their fear of the Tea Party and working for the good of the people. This will mean working with Democrats and finding ways to help and not simply be obstructionist and at war with everyone but the rich.
Good politics is the art of compromise. In a compromise you do not get everything you want but you do get some of what you want.
The Tea Party is too far off center to do anything but hurt them in national elections. This will gradually also harm the GOP in state elections and finally in years to come in local elections.
Yes, like accepting a tax increase on the wealthy in order to keep the current rates on everyone else, as was done on Dec. 31st. But sometimes you can't compromise and I guess the Repub's have decided that issue is ObamaCare. Stupidly they waited until the government runs out of money to take their stand.
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